In this assignment you will apply advanced accounting concepts to Ford Motor Com

In this assignment you will apply advanced accounting concepts to Ford Motor Companys foreign currency financial statements.ProcedureHere is a link to Ford Motor Companys 2007 annual report.Getting warmed up: http://bigthreeauto.procon.org/sourcefiles/Ford_AR_2007.pdfAs you review the annual report draft answers to the following questions:What are the functional currencies of Fords subsidiaries?How much and where did Ford report the gain or loss on remeasurement of its subsidiaries financial statements?From what currencies were the subsidiaries financial statements remeasured into dollars?In examining the comparative financial statements do these gains and losses appear to change dramatically over time? Does this appear to affect the volatility (and apparent riskiness) of Fords cash flow stream?