FASB 52 requires
A)the current rate method of translation in some circumstances and the temporal method in others.
B)the current rate method of translation in some circumstances and the noncurrent method in others.
C)the monetary rate method of translation in some circumstances and the temporal method in others.
D)the current rate method of translation in some circumstances and the monetary method in others.

Question

Quizplus · Accepted Answer

FASB 52 requires the use of the current rate method of translation for income statement accounts and the temporal method for balance sheet accounts in some circumstances, while in other circumstances, it requires the use of the current rate method for all accounts. Thus, choice A is the correct answer as it mentions the use of both the current rate method and the temporal method of translation in FASB 52. Choices B, C, and D do not accurately represent the requirements of FASB 52.

FASB 52 Requires