FASB No. 52

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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 ?
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.