Exposure Drafts, Comment Letters, and Statements of Position
Files
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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).
Publication Date
1992
Relational Format
Book
Keywords
Foreign exchange -- Accounting; Mutual funds -- United States -- Accounting
Disciplines
Accounting | Taxation
Recommended Citation
American Institute of Certified Public Accountants. Investment Companies Committee, "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; Exposure draft (American Institute of Certified Public Accountants), 1992, Jun. 5" (1992). Exposure Drafts, Comment Letters, and Statements of Position. 570.
https://egrove.olemiss.edu/aicpa_sop/570
Comments
Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.