Accounting and Auditing Accounting for Foreign Currency

Accounting for Foreign Currency

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  • Course Delivery: On Demand
  • Credit Hours: 2
  • Credit Type: Accounting

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Description

Description:
This course discusses the process of translating financial statements from foreign currency into U.S. dollars. It also covers a range of topics for the accounting and reporting of foreign currency transactions. For instance, forward contracts may be entered into for hedging or speculative purposes. A sale or liquidation of an investment in a foreign entity may occur. Foreign currency dealings may create a tax impact. Finally, footnote disclosures are discussed so readers can properly appraise a company's exposure in overseas operations to variability in foreign exchange rates.

Learning Objectives:

1. Identify the different risks associated with foreign currency and exchange rates.
2. Recognize the factors affecting the selection a company's functional currency
3. Identify how different foreign currency transactions should to be reported.
4. Recognized the terminology used in foreign currency transactions, and the requirements and objectives for remeasurement and translation.
5. Recognize attributes of high inflationary environments and when foreign entities may be excluded from consolidated financial statements.
6. Identify required disclosures for foreign currency translations

Topics Covered:

  • The Functional Currency
  • Foreign Currency Transactions
  • Remeasurement
  • Translation Process
  • Highly Inflationary Environment in Foreign Country
  • Hedging
  • Sale or Liquidation of an Investment in a Foreign Entity
  • Intercompany Profits
  • Excluding a Foreign Entity from Financial Statements
  • Foreign Operations in the United States
  • Taxes
  • Disclosures

Category: Accounting and Auditing

Field of Study: Accounting

Delivery Method: Online

Level: Basic to Intermediate

Prerequisites: None

Passing Score: 70%

NASBA: Yes, QAS Self Study

Author: Delta Publishing

ABOUT THE SUBJECT MATTER EXPERT:
Dr. Jae K. Shim is Professor of Business at California State University, Long Beach,
California. Dr. Shim received his MBA and Ph.D. degrees from the University of California at Berkeley (Haas School of Business.) He has co-authored over 50 professional business books and has been a consultant to commercial and nonprofit organizations for over 30 years

 

Course Objectives

1. Identify the different risks associated with foreign currency and exchange rates.
2. Recognize the factors affecting the selection a company's functional currency
3. Identify how different foreign currency transactions should to be reported.
4. Recognized the terminology used in foreign currency transactions, and the requirements and objectives for remeasurement and translation.
5. Recognize attributes of high inflationary environments and when foreign entities may be excluded from consolidated financial statements.
6. Identify required disclosures for foreign currency translations

 

Topics Covered

  • The Functional Currency
  • Foreign Currency Transactions
  • Remeasurement
  • Translation Process
  • Highly Inflationary Environment in Foreign Country
  • Hedging
  • Sale or Liquidation of an Investment in a Foreign Entity
  • Intercompany Profits
  • Excluding a Foreign Entity from Financial Statements
  • Foreign Operations in the United States
  • Taxes
  • Disclosures

 

 

Regulatory Information

Accounting for Foreign Currency - National Association of State Boards of Accountancy (NASBA)

  • Name:
  • National Association of State Boards of Accountancy (NASBA)
  • Phone:
  • 615-880-4200
  • Fax:
  • 615-880-4290
  • Website URL:
  • http://nasba.org/
  • Email Address:
  • [email protected]
  • Address:
  • NASBA
  • City:
  • Nashville
  • State:
  • TN
  • Zip:
  • 37219-2417
 

Subject Matter Expert

Dr. Jae K. Shim is Professor of Business at California State University, Long Beach,
California. Dr. Shim received his MBA and Ph.D. degrees from the University of California at Berkeley (Haas School of Business.) He has co-authored over 50 professional business books and has been a consultant to commercial and nonprofit organizations for over 30 years

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