外幣折算會(huì)計(jì)簡(jiǎn)史外文翻譯-展示頁(yè)
2025-05-27 12:26本頁(yè)面
【正文】 ions. According to Lisle, when the trial balance of a foreign branch is sent home, the first thing to be done is to convert each item to pounds sterling (Lisle, 1900, p. 288). He stated that various exchange rates should be used to translate the items in the trial balance. He essentially advocated what later came to be known as the moarynonmoary method. The impact of the First World War on foreign currency accounting Before the First World War, exchange rates were fairly stable and the volume of trade between USA and European nations was not so great as to make the topic of foreign currency translation a major issue in the USA. A number of accounting texts were written after Lisle’s which contain no discussion on the topic. The stability of exchange rates prior to the First World War can be attributed largely to the fact that most nations had established a fixed relationship between their currencies and the gold standard (Roberts, 1920, p. 321). 4 One of the effects of the First World War was to make the shipping of gold practically impossible. As a result, when the USA entered the war in 1917, it chose to go off the gold standard (Gray, 1983, p. 261). By the end of the war, most other nations had also gone off the gold standard (Finney, 1923, p. 451). However, the stability of exchange rates is also dependent on a stable set of trade relations. The First World War upset that stability. The European industries became disorganized and were desperately in need of raw materials that could only be obtained from the USA. Roberts described the situation by stating that “we have seen the European exchange sinking lower and lower from month to month” (Roberts, 1920, p. 325). The exchange rate instability prompted renewed interest in accounting for foreign currency translation in the USA. In 1921, . Finney wrote that accountants would now “have to understand the principles involved in the accounting for foreign merce and the conversion of foreign balances” (Finney, 1923, p. 451). In his discussion of the appropriate methodology for translating the accounts of a foreign branch, Finney advocated the moarynonmoary method that was prescribed by Lisle in 1900 for balance sheet items. However, for nominal accounts, he felt that end of the period exchange rates were preferable to average exchange rates (Finney, 1923, p. 458). The impact of the Great Depression By 1925, most nations had gone back to the gold standard and the foreign exchange stabilized (Gray, 1983, p. 261). The worldwide Great Depression of the 1930s, however, proved to be too much for the gold standard. According to McConnell, each nation became afraid that “its economic recovery would be aborted by a balance of payments deficit which would lead to an outflow of gold and consequent contractionary effects” (McConnell, 1981, p. 855). In an attempt to bolster exports and reduce imports, several nations began to devalue their currencies in terms 5 of gold (McConnell, 1981, p. 855). The result of these devaluations was a breakdown of the gold standard system. During this time, the number of writings on foreign currency accounting increased. An early article by Cecil S. Ashdown described the currentnoncurrent method (Ashdown, 1922, p. 262). The most notable publication was a remendation made in 1931 by a special mittee on accounting procedure of the American Institute of Accountants (now AICPA) that the currentnoncurrent method be used (AIA, 1931). This was the first official pronouncement on the subject in the USA. This method essentially involves: ? the translatio
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