IAS 21 and SFAS 52 have the one transaction perspective.

Question

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IAS 21 and SFAS 52 differ in their approach to foreign currency translation. IAS 21 adopts a single transaction perspective, treating each transaction as if it were denominated in the functional currency of the reporting entity. In contrast, SFAS 52 (replaced by ASC 830 in the U.S. GAAP) uses a two-transaction perspective, where the initial transaction and its settlement are considered separate events.

IAS 21 and SFAS 52 Have the One Transaction Perspective