The balance sheets of foreign firms,prepared in their local currencies,must be in balance (assets equal liabilities plus
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The balance sheets of foreign firms,prepared in their local currencies,must be in balance (assets equal liabilities plus shareholders’equity).Yet when such balance sheets are translated to U.S. dollars, they usually require a “translation adjustment”in order to balance. Explain why this is so. LPO8
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Related Book For
Financial Accounting Reporting And Analysis
ISBN: 9780324149999
6th Edition
Authors: Earl K. Stice, James Stice, Michael Diamond, James D. Stice
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