Saltaire Co.is a French company located in Paris.Primer Corp. ,located in New York City,acquires Saltaire Co.Saltaire has the Euro as its recording currency and the Swiss Franc as its functional currency.Primer has the U.S.dollar as its recording currency and the U.S.dollar as its functional currency.
Required:
a)The year-end consolidated financial statements will be prepared in which currency?
b)Explain which method is appropriate to use to use at year-end: Translation or Remeasurement?

Question

Quizplus · Accepted Answer

The Answer of Saltaire Co.is a French company located in Paris.Primer Corp. ,located in New York City,acquires Saltaire Co.Saltaire has the Euro as its recording currency and the Swiss Franc as its functional currency.Primer has the U.S.dollar as its recording currency and the U.S.dollar as its functional currency.
Required:
a)The year-end consolidated financial statements will be prepared in which currency?
b)Explain which method is appropriate to use to use at year-end: Translation or Remeasurement?