A U.S. parent has a subsidiary in Singapore. If the parent's functional currency is the U.S. dollar and the subsidiary's functional currency is the U.S. dollar, conversion of the subsidiary's accounts to U.S. dollars involves

Question

Quizplus · Accepted Answer

When both the parent and subsidiary have the same functional currency, only remeasurement is needed to convert the subsidiary's accounts to the parent's currency.

A US Parent Has a Subsidiary in Singapore