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:
- Dealing with the ins and outs of establishing operations in foreign countries
- The Foreign Corrupt Practices Act (FCPA) and the increased scrutiny by the SEC and the Department of Justice
- Accounting for foreign currency transactions and consolidating foreign subsidiaries
- Hedging issues and the problems of accounting for derivatives
To gain a solid understanding of US GAAP rules relating to foreign operations and the practical know-how to set up foreign accounting operations in compliance with the Foreign Corrupt Practices Act (FCPA) and IFRS.
- Accounting for foreign currency transactions
- Preparing consolidated financial statements that include foreign subsidiaries as mandated by ASC 830 (FAS 52)
- Determining when hedging is appropriate
- Meeting the documentation, financial statement presentation and disclosure requirements of ASC 815 (FAS 133) and its amendments
- Understanding FCPA requirements, including rules relating to the internal accounting control environment
- ASC 740 (FAS 109) foreign operations problems and overview of foreign taxes
- Specialized financial statement disclosure requirements related to foreign operations
- How to set up a new office in a foreign country, including a handy checklist
- An update on the work of the IASB and the US FASB
- Sarbanes-Oxley and foreign operations
• Identify the sources of information for general foreign political and economic information
• Identify the sources for information on foreign markets for US goods and services
• Identify basic challenges to operating in a foreign country
• Recognize a common residency threshold for purposes of local taxation in foreign countries
• Recognize common local labor laws applicable to foreign workers
• Recognize the maximum fines under the Foreign Corrupt Practices Act
• Recognize the FCPA’s business purpose test
• Recognize red flags in the context of the FCPA
• Identify the entities subject to the FCPA
• Identify selected SEC enforcement actions under the FCPA
• Recognize the goal of risk management
• Recognize the level from which risk management should be viewed
• Identify the characteristics associated with internal control
• Identify those entities the COSO framework was designed for
• Recognize the general objectives of the COSO framework
• 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
• Identify the characteristics of recent ASUs effecting hedge accounting
• Recognize those circumstances causing the termination of hedge accounting