Foreign currency nonmonetary assets and liabilities for non-free-standing subsidiaries are translated using the current exchange rate at the balance sheet date.

Question

Quizplus · Accepted Answer

Foreign currency nonmonetary assets and liabilities are typically translated using the historical exchange rate at the date of the transaction, not the current exchange rate at the balance sheet date.

Foreign Currency Nonmonetary Assets and Liabilities for Non-Free-Standing Subsidiaries Are