What is meant by the “translation” of foreign currency financial statements?
A. converting financial statements prepared under foreign GAAP into domestic GAAP
B. converting financial statements of a foreign currency into a domestic currency
C. converting the language used in financial statements from foreign to domestic
D. converting historic cost financial statements into current cost financial statements
Answer:B
What is meant by the “translation” of foreign currency financial statements?
A. converting financial statements prepared under foreign GAAP into domestic GAAP B. converting financial statements of a foreign currency into a domestic currency C. converting the language used in financial statements from foreign to domestic D. converting historic cost financial statements into current cost financial statements