SAP Foreign Currency Revaluation
FAS 52 and GAAP Requirements
Chapter One
U.S. Accounting
Requirements
HIGHLIGHTS
FASB 52 Requirements Overview
FASB 52 Currency Exchange Rates
FASB 52 Currency Translation
Organizational Impacts
FASB 52: REQUIREMENTS OVERVIEW
The Financial Accounting Standards Board's (FASB) Statement of Financial
Accounting Standards 52 (FASB 52), Foreign Currency Translation, defines
the U.S. generally accepted accounting principles (GAAP) requirements for
foreign currency revaluation. The complete Statement can be found on the
FASB website .
U.S. GAAP requires that Financial Statements be reported in the Functional
or Local Currency of each reporting entity. If the Transaction Currency
(currency in which the transaction takes place) is not the same as the Local
Currency, then the Transaction Currency must be revaluated into the Local
Currency using the exchange rate on the key date specified d ... read full excerpt from SAP Foreign Currency Revaluation: FAS 52 and GAAP Requirements ebook
