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Overview of Foreign Exchange Transactions and Translations   

1

Total CPE
Tuition
$125.00
Approximate Length
01:00:00
Course Number
20-WB-217
1

Total CPE
Tuition
$125.00
Approximate Length
01:00:00
Course Number
20-WB-217

Course Details

This course provides guidance on the general principles of accounting for foreign currency matters in accordance with ASC 830, including how to determine an entity’s functional currency, account for foreign currency transactions, and translate financial statements into the functional currency of the parent.

By the end of this course, participants should be able to:

  • identify foreign currencies and which currency is more valuable from an exchange rate
  • compute the foreign exchange gains and losses given changes in exchange rates
  • apply the functional currency concept based on the entity’s primary economic environment
  • recall the measurement requirements and accounting for foreign currency transactions
  • recall the accounting requirements for translation of financial statements.

 

NOTE: For additional technical and/or regulatory updates, please subscribe to Financial Reporting View for the latest insights.

Keywords: Foreign Currencies, Foreign Exchange, ASC 830

Other Details

Special Notice/Instruction: CPE credits will be awarded upon successful completion of the content and passing the exam with a grade of 70 or higher. In accordance with NASBA requirements, you must complete and pass the exam within one year of your enrollment in the program.

NASBA Delivery Type: Self-Study

Advance Preparation: There is no advance preparation for this course.

This course is not mobile-compatible.


Level of Knowledge: Intermediate
Field of Study: Accounting – 1
Delivery Method: Web Based Self Study

This course provides guidance on the general principles of accounting for foreign currency matters in accordance with ASC 830, including how to determine an entity’s functional currency, account for foreign currency transactions, and translate financial statements into the functional currency of the parent.

By the end of this course, participants should be able to:

  • identify foreign currencies and which currency is more valuable from an exchange rate
  • compute the foreign exchange gains and losses given changes in exchange rates
  • apply the functional currency concept based on the entity’s primary economic environment
  • recall the measurement requirements and accounting for foreign currency transactions
  • recall the accounting requirements for translation of financial statements.

 

NOTE: For additional technical and/or regulatory updates, please subscribe to Financial Reporting View for the latest insights.

Keywords: Foreign Currencies, Foreign Exchange, ASC 830

Special Notice/Instruction: CPE credits will be awarded upon successful completion of the content and passing the exam with a grade of 70 or higher. In accordance with NASBA requirements, you must complete and pass the exam within one year of your enrollment in the program.

NASBA Delivery Type: Self-Study

Advance Preparation: There is no advance preparation for this course.

This course is not mobile-compatible.


Level of Knowledge: Intermediate
Field of Study: Accounting – 1
Delivery Method: Web Based Self Study
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