Foreign Currency Accounting
This course provides the accountant with a complete toolkit of solutions for dealing with foreign currency issues. It shows every step in the process of converting foreign currency financial statements into the reporting currency of the parent entity. The course also describes the accounting for basic foreign exchange transactions and hedging activities, as well as related financial statement disclosures. As an added bonus, it addresses such related topics as the additional steps required to close the books and internal auditing tasks related to foreign currencies.
Format
PDF Course
Level
Overview
Duration
2 Hours
Course Information
Author: Steven Bragg
Course Number: AC1085
Table of Contents
Chapter 1. Financial Statement Translation
Chapter 2. Foreign Currency Transactions
Chapter 3. Other Foreign Currency Topics
Learning Objectives
- Identify the criteria for determining a functional currency, the issue that shifts a gain or loss out of other comprehensive income, and the steps used to deal with the financial statements of an organization operating in a hyperinflationary economy.
- Specify the basic accounting for foreign currency transactions, what constitutes an effective hedge, and the various types of hedging tools.
- Recognize the types of disclosures related to foreign exchange, and the activities related to foreign exchange that internal auditors might engage in.
Level: Overview
Instructional Method: QAS Self-Study
NASBA Category: Accounting
Prerequisites: None
Advance Preparation:
None
Latest Review Date: January 2025
Program Registration Requirements: Click on the Enroll button to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.
Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.
