Foreign Currency Translation SFAS 52, December 1981 “Foreign Currency Translation” Translation of foreign currency financial statements 1. All items of financial statements are translated –>
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Foreign Currency Transactions SFAS 52, December 1981 “Foreign Currency Translation” Foreign currency transactions Foreign currency transaction –> transactions denominated in the currency other than functional
Foreign Currency Transactions and Translation SFAS 52, December 1981 “Foreign Currency Translation” Functional currency 1. Functional currency –> the currency of the primary economic environment
Fair Value Option SFAS No. 159, February 2007 ” The Fair Value Option for Financial Assets and Financial Liabilities” Fair Value Option(FVO) –> Option to
Fair Value Measurements SFAS N0. 157, September 2006 “Fair Value Measurements” Fair Value is the price an entity would receive when an asset is sold
Derivatives and Hedging SFAS 133, June 1988 “Accounting for Derivative Instruments and Hedging Activities” Derivatives 1. Derivative instruments are recognized in financial statements 2. Derivative