Hello. I need help answering this response question.
good job describing the significant attributes of the Tax Cuts and Jobs Act. You observed: Businesses with international operations must translate their transactions like the acquisition of assets or the purchase of services into their functional currency. With foreign exchange fluctuations, the value of these assets and liabilities are also subject to variations.
- Determine the functional currency of the foreign entity.
- Remeasure the financial statements of the foreign entity into the functional currency
- Record gains and losses on the translation of currencies.
- Current rate Method.
- Temporal Rate Method
What was the purpose of this portion of the Act? What was the intended result?
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