Under FASB 52,most financial statements must be translated using the
A)monetary/nonmonetary method
B)current/noncurrent method
C)current rate method
D)temporal method

Question

Quizplus · Accepted Answer

FASB 52 requires most financial statements to be translated using the current rate method, which uses the current exchange rate to translate all balance sheet items, with the exception of non-monetary assets and liabilities which are translated at historical rates. Income statement items are translated at the average exchange rate for the period. This method is widely used because it is relatively simple and produces results that are easy to understand.

Under FASB 52,most Financial Statements Must Be Translated Using the