In Implementing FASB 52

question 55

Multiple Choice

In implementing FASB 52,

• A)the functional currency of the foreign entity must be translated into the reporting currency in which the consolidated statements are reported.
• B)the local currency of a foreign entity may not always be its functional currency.If it is not,the temporal method of translation is used to remeasure the foreign entity's books into the functional currency.
• C)the current rate method is used to translate from the functional currency to the reporting currency.
• D)in some cases,a foreign entity's functional currency may be the same as the reporting currency,in which case translation is not necessary.

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