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Chapter 1 — Introduction

1.1 Overview

1.1 Overview

Since the issuance of FASB Statement 52 (codified in ASC 830) in 1981, domestic and international economies have become more interdependent. In addition, the structures of many multinational corporations have become more intricate. For example, many corporations are organized as a series of holding companies that have no significant operations and only hold investments in other entities within the group. Furthermore, certain significant global functions (e.g., treasury) that transact in many different currencies are performed entirely outside the United States.