Accounting:
FASB Summaries
FASB Exposure Drafts
GASB Summaries
GASB Exposure Drafts
AICPA White Paper
Taxation:
Federal Tax Forms
New York
State Tax Forms
New York City Tax Forms
Other State Tax Forms
Tax Acct. & Regulatory Bulletin
Ethics & Regulation
Code of Conduct
Briefing Book on Issues
Risk Management
Peer Review Summaries
Risk Mgt.& Liability Guidebook
Bookshelf
Other CPA Journal Publications
Forensic & Litigation Svcs. Directory
Career Opportunities Handbook
|
Statement No. 8
Accounting for the Translation of Foreign Currency Transactions and Foreign Currency Financial Statements
STATUS
Issue Date: October 1975
Effective Date: For fiscal years beginning on or after January 1, 1976
Affects: Amends ARB 43, Chapter 12, paragraph 5
Supersedes ARB 43, Chapter 12, paragraphs 7 and 10 through 22
Supersedes APB 6, paragraph 18
Amends APB 22, paragraph 13
Supersedes FAS 1
Affected by: Paragraphs 27 and 35 amended by FAS 20
Superseded by FAS 52
Other Interpretive Pronouncements:
FIN 15 (Superseded by FAS 52)
FIN 17 (Superseded by FAS 52)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 that all amounts measured in a foreign currency be translated at the exchange rate in effect at the date at which the foreign currency transaction was measured. All exchange gains and losses were required to be included in income in the period in which they arose, i.e., when the rates changed.
Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
Click Here for Order Information
©2000 New York State Society
of Certified Public Accountants. Legal Notices.
|
