Under FASB ASC 830, Foreign Currency Matters, What Group Is

question 38

Multiple Choice

Under FASB ASC 830, Foreign Currency Matters, what group is responsible for determining the functional currency of a foreign subsidiary for many cases?

• A) Financial Accounting Standards Board
• B) International Accounting Standards Board
• C) Securities and Exchange Commission
• D) Parent company management

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Definitions:

Vertically

In an up-and-down direction or position, or related to a hierarchy where authority or status increases with higher positions.

Boss

A person who is in charge of a worker, group, or organization, responsible for directing and overseeing the work of others.

General

Relating to all members or elements in a group or category, without specifying or excluding any.

Grapevine

Informal and unofficial communication channels within an organization, where information is often shared among employees without sanction or control by management.