FASB standards require which of the following disclosures from firms involved in foreign currency transactions?
A)Beginning cumulative translation adjustments.
B)Ending cumulative translation adjustments.
C)The amount of income taxes for the period allocated to translation adjustments.
D)All are required disclosures.

Question

FASB standards require which of the following disclosures from firms involved in foreign currency transactions?
A)​Beginning cumulative translation adjustments.
B)​Ending cumulative translation adjustments.
C)​The amount of income taxes for the period allocated to translation adjustments.
D)​All are required disclosures.

Quizplus · Accepted Answer

FASB standards require all of the mentioned disclosures from firms involved in foreign currency transactions. Beginning and ending cumulative translation adjustments are required to be disclosed to show the changes in accumulated foreign currency translation adjustments during the period. The amount of income taxes for the period allocated to translation adjustments is also required to be disclosed.

FASB Standards Require Which of the Following Disclosures from Firms