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| Author : | Jae K. Shim, Ph.D., CPA |
| Course Length : | Pages: 36 ||| Review Questions: 16 ||| Final Exam Questions: 15 |
| CPE Credits : | 3.0 |
| IRS Credits : | 0 |
| Price : | $26.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - Technical - NASBA Registry |
| Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 1752 |
| Description : | In today’s modern economy, the growth of foreign operations is continuing upward and the number of companies with foreign operations has expanded. For example, a company often operates in different economic and currency environments to stay competitive in the global marketplace. Thus, it must have a process for reporting foreign currency balances to address several financial reporting issues, such as determining functional currencies, accounting for foreign currency transactions, and translating its foreign entity’s financial statements. ASC 830 Foreign Currency Matters provides guidance for transactions denominated in a foreign currency, and for operations undertaken in a foreign currency environment. Accounting for Foreign Currency is an accounting CPE class you can take online that covers key aspects of the guidance and includes specific examples to illustrate its application. Relevant references to and excerpts from ASC 830 are discussed throughout the course. |
| Usage Rank : | 0 |
| Release : | 2022 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Derivative
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 09-Jan-2023 |
| 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 - Text - Technical - NASBA Registry - 1752 |
| Keywords : | Accounting, Accounting, Foreign, Currency, v12, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives After completing this course, you should be able to:
2. Identify steps to remeasure foreign currency transactions to the functional currency 3. Identify steps to translate foreign currency financial statements to the reporting currency |
| Course Contents : | Chapter 1 - Accounting for Foreign Currency I. Basic Principles of ASC 830 A. Scope and Scope Exceptions B. The Accounting Model for Foreign Currency Matters Example 1: The Translation Process II. Determine the Functional Currency A. General Rules B. Classes of Foreign Operations C. Factors in Identifying the Functional Currency Example 2: Determination of the Functional Currency D. Highly Inflationary Environment Example 3: Determination of Highly Inflation E. Change in the Functional Currency Example 4: Change in Functional Currency Example 5: Functional Currency Changes Because the Economy is No Longer Highly Inflationary The SEC’s View on Changes in Functional Currency Review Questions - Section 1 III. Remeasure Foreign Currency Transactions to the Functional Currency A. General Rules Example 6: Remeasurement Requirements B. Selection of Exchange Rates for Remeasurement Monetary Accounts Nonmonetary Accounts C. Transaction Gains or Losses Example 7: Determining Transaction Gains or Losses D. Foreign Currency Transactions Property, Plant and Equipment Example 8: Depreciation of Fixed Assets Inventories Example 9: Write-down of Inventory Measured Using FIFO Debt Debt and Equity Securities Trading Debt Securities Available-for-Sale Debt Securities Held-to-Maturity Debt Securities Equity Securities Foreign Currency Leases Lessee Accounting Lessor Accounting Comprehensive Illustration: Remeasurement of Foreign Currency Transactions to the Functional Currency Accounts Receivable Inventory Held-to-Maturity Debt Securities Foreign Subsidiary Accounts Review Questions - Section 2 IV. Translate Foreign Currency Financial Statements A. General Rules B. Selection of Exchange Rates for Translation Example 10: Exchange Rate When Exchangeability is Lacking Temporarily Balance Sheet Income Statement Cash Flow Statement C. Translation Adjustments Example 11: Reporting Gains or Losses D. Highly Inflationary Environment E. Derecognition Disposition of a Foreign Entity Example 12: Reporting Translation Adjustments Partial Sale of Ownership Interest Example 13: Partial Sale of Ownership Interest Release of Cumulative Translation Adjustment Decision Tree Cumulative Translation Adjustment in Impairment Assessment Example 14: Impairment Assessment Comprehensive Illustration: Translation of Foreign Entity Financial Statements V. Other Matters A. Intercompany Profits Example 15: Elimination of Intercompany Profits B. Hedging C. Disclosures 1. Aggregate Transaction Gains or Losses 2. Cumulative Translation Adjustments 3. Exchange Rate Changes 4. Footnote Disclosure 5. Excluding a Foreign Entity from Financial Statements The SEC’s View on Disclosures, if the U.S. Dollar is Not the Reporting Currency D. Difference between U.S. GAAP and IFRS Determination of Functional Currency Highly Inflationary Economy Review Questions - Section 3 Glossary |
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