Accounting for Foreign Currency

Course Information

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Title:	Accounting for Foreign Currency
Category:	Accounting and Auditing
Field of Study:	Accounting
Course Code:	M126
CPE Credits:	3.0
Price:	27.95

Description

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. This course 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.

Delivery Method: Online Interactive Self Study

Level: Intermediate

Prerequisites: None

Advanced Preparation: None

Course Details

Category: Accounting and Auditing

Field of Study: Accounting

Passing Score: 70%

Technical Details: Accounting is a technical field of study.

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Objectives

Objectives:

1. Recognize key areas of guidance in ASC 830 Foreign Currency Matters 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

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Profession

NASBA: Yes

QAS: Yes

CPA: Suitable for all CPAs

IRS: No IRS credit for Enrolled Agents.

Profession Identifiers: CPA