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These excerpts taken from the GIS 10-K filed Jul 11, 2008. Foreign Currency
Translation For all significant foreign
operations, the functional currency is the local currency.
Assets and liabilities of these operations are translated at the
period-end exchange rates. Income statement accounts are
translated using the average exchange rates prevailing during
the year. Translation adjustments are reflected within
accumulated other comprehensive income (loss) in
stockholders’ equity. Gains and losses from foreign
currency transactions are included in net earnings for the
period except for gains and losses on investments in
subsidiaries for which settlement is not planned for the
foreseeable future and foreign exchange gains and losses on
instruments designated as net investment hedges. These gains and
losses are recorded in accumulated other comprehensive income
(loss).
Foreign Currency Translation For all significant foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated at the period-end exchange rates. Income statement accounts are translated using the average exchange rates prevailing during the year. Translation adjustments are reflected within accumulated other comprehensive income (loss) in stockholders’ equity. Gains and losses from foreign currency transactions are included in net earnings for the period except for gains and losses on investments in subsidiaries for which settlement is not planned for the foreseeable future and foreign exchange gains and losses on instruments designated as net investment hedges. These gains and losses are recorded in accumulated other comprehensive income (loss). | EXCERPTS ON THIS PAGE:
RELATED TOPICS for GIS: |
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