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16. In Venezuela the rate of inflation exceeds 100% annually and the currency (bolivar) has devalued accordingly. Many US firms have assets in Venezuela that

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16. In Venezuela the rate of inflation exceeds 100% annually and the currency (bolivar) has devalued accordingly. Many US firms have assets in Venezuela that are carried on their balance sheets at historical cost. How would FASB require that these firms record the impact of this inflation and devaluation in the financial statements they prepare for their shareholders in the US

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