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Course Details

Foreign Currency Accounting - by Steven Bragg (Course Id 783)

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Author : Steven Bragg, CPA
Status : Production
CPE Credits : 2.0
IRS Credits : 0
Price : $19.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 783

Description :

Foreign Currency Accounting describes all accounting activities related to foreign currencies. There is 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. Related financial statement disclosures are also noted. 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.

Usage Rank : 0
Release : 2015
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 : 23-May-2015
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 - 783

Keywords : Accounting, Foreign, Currency, Accounting, Steven, Bragg, cpe, cpa, online course
Learning Objectives :

Course 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.
    Note 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.

Chapter 1
Financial Statement Translation

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.

Chapter 2
Foreign Currency Transactions

Note the basic accounting for foreign currency transactions, what constitutes an effective hedge, and the various types of hedging tools.

Chapter 3
Other Foreign Currency Topics

Recognize the types of disclosures related to foreign exchange, and the activities related to foreign exchange that internal auditors might engage in.
Course Contents :

Chapter 1 Financial Statement Translation

A Note Regarding Consolidations and the Equity Method

Financial Statement Translation

Determination of Functional Currency

Translation into Functional Currency

Translation of Financial Statements

Reporting in Other Comprehensive Income

Impact on the Statement of Cash Flows

Special Translation Situations

Noncontrolling Interests

Use of Average Exchange Rates

No Applicable Period-end Exchange Rate

Hyperinflationary Effects

Derecognition of a Foreign Entity Investment

Impact of Financial Statement Translation on Closing the Books

Chapter 2 - Foreign Currency Transactions

Basic Foreign Currency Transactions

Foreign Exchange Risk

The Hedging Concept

Foreign Exchange Hedging Instruments

Loan Denominated in a Foreign Currency

The Forward Contract

The Futures Contract

The Currency Option

The Cylinder Option

Swaps

Hedge Accounting - General

Hedge Accounting Cash Flow Hedges

Hedge Accounting Net Investment Hedges

Unhedged Foreign Exchange Gains and Losses

Inclusion in Impairment Analysis

Chapter 3 - Other Foreign Currency Topics

Internal Audit Tasks

Foreign Currency Disclosures

Glossary

Accounting Course 783 Home: https://www.cpethink.com/accounting-cpa-courses
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