Under FASB ASC 830, Foreign Currency Matters, When the Current

question 30

Multiple Choice

Under FASB ASC 830, Foreign Currency Matters, when the current rate method is used, how are translation adjustments treated in the consolidated financial statements?

• A) As gains or losses on the current period consolidated income statement
• B) As prior period adjustments to retained earnings of the parent
• C) As part of other comprehensive income on the consolidated balance sheet
• D) None of the above because the temporal method is not allowed under FASB ASC 830.

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Definitions:

Correctional Institutions

Facilities designated for the detention and rehabilitation of individuals who have been convicted of criminal offenses.

Ramey And Ramey

Scholars known for their contributions to early childhood education, particularly in the context of intervention programs designed to enhance the development of children from disadvantaged backgrounds.

Essential Daily Ingredients

Fundamental elements or components necessary for maintaining daily health and well-being.

Echolalia

The automatic repetition of vocalizations made by another person, often a symptom of autism or certain other neurological disorders.