- This topic has 2 replies, 3 voices, and was last updated 13 years, 1 month ago by .
-
Topic
-
I’m working the following Becker MCQ:
Jordan Co. had the following gains during the current period:
Gain on disposal of business segment $500,000
Foreign currency translation gain 100,000
Under US GAAP, what amount of extraordinary gain should be presented on Jordan’s income statement for the current period?
The correct answer is “a. $0”, which I got correct, however, the explanation states that “The $100,000 foreign currency translation gain will be reported as a component of income from continuing operations”.
I thought Foreign Currency Translation Gains were part of OCI (per Becker’s PUFE R). But I see Jeff’s Ninja notes showing them as part of Continuing Operations???
Am I missing something obvious, can someone please clarify?
Thanks!
BEC - 80 (11/30/2010), Lost Credit - Retake 11/30/2012, 80 (FINISHED!)
AUD - 71 (05/31/2011), 79 (08/28/2011)
REG - 70 (11/30/2011), 87 (02/09/2012)
FAR - 61 (5/31/2012), 80 (08/31/2012)
- The topic ‘Foreign Currency Translation Gain – Income from Cont. Operations OR OCI???’ is closed to new replies.