Question: Answer the question and use GAAP cite appropriate justification for your answer. 1. GAAP requires recognition of gains and losses related to changes in exchange

Answer the question and use GAAP cite appropriate justification for your answer.

1. GAAP requires recognition of gains and losses related to changes in exchange rates subsequent to the rate used in the initial measurement. If exchange rates change subsequent to the date of the financial statements, should the most recent financial statements be restated to reflect the change?

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