Foreign Currency Accounting ON DEMAND

Overview

This course discusses the process of translating financial statements from foreign currency into U.S. dollars. It also covers the accounting and reporting of foreign currency transactions. You’ll learn about 1) forward contracts, which are used for hedging or speculative purposes; 2) what’s involved in the sale or liquidation of an investment in a foreign entity; and 3) the tax impact related to foreign currency dealings. Footnote disclosures, which are necessary so readers can properly appraise a company’s exposure in overseas operations to variability in foreign exchange rates, are also explained.

Highlights

Foreign Currency Accounting. Translation Process. The Functional Currency. Foreign Currency Transactions. Highly Inflationary Environment in Foreign Country. Hedging. Derecognition. Intercompany Profits. Excluding a Foreign Entity from Financial Statements. Foreign Operations in the United States. Taxes. Disclosures. Considerations of ASC 830.

Prerequisites

None.

Designed For

CPAs, CFOs, controllers, financial professionals, and auditors.

Objectives

Identify the different risks associated with foreign currency and exchange rates. Cite the factors affecting the selection of a company’s functional currency. Identify how different foreign currency transactions should to be reported. Define the terminology used in foreign currency transactions. Identify the requirements and objectives for remeasurement and translation.

Preparation

None.

Notice

None.