{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/830/30/#55-implementation-guidance-and-illustrations","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"830","topic_title":"Foreign Currency Matters","subtopic":"830-30","subtopic_title":"Translation of Financial Statements","section":{"number":"55","label":"55 Implementation Guidance and Illustrations","anchor":"55-implementation-guidance-and-illustrations","is_sec":false,"groups":[{"block":null,"heading":"Illustrations","paragraphs":[{"citation":"830-30-55-1","para":"55-1","html":"
This Example illustrates the appropriate exchange rate to be used for translating financial statements when foreign exchange trading is temporarily suspended at year-end. The following are facts involving a reporting entity that had a significant subsidiary in Israel:
  1. a
    On December 29, 1988, the currency market was open and foreign currencies were traded. The exchange rate was FC 1.68 = USD 1.00.
  2. b
    On December 30, 1988, Israeli banks were officially open but foreign exchange trading was suspended until January 2, 1989. A devaluation to occur on January 2, 1989, was announced. Most businesses were closed for the holidays.
  3. c
    On December 31, 1988, banks were closed.
  4. d
    On January 1, 1989, banks were closed.
  5. e
    On January 2, 1989, foreign exchange transactions were executed but left unsettled until the following day when a new rate was to be established.
  6. f
    On January 3, 1989, a new exchange rate of FC 1.81 = USD 1.00 was established and was effective for transactions left unsettled the previous day.
Thus, exchangeability was temporarily lacking and the rate established as of January 3, 1989, the first subsequent rate, is the appropriate rate to use for translating the December 31, 1988, financial statements.
","snippet":"This Example illustrates the appropriate exchange rate to be used for translating financial statements when foreign exchange trading is temporarily suspended at year-end. The following are facts involving a reporting ent…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:85343930c57e9a22fc7eb1b6027984e303d137f7ff96cb6ad6ec438d713aa546","downloaded_from":"2026-09-10T01:47:27.447Z","last_downloaded_at":"2026-09-10T01:47:27.447Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481651","source_sha256":"47b2db76d820d42fddc807fcf6623731457d212a5bbd99bff60233ce907bc23b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ad893a252e9c18e3fb4dc1d66e7a49a3d3b460f7498284e789029ac874d60506","downloaded_from":"2026-09-10T01:47:27.447Z","last_downloaded_at":"2026-09-10T01:47:27.447Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481651","source_sha256":"47b2db76d820d42fddc807fcf6623731457d212a5bbd99bff60233ce907bc23b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5790e602598560892399b747f2dc64867d00b02fcd046e8272509b22efae5b0b","downloaded_from":"2026-09-10T01:47:27.447Z","last_downloaded_at":"2026-09-10T01:47:27.447Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481651","source_sha256":"47b2db76d820d42fddc807fcf6623731457d212a5bbd99bff60233ce907bc23b"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5790e602598560892399b747f2dc64867d00b02fcd046e8272509b22efae5b0b","downloaded_from":"2026-09-10T01:47:27.447Z","last_downloaded_at":"2026-09-10T01:47:27.447Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481651","source_sha256":"47b2db76d820d42fddc807fcf6623731457d212a5bbd99bff60233ce907bc23b"}}