Financial Accounting Standards Board (FASB) Statements 8 and 52 relate to the translation methods. The...
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Accounting
Financial Accounting Standards Board FASB Statements and relate to the translation methods. The following outlines the objectives and descriptions of the two statements.
i Measure in dollars an enterprise's assets, liabilities, revenues, or expenses that are denominated in a foreign currency according to generally accepted accounting principles
ii Is essentially the temporal method of translation with some subtle differences
iii Provide information that is generally compatible with the expected economic effects of a rate change on an enterprise's cash flows and equity
iv Reflect in consolidated statements the financial results and relationships of the individual consolidated entities as measured in their functional currencies in conformity with US generally accepted accounting principles
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