CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Accounting for Foreign Currency

Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
2 Credits: Accounting

Course Materials

Below are the materials for Accounting for Foreign Currency.

Accounting for Foreign Currency (pdf)

Course Description

It’s quite common for a business to buy from companies located in other countries, or to sell goods and services to them. If so, the organization will likely have to deal with the accounting for foreign currencies. This course describes all accounting activities related to foreign currencies, with complete coverage of the steps needed to convert foreign currency financial statements into the reporting currency of the parent entity, as well as the accounting for basic foreign exchange transactions and hedging activities. In addition, the course addresses related topics, such as the additional steps required to close the books and internal auditing tasks related to foreign currencies.

You’ll find answers to many questions about foreign currency accounting in this course, including:

  • What is the process for translating financial statements?
  • Which exchange rates should I use as part of the translation process?
  • What should I do if a subsidiary is located in a country that has a hyperinflationary economy?
  • What is the nature of foreign exchange risk?
  • What hedging instruments are available to mitigate foreign exchange risk?
  • How do I account for a foreign exchange hedge?

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.

Course Specifics

Course ID
1153418
Revision Date
June 30, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Steven M. Bragg Headshot
Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. 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 an auditor with …

Steven M. Bragg, CPA Read More »

Accounting for Foreign Currency

Expert Instructors
Format
CPE CREDITS
2 Credits: Accounting

$58.00$78.00

Clear
You purchased this course on:
2018-09-17 10:45:00
Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
2 Credits: Accounting

Course Materials

Below are the materials for Accounting for Foreign Currency.

Accounting for Foreign Currency (pdf)

Course Description

It’s quite common for a business to buy from companies located in other countries, or to sell goods and services to them. If so, the organization will likely have to deal with the accounting for foreign currencies. This course describes all accounting activities related to foreign currencies, with complete coverage of the steps needed to convert foreign currency financial statements into the reporting currency of the parent entity, as well as the accounting for basic foreign exchange transactions and hedging activities. In addition, the course addresses related topics, such as the additional steps required to close the books and internal auditing tasks related to foreign currencies.

You’ll find answers to many questions about foreign currency accounting in this course, including:

  • What is the process for translating financial statements?
  • Which exchange rates should I use as part of the translation process?
  • What should I do if a subsidiary is located in a country that has a hyperinflationary economy?
  • What is the nature of foreign exchange risk?
  • What hedging instruments are available to mitigate foreign exchange risk?
  • How do I account for a foreign exchange hedge?

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.

Course Specifics

Course ID
1153418
Revision Date
June 30, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Steven M. Bragg Headshot
Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. 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 an auditor with …

Steven M. Bragg, CPA Read More »

Accounting for Foreign Currency

Expert Instructors
Format
CPE CREDITS
2 Credits: Accounting
You purchased this course on:
2018-09-17 10:45:00

$58.00$78.00

Clear