Accounting for Foreign Currency
Field of Study:
This course discusses the process of translating financial statements from foreign currency into U.S. dollars.
It also covers a range of topics for the accounting and reporting of foreign currency transactions. 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.
After completing this section, you should be able to:
- Identify the different risks associated with foreign currency and exchange rates.
- Recognize the factors affecting the selection a company’s functional currency.
- Identify how different foreign currency transactions should to be reported.
- Recognized the terminology used in foreign currency transactions, and the requirements and objectives for remeasurement and translation.
- Recognize attributes of high inflationary environments and when foreign entities may be excluded from consolidated financial statements.
- Identify required disclosures for foreign currency translations.
Recommended CPE credits:
Basic to Intermediate
Type of delivery method:
Final examination expiration date:
The program participant will have one year from the date of purchase to complete the course and final examination.
Web CPE is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org