Category: U.S. GAAP by Topic

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

Gain contingency –> a gain will incur if certain future events occur or not occur Recognition of a gain contingency –> a gain contingency is

Consolidation SFAS 167 amended FIN 46(R) in June 2009 FIN 46(R) revised FIN 46 in December 2003 FIN 46 was issued in January 2003 as