Flashcards in 20E Wrong Answers Deck (6):
Under Translation with low inflation how are assets valued?
Assets valued at current rate at year end
Liabilities valued at current rate at year end
During the SIMs what are the exchange rates for retained earnings, OCI and total liabilities and stockholder's equity?
There is no exchange rate
What happens to other comprehensive income on a balance sheet translation, when its balance in the foreign currency = $0?
It's value in US dollars is the difference between total assets
And total liabilities + stockholder's equity without OCI
Translation adjustments resulting from the translation of foreign currency statements should be reported...3
1 Separately as a component of other comprehensive income,
2 accumulated other comprehensive income
3 stockholder's equity
Gains an losses of foreign transactions, designated as economic hedges of a net investment in a foreign entity should be included in...
Other comprehensive income