3. Read and review ASC 830 and IAS 21. identify: a. the objectives of the fo
3. Read and review ASC 830 and IAS 21.
a. the objectives of the foreign currency translation process,
b. the difference between the local currency, reporting currency, and functional currency,
c. specific factors you relied upon to support your selection of the functional currency,
e. how to account for the remeasurement gain or loss, and
f. the difference between ASC 830 and IAS 21 concerning currency translation.