Under U.S. accounting and translation practices, use of the current rate method is termed "translation" while use of the temporal method is termed "remeasurement."

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This statement is true. Under U.S. accounting and translation practices, the current rate method is used to translate foreign currency financial statements into the reporting currency, while the temporal method is used to remeasure foreign currency financial statements when a company's functional currency changes.

Under US Accounting and Translation Practices, Use of the Current Rate