Accounting for International Operations Self-Study Webinar (10 Hours)

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:

  • 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
Objective: 

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.

Emphasis: 
  • 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 goal of risk management

Identify the characteristics of internal control

Identify the characteristics of financial risk management

Identify the characteristics of the different business risk exposures

Recognize the method for hedging against specified risk exposures

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 characteristics of a financial statement translation or remeasurment for the effective functional currency

Identify the characteristics of a derivative contract

Identify the treatment of derivatives on the balance sheet

Identify the scope of derivative contracts under Topic 815

Identify the characteristics of swaps, futures, options and forwards

Identify the applicability of hedge accounting

Identify the characteristics of fair value hedges and cash flow hedges

Identify the threshold at which a hedge is considered to be highly effective, and thus qualifying for hedge accounting

Identify the circumstances under which hedge accounting will be terminated

Recognize the characteristics of disclosures under Topic 815

 

Bottom
Price: 
$419.00
Prerequisite: 

Working knowledge of US GAAP rules.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
10.00
NASBA Field of Study: 
Accounting