FASB: Summary of Statement 8

Summary of Statement No. 8

Accounting for the Translation of Foreign Currency Transactions and Foreign Currency Financial Statements (Issued 10/75)

Summary

This Statement requires that all amounts measured in a foreign currency be translated at the exchange rate in effect at the date at which the foreign currency transaction was measured. All exchange gains and losses were required to be included in income in the period in which they arose, i.e., when the rates changed.

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