Performance Measurement of Foreign Operations Under Floating Exchange Rates (Classic Reprint)

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Excerpt from Performance Measurement of Foreign Operations Under Floating Exchange Rates One of the problems facing the managers of corporations with overseas subsidiaries which distinguish them from their uninational colleagues is that a large proportion of corporate activity is undertaken within different monetary jurisdictions, specifically, foreign subsidiaries earn income denominated in different currencies. For the purpose of preparing consolidated quarterly published accounting statements, as required by the Securities and Exchange Commission (SEC), rules have to be devised to translate these foreign currency (FC) accounting statements into local currency (LC), i.e. US dollars. In December 1981, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 52: Foreign Currency Translation (FAS 52), which replaced an earlier statement FAS 8: Accounting for the Translation of Foreign Currency Transactions and Foreign Currency Financial Statements. FAS 8 had been issued in 1976 in order to replace the variety of previously acceptable methods of accounting for foreign income with one uniform standard. The historic-rate translation method of Fas 8 treated foreign income as if it had occurred in dollars. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.