Statement of Financial Accounting Standards No. 8

Statement of Financial Accounting Standards No. 8

The is a currency translation standard once used by U.S. accounting firms. See: Statement of Accounting Standards No. 52.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

FASB No. 8

An FASB rule requiring transactions in foreign currencies be reported according to their historical cost assuming the current, market exchange rate. This rule was quite controversial and FASB No. 8 was replaced by FASB No. 52 in 1981.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
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