WG » Topics » Foreign Currency Translation

These excerpts taken from the WG 10-K filed Feb 26, 2009.
Foreign Currency Translation – All significant monetary asset and liability accounts denominated in currencies other than United States dollars are translated into United States dollars at current exchange rates.  Translation adjustments are accumulated in other comprehensive income (loss). Non-monetary assets and liabilities in highly inflationary economies are translated into United States dollars at historical exchange rates. Revenue and expense accounts are converted at prevailing rates throughout the year. Gains or losses on foreign currency transactions and translation adjustments in highly inflationary economies are recorded in income in the period in which they are incurred.
 
Foreign Currency
Translation
– All significant monetary asset and liability accounts
denominated in currencies other than United States dollars are translated into
United States dollars at current exchange rates.  Translation
adjustments are accumulated in other comprehensive income (loss). Non-monetary
assets and liabilities in highly inflationary economies are translated into
United States dollars at historical exchange rates. Revenue and expense accounts
are converted at prevailing rates throughout the year. Gains or losses on
foreign currency transactions and translation adjustments in highly inflationary
economies are recorded in income in the period in which they are
incurred.

 

EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 26, 2009
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