Question: According to GAAP (ASC 830), state the condition under which the current rate method for translation must be applied? Is there an exception to the

  1. According to GAAP (ASC 830), state the condition under which the current rate method for translation must be applied? Is there an exception to the rule?
  2. Under the current rate method, will translation gains or losses have any impact on the income statement?
  3. Under the current rate method, which accounting item would translation gains or losses be recorded?
  4. If you are given the annual cumulative translation adjustment accounts, how would you determine the translation gains or losses for a firm for a particular year?

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