Question

The all-current-rate method dictated by the fasb no. 52 statement requires the translation of all balance sheet accounts at the ________ rate and all income statement items at the ________ rates.

Answer 1

The all-current-rate method dictated by the fasb no. 52 statement requires the translation of all balance sheet accounts at the closing rate and all income statement items at the average rates.

What is meant by current rate method?

The majority of financial statement items are translated using the current exchange rate under the current rate method of foreign currency conversion.

When a company has operations abroad, it could be necessary to convert the foreign currency that is earned by such operations into the presentation currency, which is the currency that is used to prepare the firm's financial statements. The current rate technique is applied in circumstances where the subsidiary isn't well connected with the parent firm, and the local currency where the subsidiary works is the same as its functional currency.

The current rate technique is a widely used method of currency conversion that makes use of the current exchange rate on the market.

To learn more about current rate method from given link

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