FASB Standard No. 52 mandates that U.S. based companies must translate their foreign-currency-denominated assets and liabilities into dollars using the
A) historical rate.
B) current rate.
C) average rate.
D) none of the above.

Question

Quizplus · Accepted Answer

FASB Standard No. 52 requires U.S. based companies to translate their foreign-currency-denominated assets and liabilities into dollars using the current exchange rate. The current rate is defined as the exchange rate at the balance sheet date.