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The temporal method (also referred to as remeasurement) is appropriate when the functional currency is the U.S. dollar or when the foreign environment is highly inflationary. The current method (also referred to as translation) is appropriate when the functional currency is the local currency. If the functional currency is the currency of a third country, it is necessary to remeasure the accounts first into the functional currency using the temporal method and then to translate the accounts into U.S. dollars (the reporting currency) using the current method
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