Author: accta

Treasury Stock Entity’s own outstanding shares –> repurchased by the entity Presentation of treasury stock Cost of treasury stock is not reported as an asset

Foreign Currency Transactions and Translation SFAS 52, December 1981 “Foreign Currency Translation” Functional currency 1. Functional currency –> the currency of the primary economic environment

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 Translation SFAS 52, December 1981 “Foreign Currency Translation” Translation of foreign currency financial statements 1. All items of financial statements are translated –>

Contingencies 1. Gain contingency –> a gain will incur if certain future events occur or not occur 2. Loss contingency –> a loss will incur

Loss contingency –> a loss will incur if certain future events occur or not occur Recognition of a loss contingency 1. Recognized in the financial