special issues

Maneesh 01 May 2020 at 13:20 PM

If an entity's books of account are not maintained in its functional currency, the FASB Accounting Standards Codification requires remeasurement into the functional currency prior to the translation process. An item that should be remeasured by use of the current exchange rate is

A) A patent and the associated accumulated amortization.
B) The revenue from a long-term construction contract
C) An investment in bonds to be held until maturity.
D) A plant asset and the associated accumulated depreciation.

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FACULTY 09 May 2020 at 04:13 PM

its answer is option c, An investment in bonds to be held until maturity.

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