Compare and contrast the 4 currency translation methods.
- Which 2 methods are used by FASB 52?
- Be sure to discuss the 2-step method used in FASB 52 and how highly inflationary economies (around 100% inflation in a 3-year period) are handled.
- Discuss how Japan and Germany approach the translation of currency.
- Should the United States change its translation method to match thatof the European Union? Explain your reasoning.