Statement No. 1
Disclosure of Foreign Currency Translation Information
STATUS
Issue Date: December 1973
Effective Date: For fiscal periods ending after November 30,
1973
Affects: No other pronouncements
Affected by: Superseded by FAS 8
Superseded by FAS 52
Abbreviations for Accounting Pronouncements
FAS - FASB Statements
FIN - FASB Interpretations
FTB - FASB Technical Bulletins
APB - APB Opinions
AIN - AICPA Interpretations
ARB - Accounting Research Bulletins
CON - FASB Concepts
EITF - EITF Issues
Q&A - FASB Implementation Guides
SUMMARY
This Statement requires companies to disclose (a) information about
which accounts are translated at current rates and which are historical
rates, and (b) their method of accounting for exchange adjustments, i.e.,
whether those gains and losses are recognized in income in the period in
which exchange rates changed or whether they are deferred for later recognition.
Disclosures about total amounts of gains and losses either recognized currently
or deferred also are required.
Copyright by Financial Accounting Standards Board. All Rights Reserved.
Used by Permission.
