Which translation method does U.S. GAAP require for operations in highly inflationary countries? What is the rationale

Question:

Which translation method does U.S. require for operations in highly inflationary countries? What is the rationale for mandating use of this method?

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...