If the U.S.dollar is the currency in which the foreign affiliate's books and records are maintained,and the U.S.dollar is also the functional currency,
A)the translation method should be used for restatement.
B)the remeasurement method should be used for restatement.
C)either translation or remeasurement could be used for restatement.
D)no restatement is required.

Question

Quizplus · Accepted Answer

When the U.S. dollar is both the currency in which the foreign affiliate's books and records are maintained and the functional currency, no restatement is required because the financial statements are already in the reporting currency.

If the USDollar Is the Currency in Which the Foreign Affiliate's Books