according to u.s. gaap, when the local currency is the functional currency, which method is usually required for translating a foreign subsidiary's financial statements into the parent's reporting currency?

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01-12-2022
Business

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according to u.s. gaap, when the local currency is the functional currency, which method is usually required for translating a foreign subsidiary's financial statements into the parent's reporting currency?

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contexto38 contexto38 · Answer 1 · 2022-12-05T13:15:38-05:00

In a condition when the local currency is the functional currency, then the current rate method is used for translating a foreign subsidiary's financial statements into the parent's reporting currency.

The financial statements can be referred to or considered as the statements that are useful in representation of the positions of an organization. The preparation of the financial statements are done after following the principles of the United States' Generally Accepted Accounting Principles, or GAAP.

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