Accounting for Foreign Currency

2 Credits: Accounting


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Accounting for Foreign Currency

Course Level
CPE Credits

2 Credits: Accounting

Course Description

In the dynamic landscape of international business, handling foreign currency accounting emerges as a complex challenge for many organizations. This course addresses the problem of navigating the intricacies of foreign currency transactions, from converting financial statements to dealing with the implications of hyperinflationary economies. The course agitates the complexities of foreign exchange risks and the uncertainty around choosing the right hedging instruments. The solution is presented through comprehensive guidance on every aspect of foreign currency accounting, including translation of financial statements, effective hedging strategies, and essential internal auditing tasks. Participants will gain the knowledge and skills to confidently manage foreign currency accounting issues, turning a potential problem area into a well-handled aspect of their financial operations.

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Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify the criteria for determining a functional currency.
  • Identify the issue that shifts a gain or loss out of other comprehensive income.
  • Identify the steps used to deal with the financial statements of an organization operating in a hyperinflationary economy.

Chapter 2

  • Recognize the basic accounting for foreign currency transactions.
  • Recognize what constitutes an effective hedge.
  • Recognize the various types of hedging tools.

Chapter 3

  • Recognize the types of disclosures related to foreign exchange.
  • Recognize the activities related to foreign exchange that internal auditors might engage in.
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Course Specifics

Course ID
Revision Date
January 11, 2024

There are no prerequisites.

Advanced Preparation


Number of Pages

Compliance Information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 300 business books and courses. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and …