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U.S.?GAAP require that, in a highly inflationary economy, the financial statements of a foreign entity be remeasured as if the functional currency were the reporting currency. For this requirement, a highly inflationary economy is one that has A. An inflation rate of at least 33% in the most recent past year. B. An inflation rate of at least 50% in the most recent past year. C. An inflation rate of at least 100% in the most recent past year. D. A cumulative inflation rate of at least 100% over a 3-year period. |