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5. FASB ASC 830 requires the recognition in income of transaction gains and losses that result from fluctuations in the fair value of the $US
5. FASB ASC 830 requires the recognition in income of transaction gains and losses that result from fluctuations in the fair value of the $US vis--vis other world currencies. What is the rationale for the recognition of these gains and losses in income? (Hint: See FASB ASC 830-20-35-1.)
Please be specific. Please use your own words and do not copy and paste the answer from the test bank (I have it). Thank you.
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