|
|
 | | | |
- close
- close
- close
- close
These excerpts taken from the MFW 10-K filed Feb 27, 2009. Translation
of Foreign Currencies
The functional currency for the Company’s foreign
subsidiaries is their local currency. The Company translates all
assets and liabilities denominated in foreign functional
currencies into United States dollars at rates of exchange in
effect at the balance sheet date and statement of operations
items at the average rates of exchange prevailing during the
period. The Company records translation gains and losses as a
component of accumulated other comprehensive income (loss) in
the stockholders’ equity section of the Company’s
balance sheets. Gains and losses resulting from transactions in
other than functional currencies are reflected in operating
results, except for transactions of a long-term nature. The
Company considers undistributed earnings of certain foreign
subsidiaries to be permanently invested. As a result, no income
taxes have been provided on these undistributed earnings or on
the foreign currency translation adjustments recorded as a part
of other comprehensive income (loss).
Translation
of Foreign Currencies
The functional currency for the Company’s foreign
subsidiaries is their local currency. The Company translates all
assets and liabilities denominated in foreign functional
currencies into United States dollars at rates of exchange in
effect at the balance sheet date and statement of operations
items at the average rates of exchange prevailing during the
period. The Company records translation gains and losses as a
component of accumulated other comprehensive income (loss) in
the stockholders’ equity section of the Company’s
balance sheets. Gains and losses resulting from transactions in
other than functional currencies are reflected in operating
results, except for transactions of a long-term nature. The
Company considers undistributed earnings of certain foreign
subsidiaries to be permanently invested. As a result, no income
taxes have been provided on these undistributed earnings or on
the foreign currency translation adjustments recorded as a part
of other comprehensive income (loss).
Translation
of Foreign Currencies
The functional currency for the Company’s foreign
subsidiaries is their local currency. The Company translates all
assets and liabilities denominated in foreign functional
currencies into United States dollars at rates of exchange in
effect at the balance sheet date and statement of operations
items at the average rates of exchange prevailing during the
period. The Company records translation gains and losses as a
component of accumulated other comprehensive income (loss) in
the stockholders’ equity section of the Company’s
balance sheets. Gains and losses resulting from transactions in
other than functional currencies are reflected in operating
results, except for transactions of a long-term nature. The
Company considers undistributed earnings of certain foreign
subsidiaries to be permanently invested. As a result, no income
taxes have been provided on these undistributed earnings or on
the foreign currency translation adjustments recorded as a part
of other comprehensive income (loss).
Translation of Foreign Currencies The functional currency for the Company’s foreign subsidiaries is their local currency. The Company translates all assets and liabilities denominated in foreign functional currencies into United States dollars at rates of exchange in effect at the balance sheet date and statement of operations items at the average rates of exchange prevailing during the period. The Company records translation gains and losses as a component of accumulated other comprehensive income (loss) in the stockholders’ equity section of the Company’s balance sheets. Gains and losses resulting from transactions in other than functional currencies are reflected in operating results, except for transactions of a long-term nature. The Company considers undistributed earnings of certain foreign subsidiaries to be permanently invested. As a result, no income taxes have been provided on these undistributed earnings or on the foreign currency translation adjustments recorded as a part of other comprehensive income (loss). Translation of Foreign Currencies The functional currency for the Company’s foreign subsidiaries is their local currency. The Company translates all assets and liabilities denominated in foreign functional currencies into United States dollars at rates of exchange in effect at the balance sheet date and statement of operations items at the average rates of exchange prevailing during the period. The Company records translation gains and losses as a component of accumulated other comprehensive income (loss) in the stockholders’ equity section of the Company’s balance sheets. Gains and losses resulting from transactions in other than functional currencies are reflected in operating results, except for transactions of a long-term nature. The Company considers undistributed earnings of certain foreign subsidiaries to be permanently invested. As a result, no income taxes have been provided on these undistributed earnings or on the foreign currency translation adjustments recorded as a part of other comprehensive income (loss). | EXCERPTS ON THIS PAGE:
RELATED TOPICS for MFW: |
| |||||||
