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| Author : | Jae K. Shim, Ph.D., CPA |
| Status : | Production |
| CPE Credits : | 2.0 |
| IRS Credits : | 0 |
| Price : | $17.95 |
| Passing Score : | 70% |
| NASBA Technical: | Yes |
| Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 466 |
| Description : | This online accounting course discusses the process of translating financial statements from foreign currency into U.S. dollars. It covers a range of topics for the accounting and reporting of foreign currency transactions as prescribed by ASC 830, Foreign Currency Matters, and ASC 815, Derivatives and Hedging. 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. |
| Usage Rank : | 0 |
| Release : | 2016 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
How to Account for Foreign Currency Transactions Chron com
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| Advance Preparation : | None. |
| Delivery Method : | |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 29-Dec-2016 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - NASBA Registry - 466 |
| Keywords : | Accounting, Accounting, Foreign, Currency, cpe, cpa, online course |
| Learning Objectives : |
Foreign Exchange Accounting Course Learning Objectives After completing this course, you should be able to:
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. |
| Course Contents : | Chapter 1 - Foreign Currency Accounting Course Learning Objectives The Functional Currency Foreign Currency Transactions Review Questions – Section 1 Translation Process Current Rate Method Remeasurement Method Financial Statement Treatment Highly Inflationary Environment in Foreign Country Hedging Derecognition Sale or Liquidation of an Investment in a Foreign Entity Partial Sale of Ownership Interest Cumulative Translation Adjustment in Impairment Tests Intercompany Profits Excluding a Foreign Entity from Financial Statements Foreign Operations in the United States Taxes Disclosures Considerations of ASC 830 Increasing Impact of Globalization on Modern Economy Securities and Exchange Commission Disclosures Significant Differences between U.S. GAAP and IFRS Summary Review Questions – Section 2 Appendix – Annual Report References Johnson & Johnson Varian IBM DuPont Glossary |
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