According to FASB Statement No. 8,
A) translation losses had to be recognized, whereas gains were deferred.
B) both the temporal and current rate methods were permitted.
C) long-term debt had to be carried at current rates, but the non-monetary assets purchased with the debt were carried at historical rates.
D) cost of goods sold was translated at the average exchange rate for the period.

Question

Quizplus · Accepted Answer

The Answer of According to FASB Statement No. 8,
A) translation losses had to be recognized, whereas gains were deferred.
B) both the temporal and current rate methods were permitted.
C) long-term debt had to be carried at current rates, but the non-monetary assets purchased with the debt were carried at historical rates.
D) cost of goods sold was translated at the average exchange rate for the period.