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U.S. GAAP Codification of Accounting Standards |
| U.S. GAAP Codification | Accounting Standards, ASC |
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U.S. GAAP
Codification of Accounting Standards |
| U.S. GAAP Codification Updates |
| Principles of Accounting, Intermediate Accounting, Advanced Accounting |
| Accounting Terms |
| Codification Topic 830-30 Translation of Financial Statements Foreign Currency Translation SFAS 52, December 1981 "Foreign Currency Translation" Translation of foreign currency financial statements 1. All items of financial statements are translated --> from functional currency to reporting entity --> using a current exchange rate 2. For assets and liabilities --> current exchange rate at the balance sheet date 3. For revenue and expenses --> current exchange rate at the time of recognition --> or average rate during the period if appropriate 4. For stockholders' equity --> historical exchange rate at the time of transaction Translation adjustments 1. Translation adjustments incur --> when financial statements are translated --> from functional currency to reporting currency 2. Translation adjustments are --> reported in other comprehensive income |
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Codification Topic 830 Foreign Currency Matters |
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Subtopics of Codification Topic 830 830-10 Overall 830-20 Foreign currency transactions 830-30 Translation of financial statements |
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Accounting Terms of Codification Topic 830-10 Attribute Exchange rate Foreign currency Foreign currency statements Foreign currency transactions Foreign currency translation Foreign entity Functional currency Local currency Reporting currency Reporting entity Special drawing rights Translation Translation adjustments Unit of measure |
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Accounting Terms of Codification Topic 830-20 Transaction date Transaction gain or loss |
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Accounting Terms of Codification Topic 830-30 Conversion Noncontrolling interest |
| U.S. GAAP by Topic |
| Accounting Topics |
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