Statements of Position

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Description

This proposed statement of position (SOP) amends the third edition, revised, of the AICPA Audit and Accounting Guide Audits of Investment Companies (the guide) to require reporting of all foreign currency gains and losses.* This proposed SOP recommends that realized and unrealized foreign currency gains and losses be reported separately. However, the guide does not indicate a preference for reporting separately the portion of the change in market value stated in the reporting currency that results from changes in foreign currency rates (see paragraph 2.86). It also states that foreign currency transaction gains or losses may be either accounted for separately or combined for reporting purposes with the kind of transaction that results in the gain or the loss (see paragraph 2.89).

ISBN

ed92-06-05t

Publication Date

1992

Relational Format

Book

Keywords

Foreign exchange -- Accounting; Mutual funds -- United States -- Accounting

Disciplines

Accounting | Taxation

Comments

Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants; Exposure draft (American Institute of Certified Public Accountants), 1992, Jun. 5

Proposed statement of position : foreign currency accounting and financial statement presentation for investment companies : proposed amendment to AICPA audit and accounting guide, Audits of investment companies ;Foreign currency accounting and financial statement presentation for investment companies : proposed amendment to AICPA audit and accounting guide, Audits of investment companies

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