Problem:
Emerging Issues Task Force (EITF) related to Accounting for Multiple Exchange Rates, Issue No. 10B. The most recent information may be found on the FASB Web site at
https://www.fasb.org/home.
Q1. Discuss how the Emerging Issues Task Force influences Generally Accepted Accounting Standards.
Q2. Discuss the principal issue related to accounting for multiple exchange rates.
Q3. Discuss the conclusion that the EITF reached related to the issue and how it arrived at this conclusion.
Q4. Discuss whether or not you agree with the EITF findings and on what basis have you come to this conclusion.