Homework
You should refer to the FASB Accounting Standards Codification (FASB ASC), specifically, when answering some of the questions below:
o Under what circumstance(s) would the amount included in the foreign currency translation account be recorded in the Income Statement instead of the Statement of Other Comprehensive Income?
o Under what circumstance(s) would it potentially make sense for a Company to consider hedging the amount included in the Statement of Other Comprehensive Income for Foreign Currency Translation? Be specific.
o Explain in a few sentences how the accounting for foreign currency translation differs for subsidiaries of a US Parent Company operating in a hyperinflationary environment which are consolidated into the Parent Company's financial statements.
o For the accumulated foreign currency translation balance which your Homework in Connect arrived at, is the amount of the translation adjustment in the current year a debit or a credit, and what does that mean with regards to the movement of foreign exchange during the period against the US Dollar? Be specific.
Format your homework according to the following formatting requirements:
o The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
o The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
o Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.