Which of the Following Correctly Addresses How International Accounting Standards

question 47

Multiple Choice

Which of the following correctly addresses how international accounting standards differ from U.S.GAAP as they pertain to translation of foreign financial statements using the current or functional method?

• A)​The difference resulting from translation is recognized in income rather than other comprehensive income.
• B)​The methodology varies in that historical rates are used for certain nonmonetary assets.
• C)The difference resulting from translation may be recognized in income for reasons besides the parent's disposal of the foreign entity.​
• D)There are no differences.​

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Definitions:

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Inventory that includes all materials and labor currently in the process of being manufactured but not yet completed.

Manufacturing Costs

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The art and practice of planning and designing outdoor landscapes, focusing on aesthetics, functionality, and ecosystem sustainability.

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