If the restatement method for a foreign subsidiary involves remeasuring from the local currency into the functional currency,then translating from functional currency to U.S.dollars,the functional currency of the subsidiary is:
I.U.S.dollar.
II.Local currency unit.
III.A third country's currency.
A) I
B) III
C) II
D) Either I or II

Question

Quizplus · Accepted Answer

The restatement method described involves remeasuring from the local currency into the functional currency and then translating into U.S. dollars, which indicates that the functional currency is a third country's currency.

If the Restatement Method for a Foreign Subsidiary Involves Remeasuring