How to clear balance in Cumulative Translation Adjustment Account

Summary:

When closing an entity (BSV) in Oracle general ledger, there is balance left in cumulative translation adjustment account in the translated balance. Take for instance a BSV in a GBP ledger, for which balance is translated periodically to USD for group reporting purposes (parent company in US). When the entity is closed, there will be a USD Translated balance remaining in the CTA account. How can we move it to P&L as required by ASC 830. Given below is the requirement

 Disposition of a foreign entity

When a reporting entity disposes of a foreign entity, ASC 830 requires the reporting entity to recognize the accumulated CTA balance associated with that foreign entity in the income statement as part of the gain or loss on the sale.