Overview:
International operations present an additional level of complexity for financial accounting professionals. But this seminar 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