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Statement No. 70 Financial Reporting and Changing Prices: Foreign Currency Translation-an amendment of FASB Statement No. 33 STATUS Issue Date: December 1982 Effective Date: For fiscal years ending after December 15, 1982 for which an enterprise has applied FAS 52 Affects: Supersedes FAS 33, paragraph 22(c) Amends FAS 33, paragraphs 22, 29(a), 30, 31, 34, 35, 35(c), 36, 39, 41, 50, 53, 56, 59, and 66 Affected by: Paragraphs 7 and 8 changed by FAS 82 Superseded by FAS 89 Abbreviations for Accounting Pronouncements FAS - FASB Statements FIN - FASB Interpretations FTB - FASB Technical Bulletins APB - APB Opinions AIN -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 amends FASB Statement No. 33, Financial Reporting and Changing Prices, to implement revisions to the supplementary information about the effects of changing prices necessitated by changes in the method of translating foreign currency financial statements set out in FASB Statement No. 52, Foreign Currency Translation. However, this Statement has no effect on the reporting of supplementary information about changing prices by enterprises for which the U.S. dollar is the functional currency for all significant operations. The provisions of Statement 33 continue to apply to those enterprises. An enterprise that measures a significant part of its operations in functional currencies other than the U.S. dollar is exempted from Statement 33's requirements to present historical cost information measured in units of constant purchasing power. Enterprises without significant amounts of inventory and property, plant, and equipment that have used historical cost information measured in units of constant purchasing power to satisfy Statement 33's current cost requirements may continue to do so. Operations that use functional currencies other than the U.S. dollar should measure current cost amounts and increases or decreases therein in the functional currency. Adjustments to current cost information to reflect the effects of general inflation may be based on either the U.S. CPI(U) or functional currency general price level indexes. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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