Overview:
International operations present an additional level of complexity for financial accounting professionals. But this self-study webinar cuts through the maze, providing timely guidance on:
- Accounting for foreign currency transactions and consolidating foreign subsidiaries
- Hedging issues and the problems of accounting for derivatives
Objective:
To gain a solid understanding of US GAAP rules relating to foreign operations.
Emphasis:
- Accounting for foreign currency transactions
- Determining when hedging is appropriate
- ASC 740 (FAS 109) foreign operations problems and overview of foreign taxes
• Identify the party responsible for determining the functional currency of the reporting entity
• Recognize the factors determining an entity’s functional currency
• Recognize the circumstances under which an entity would either translate or remeasure its financial statements for the effective functional currency
• Recognize the most common hedges against portfolio exposure
• Identify the overall objective in using derivatives to hedge