Discuss the differences in the translation process when translating from a local currency to a functional currency

Question:

Discuss the differences in the translation process when translating from a local currency to a functional currency compared with translating from a functional currency to a presentation currency.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Applying International Financial Reporting Standards

ISBN: 978-0730302124

3rd edition

Authors: Keith Alfredson, Ken Leo, Ruth Picker, Paul Pacter, Jennie Radford Victoria Wise

See More Books

Question Posted: Apr 30, 2016 01:13 PM

See More Questions

Discuss the differences in the type of budgets applicable for a manufacturer compared to a government department.
Select the best answer for each of the following items: 1. Golf Company acquired 80% of the outstanding stock of Ping Company, a foreign company, in an acquisition accounted for as a purchase...
In SFAS No. 52, the FASB adopted standards for financial reporting of foreign currency exchanges. This release adopts the functional currency approach to foreign currency translation. Required: a....
Explain how each of the following illustrates one of the four principles of interaction. a. At a college tutoring co-op, students can arrange to provide tutoring in subjects they are good in (like...
The accounts of Deluxe Patio Service, Inc., follow with their normal balances at June 30, 2012. The accounts are listed in no particular order. Requirements 1. Prepare the companys trial balance at...
Watch the video about MD Andersons Oncology Expert Advisor at www.youtube.com/ watch?v=CtyYI7ou2B0. What are the benefits of such an expert system to oncology doctors? Are there any disadvantages?...
Why is international information systems development difficult?
Gelbart Company manufactures gas grills. Fixed costs amount to $16,335,000 per year. Variable costs per gas grill are $225, and the average price per gas grill is $600. Required: 1. How many gas...
Current Inventory on hand can be obtained anytime from detailed inventory records when a _______[a]_________ inventory system is maintained
A group of Northeastern University researchers developed a new method for ranking the total driving performance of golfers on the Professional Golf Association (PGA) tour (The Sport Journal Winter...
Based on the above, determine the functional currency of the foreign subsidiaries. Explain your choice.
Discuss the use of a foreign currency translation reserve to account for movements in exchange rates compared with taking gains/losses as a result of movements in exchange rates directly to the...
In the neutralization of a strong acid with a strong base, the essential reaction is the combination of H + (aq) and OH - (aq) to form water. Two solutions, 25.00 mL of 2.50 M HCl(aq) and 25.00 mL of...
Q Proprietorinc (the lessee) enters into a 10 year lease of a property with an option to extend the contract for 5 years. Lease payments are $50,000 per year, payable at the beginning of each year....
1.Think about your investment Possibility for 3 years holding period in real investment environment? A.What could be your investment objectives? B. What amount of fund you could invest for three...
3- The student council normally sells 1500 school T-shirts for $12 each. This year they plan to decrease the price of the T-shirts. Based on student feedback, they know that for every $0.50 decrease...
2. The notation {f(x): x S} means "the set of all values that can be produced by substituting an element x of set S into f(x)." For example, the set of all odd integers can be expressed as {2k+1kZ}....
Implementation guidance for IFRS 2 indicates that it "accompanies, but is not part of, IFRS 2." In other words, this implementation guidance is considered mandatory. integral to the standard. not...
The like dissolves like rule states that a solid is soluble in a liquid if what property is alike?
A crop-dusting plane flies over a level field at a height of 25 ft. If the dust leaves the plane through a 30 angle and hits the ground after the plane travels 75 ft, how wide a strip is dusted? See...
Speech by SEC Chairman: (In Part) Remarks Before the Financial Accounting Foundations 2011 Annual Board of Trustees Dinner by Chairman Mary L. Shapiro U. S. Securities and Exchange Commission...
The Jones Company debits prepaid insurance for insurance premiums paid. During the year insurance expense is computed for interim periods and insurance expense is debited and prepaid insurance is...
SEC Charges Royal Ahold and Three Former Top Executives with Fraud; Former Audit Committee Member Charged with Causing Violations of the Securities Laws for Immediate Release 2004- 144 Washington, D....
A contractor constructed a house for resale, which was sold immediately. For tax purposes, this is an example of A) capital income. B) business income. C) other income. D) property income.
You invest $100 in a risky asset with an expected rate of return of 0.12 and a standard deviation of 0.15 and a T-bill with a rate of return of 0.05. What percentages of your money must be invested...
Nanometrics, Inc., has a beta of 3.43. If the market return is expected to be 13.50 percent and the risk-free rate is 7.00 percent, what is Nanometrics required return? (Round your answer to 2...

Discuss the differences in the translation process when translating from a local currency to a functional currency

Question:

Step by Step Answer:

Note para 23 for functional currency translation Note para 39 for presentation translation In relati...View the full answer

Applying International Financial Reporting Standards

Students also viewed these Accounting questions