Assuming no significant inflation, gains resulting from the process of translating a foreign entity's financial statements from the functional currency to Canadian dollars should be included as a(n)

Question

Quizplus · Accepted Answer

Gains resulting from the translation of a foreign entity's financial statements are considered a Foreign Currency Translation Adjustment and are included as an Other Comprehensive Income item.

Assuming No Significant Inflation, Gains Resulting from the Process of Translating