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 : Analyse the ramifications for

    HOMEWORK ASSIGNMENT FOR ADMINISTRATIVE LAW"The problem in today's complex legal environment is that the law is not able to be divided conveniently into segments. Any apparently discrete sect

    		•
  • Q : Measures to avoid financial crisis In

    In integrated world financial market, financial crisis in country is rapidly transmitted to the other countries, resulting in the global crisis. State some of the measures would you propose in order to avoid the recurrence of the Asia-type crisis.

    		•
  • Q : Random walk model for exchange rate

    Explain about random walk model for exchange rate forecasting. Will it be reliable with the technical analysis?

    		•
  • Q : Standard costing is a separate system

    Wheather it is correct or not that standard costing is a separate system in accounting?

    		•
  • Q : Case study of a local public utility

    The local public utilities commission has been charged with inspecting and reporting utility problems in the area. They have three electrical inspectors and two gas inspectors, each available for 40 hours , to analyze structures in their respective areas of expertise.

    		•
  • Q : Challenges of long distance relationship

    My friend is in a new long distance relationship. My friend wants to ask to identify the challenges or difficulties of long-distance romantic relationships and explain communication strategies for coping with these challenges. The res

    		•
  • Q : Calculation of NPV Calculation of NPV:

    Calculation of NPV: Calculation of NPV is done through the same method of discounting as described above. However in this case the rate is predefined for  discounting. It is the cost of overall long term resources, whether debt or equity. This co

    		•
  • Q : Problem on National income Providing

    Providing reasons, describe the treatment assigned to the following which estimates national income.(i) Family members working freely on farm owned by family.(ii) The Payment of interest on borrowings through general government.

    		•
  • Q : Describe the term Operating Expenses

    Describe the term Operating Expenses in business accountancy?

    		•
  • Q : Accounting Treatment of Expenditures

    Describe the term Accounting Treatment of Expenditures? Why it is used.

    		•
Home | Company Overview | Services | Discover Q&A | Sitemap | Contact Us | T & C | Refund Policy | Copyright Policy | Blog | Q&A | Directory

©TutorsGlobe All rights reserved 2022-2023.