FASB 8 is essentially the
A)current/noncurrent method.
B)monetary/nonmonetary method.
C)temporal method.
D)current rate method.

Name: FASB 8 is essentially the A)current/noncurrent method. B)monetary/nonmonetary method. C)temporal method. D)current rate method.
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Question

Quizplus · Accepted Answer

FASB 8, which was superseded by FASB 52, advocated for the use of the temporal method for foreign currency translation. This method involves using the exchange rate at the time the asset or liability was acquired or incurred.

FASB 8 Is Essentially the