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Temporal Method

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Temporal method
A currency translation method under which the choice of exchange rate depends on the underlying method of valuation. Assets and liabilities valued at historical cost (market cost) are translated at the historical (current market) rate.

Temporal Method
In accounting, a convention where assets and liabilities listed according to their market cost and denominated in a foreign currency are translated to the domestic currency at the current exchange rate while all assets and liabilities listed at their historical cost are translated at the exchange rate in effect when each asset or liability was acquired. See also: Current/Noncurrent Method.


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Very broadly speaking, the DASTM rules are reminiscent of the temporal method rules of SFAS 8 (replaced in the early 1980s by SFAS 52).
The temporal method of translation translates assets, liabilities, revenues, and expenses in a manner that retains their bases of measurement in terms of the Canadian dollar.
dollars using the temporal method, as noted below: -- Monetary assets and liabilities are translated at the exchange rate at the balance sheet dates; -- Non-monetary assets are translated at historical rates; -- Revenue and expense items are translated at the average rate for the year; and -- Translation gains and losses are included in operations.
 
 
 
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