51 ASC 830 FOREIGN CURRENCY MATTERS
Translation of Foreign Currency Financial Statements
Selection of the functional currency
Example of the current rate method
Example of the remeasurement method
Cessation of highly inflationary condition
Applying ASC 740 to foreign entity financials restated for general price levels
Summary of Current Rate and Remeasurement Methods
Application of ASC 830 to an investment to be disposed of that is evaluated for impairment
Foreign Operations in the United States
Translation of Foreign Currency Transactions
Example of foreign currency transaction translation
Intercompany Transactions and Elimination of Intercompany Profits
Example of intercompany transactions involving foreign exchange
Example of hedge effectiveness measurement
Example of a forward exchange contract
Accounts to Be Remeasured Using Historical Exchange Rates
PERSPECTIVE AND ISSUES
Subtopics
ASC 830 contains five subtopics:
- ASC 830-10, Overall
- ASC 830-20, Foreign Currency Transactions
- ASC 830-30, Translation of Financial Statements
- ASC 830-250, Statement of Cash Flows
- ASC 830-740, Income Taxes.
ASC 830 provides guidance about
- Foreign transaction and
- Translation of financial statements.
Scope and Scope Exceptions
ASC 830 ...
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