The FASB was the first standard-setting body to address translation of foreign-based operations and holdings into U.S. dollars.

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The first standard-setting body to address this issue was the Accounting Principles Board (APB), which issued Opinion No. 8, "Accounting for the Translation of Foreign Currency Transactions and Foreign Currency Financial Statements," in 1967. The Financial Accounting Standards Board (FASB) later addressed the issue with Statement No. 52, "Foreign Currency Translation," in 1981.

The FASB Was the First Standard-Setting Body to Address Translation