_____ Which of the following statements is false for the foreign currency unit of measure approach?
A) No distinction is made between monetary and nonmonetary accounts.
B) The focus is on the parent's net investment.
C) The relationships of items in the foreign currency financial statements are maintained in expressing the accounts in U.S. dollars.
D) The translated amounts in U.S. dollars for nonmonetary assets represent the current values of the assets.
E) None of the above.

Question

Quizplus · Accepted Answer

The translated amounts in U.S. dollars for nonmonetary assets do not represent the current values of the assets; they are typically translated at historical exchange rates, not current rates.

_____ Which of the Following Statements Is False for the Foreign