The staff of the Securities and Exchange Commission has a de facto requirement that the consolidated income statements of foreign companies registering under the Securities Act of 1933 be presented, not only in their domicile currency, but also in American dollars for the convenience of the American investor. The author uses valuation theory to demonstrate that these convenience translations serve no useful purpose.
William K. Wang,
Reflections on Convenience Translations: A Reply to Professor Brooks,
San Diego L. Rev.
Available at: https://digital.sandiego.edu/sdlr/vol17/iss2/5