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Course Details

Accounting for Foreign Currency (Course Id 466)

Updated / QAS / Registry   Add to Cart 
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 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 : 2018
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 09-Feb-2019
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 :

Course Learning Objectives

After completing this course, you should be able to:
    1. Identify the different risks associated with foreign currency and exchange rates.
    2. Recognize the factors affecting the selection a companys 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

U.S. GAAP vs. IFRS

Summary

Review Questions - Section 2


Appendix - Annual Report References

Walgreens

Johnson & Johnson

IBM

DuPont

Glossary

CPE Accounting Course: https://www.cpethink.com/qas-cpa-courses
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