FASB No. 52

(redirected from FASB 52)

FASB No. 52

The US accounting standard that replaced FASB No. 8. US companies are required to translate foreign accounts in terms of the current rate and report the changes from currency fluctuations in a cumulative translation adjustment account in the equity section of the balance sheet.

FASB No. 52

An FASB guideline that requires American companies to record foreign exchange items on a balance sheet according to prevailing exchange rates. Adjustments for changes to market rates are only made when they affect the company's cash flow. It replaced the Statement of Financial Accounting Standards No. 8.
References in periodicals archive ?
The product helps ensure that customers are prepared at any time for DCAA adequacy and compliance audits, and is also fully FAR, CAS, FASB 52, and Euro and VAT compliant.
Some companies followed Financial Accounting Standards Board Statement Number 8 (FASB 8) in completing the quarterly survey but later followed FASB 52 in completing the benchmark survey.
Under GAAP, the use of FASB 52 was required for reporting transactions for calendar or fiscal years beginning on or after December 15, 1982; for earlier years, restatements to reflect the use of FASB 52 were encouraged, but not required.
International organizations can easily revalue deferred revenue according to exchange rate fluctuations according to FASB 52 accounting rules, providing even more precise forecasting and visibility into your organization's bottom line.
Syspro's IMPACT software meets the information technology needs of manufacturers and distributors and, additionally, provides for financial transactions according to IAS and FASB 52.
The software is continually improved with the latest industry developments and market demAS and FASB 52.
Syspro's IMPACT software meets the information technology needs of manufacturers and, additionally, provides for financial transactions according to IAS and FASB 52.
manufacturers and additionally, provides for financial transactions according to IAS and FASB 52.
Syspro's IMPACT software meets the information technology needs of manufacturers and additionally, provides for financial transactions according to IAS and FASB 52.
Automatic Calculation of Historical Exchange Rates - The Solomon IV Bi-Monetary Inventory Processing feature automatically calculates the historical rates for inventory and cost-of-goods-sold accounts as required by FASB 52, SSAP 20 and IAS 21.
Platinum SQL was designed to meet international accounting standards, allowing users to consolidate foreign subsidiaries in accordance with FASB 52 and IAS125 and revalue foreign currency account balances in accordance with FASB 95 cash-flow reporting.
Under FASB 52, the company is required to book a gain or loss resulting from any restatement of the $275 million U.