The current/noncurrent method of foreign currency translation was generally accepted in the United States from the 1930s until 1975,when
A)FASB 2 became effective.
B)FASB 4 became effective.
C)FASB 6 became effective.
D)FASB 8 became effective.

Question

Quizplus · Accepted Answer

FASB 8 became effective in 1975, replacing the current/noncurrent method of foreign currency translation with a new approach. This marked a significant change in accounting practices related to foreign currency translation in the United States.

The Current/noncurrent Method of Foreign Currency Translation Was Generally Accepted