外幣折算會(huì)計(jì)簡(jiǎn)史外文翻譯-在線(xiàn)瀏覽
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【正文】 n of current assets and current liabilities at end of year exchange rates。 and ? noncurrent assets and noncurrent liabilities at historical exchange rates. The nominal accounts were to be translated at average exchange rates (the same as moarynonmoary method). The mittee reiterated their position in another bulletin in 1934 (AIA, 1934). Foreign currency provisions of ARB 4 The special mittee was disbanded in 1938 and the new Committee on Accounting Procedures (CAP) took over. In December 1939, the CAP issued Accounting Research Bulletin No. 4 (ARB 4) entitled “Foreign operations and foreign exchange”. In 1953, ARB 4 was incorporated into ARB 43 as chapter 12 (AICPA, 1953). This bulletin essentially repeated the special mittee’s endorsement of the currentnoncurrent method but also stressed the desirability of conservatism when reporting foreign earnings and consolidating foreign subsidiaries. ARB 4 also required that both realized and unrealized losses in foreign exchange be charged against operations and that realized gains be credited to operations (AICPA, 1953). The bulletin stated that unrealized gains should only be recognized to the extent of unrealized losses charged to ine in prior periods (AICPA, 1953). 6 Impact of the Second World War With the stimulus of additional economic turmoil created by the Second World War, leaders of the major industrial nations set out to create an economic system that would not be susceptible to the risk of another depression. One significant result of their efforts was a fixed exchange rate system established in a conference at Bretton Woods, New Hampshire, in 1944 (Gordon, 1987, p. 544). For some years, the Bretton Woods system worked well. But, economic pressures soon came to bear again and nations began to depart from the agreement by devaluing their currencies in relation to the US dollar. The resulting instability created new interest in foreign currency accounting. In 1948, . Hecker, an English chartered accountant, described the reporting situation of the time as follows: “Increasing chaos in foreign currency rates makes impossible general rules for handling statements of foreign subsidiaries” (Hecker, 1948). The economic situation raised many questions about the appropriateness of the currentnoncurrent method. One of the critics was Samuel R. Hepworth who is usually given primary credit for developing the moarynonmoary method of translation (Hepworth, 1956, p. 8). Moary assets and liabilities are those which are fixed in terms of a number of units of a foreign currency. Nonmoary assets and liabilities are not so fixed. The currentnoncurrent method, however, prevailed as the only acceptable method until October 1965 when the Accounting Principles Board (APB) Opinion No. 6, in substance, permitted the use of the moarynonmoary method. The Opinion stated that it might often be appropriate to translate longterm receivables and longterm payables, which are essentially moary assets and liabilities, at current exchange rates (APB, 1965). At this time, both methods were used in practice and accepted by the authoritative bodies. The exchange rate effects of the Vietnam War 7 The problems with the Bretton Woods system became more acute in the 1960s owing to an acceleration of inflation in the USA, relative to the inflation rates of other countries because of the heavy spending by the US government on the Vietnam War and an easy moary policy. This change in relative inflation rates caused a decline in US exports and an increase in US imports (Gordon, 1987, p. 545). This cha
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