Which translation method does U.S. GAAP require for operations in highly inflationary countries? What is the rationale for mandating use of this method?

Define Foreign trade deficit

Based on IMF's "de facto classification" on exchange rate regime, a currency that is mainly market-determined is classified as: a. conventional fixed peg. b. market arrangement. c. floating arrangement. d. currency board arrangement.

How do U.S. GAAP and IFRS differ in their use of present values when measuring contingent liabilities?

What does the term functional currency mean? How is the functional currency determined under IFRS and under U.S. GAAP?

Description A system in which exchange rates are held constant A system in which exchange rates are determined by market forces, rather than government intervention A system in which exchange rates are allowed to fluctuate, but are subject to government intervention A system in which the home currency is synchronized with the value of a particular foreign currency One advantage of a Fixed Exchange Rate Systems Managed Float Freely Floating Pegged exchange rate system is that the country with such a system is less affected by inflation in other countries.

should developing countries be required to peg their currency to that of a developed nation?

True or False? Unsettled foreign currency transactions, including financial instruments, shall be considered to contain embedded foreign currency derivatives under ASC 815 if the transactions meet all of the following criteria: They are monetary items.  They have their principal payments, interest payments, or both denominated in a foreign currency.  They are subject to the requirement …to recognize any foreign currency transaction gain or loss in earnings.   True  False

Is offering clients big discounts to shift future revenue into the current quarter a violation of US GAAP rules for revenue recognition?