TRANSLATION OF FINANCIAL STATEMENTS OF FOREIGN AFFILIATES
Distinguish between the current exchange rate and the historical exchange rate.
Understand the objectives of financial statement translation.
Identify the functional currency of a foreign entity.
Compare the two methods used to convert the financial statements of a foreign entity into U.S. dollars.
Distinguish between the circumstances under which each of the two methods is appropriate under current GAAP.
Explain the factors involved in translating the statements of a foreign entity operating in a highly inflationary economy.
Translate the statements of a foreign entity when the functional currency is the local ...