--%>
Assignment Help - homework help

Re-measurement and translation procedure in FASB 52

Explain the re-measurement and translation procedure in FASB 52 of translating to the reporting currency the books of the entirely owned affiliate which maintains its books in local currency of country in which it operates, that is different from its functional currency.

E

Expert

Verified

For foreign entity which keeps its books in its local currency, which is dissimilar from its functional currency, translation method as per FASB 52 is to:

a) Re-measure financial reports from the local currency to the functional currency by using the temporal method of translation, and

b) Translate functional currency to the reporting currency by using current rate method of the translation.

   Related Questions in Financial Accounting

  • Q : Trading A CD/$ bank trader is presently

    A CD/$ bank trader is presently quoting a small figure bid-ask of 35-40, while rest of the market is trading at the CD1.3436-CD1.3441.  Specify what all is implied about trader’s beliefs by his prices?

    		•
  • Q : Freedmens Bureau What did Freedmen’s

    What did Freedmen’s Bureau do?

    		•
  • Q : Describe JOC in accounting Describe JOC

    Describe JOC in accounting?

    		•
  • Q : Uncertainty in dollar/franc exchange

    Suppose that your company has an equity position within the French firm. Explain some of the condition under which the dollar/franc exchange rate uncertainty does not have the exchange exposure for your company.

    		•
  • Q : Digital Image Processing Homework Using

    I am just trying your services to get one very small project done for Digital Image Processing Homework Using Matlab.I need the code and the approach of the code.The Homework is :A. Import a color image.B. Convert color image to gray-level image.C. create

    		•
  • Q : Claim depreciation When an asset is

    When an asset is purchased and the similar is not employed for the financial year, must the company charge the depreciation and the reason for the similar?

    		•
  • Q : Super Profit Method in Goodwill Super

    Super Profit Method: (Goodwill method): When a firm earns huge profit in comparison to normal profit (usually earned by other firms of similar industry) then the difference is termed as Super Profit. Goodwill is computed on the basis

    		•
  • Q : Accounting Treatment of Goods What are

    What are the various Accounting Treatment of Goods?

    		•
  • Q : Case study of Drug free at Monochem

    Read the case study entitled ‘Drug-Free and Alcohol-Free at Monochem, Inc. and answer the following questions. 1) Suppose John has developed the ethical codes for the company with an objective of creating a d

    		•
  • Q : Monetary approach to determine exchange

    Derive and explain monetary approach in order to determine the exchange rate.

    		•