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IAS 21 IFRS Effects of Changes in Foreign Exchange Rates

Access Self Study

Learning Objectives

  • To explain how IFRS prescribes how to include foreign currency transactions and foreign operations in the financial statements.
  • To know how to translate financial statements into a presentation currency.
  • To discussBe aware of the principal issues surrounding choosing which exchange rate(s) to use.
  • Know how to report the effects of changes in exchange rates in the financial statements.

Course Description

An entity with foreign activities may have transactions in foreign currencies or it may have foreign operations. In either case, IFRS permits some reporting choices. 

The company some may present its financial statements in a foreign currency. 

This Accounting CPE webinar for CPAs will outline how to include foreign currency transactions and foreign operations in the financial statements and how to translate financial statements into a presentation currency with an emphasis on which exchange rate(s) to use and how to report the effects of changes in exchange rates in the financial statements and accounting for the use of currency hedging.

Key topics covered in this online Accounting webinar:

  • The purpose of hedge accounting and what constitutes a hedging relationship.
  • The conditions under which you can use hedge accounting.
  • Anticipated purchase or sale of a commodity hedged with a forward contract.
  • Anticipated transaction denominated in a foreign currency hedged with a forward contract.
  • An interest-bearing asset or liability hedged with an interest rate swap.
  • A foreign currency-denominated interest-bearing asset or liability hedged with a cross-currency interest rate swap.
  • Financial statement presentation and disclosure requirements.

Overview

  • Qualitative characteristics
    8 mins
  • Foreign activities
    19 mins
  • When IAS 21 does not apply
    27 mins
  • Presentation currency
    39 mins
  • Secondary functional currency determination factors
    45 mins
  • Approach required by IAS 21
    60 mins
  • Change in exchange rates
    77 mins

Self-Study Webinar Qualifies For

  • 2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 2 General Credit of Accounting for Accountant/Bookkeeper/Tax Professionals
  • 2 CPD Credit of Accounting for CPA in Canada
  • 2 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
  • 2 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
  • 2 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
  • 2 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
  • 2 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
  • 2 PL Credit of Accounting for Chartered Financial Analyst (CFA)
  • 2 CPD Credit for Association of Chartered Certified Accountants (ACCA)
  • 2 CPE Credit of Accounting for Certified Government Financial Manager (CGFM)
  • 2 CPD Credit for Chartered Accountant - ICAEW
  • 2 CPE Credit of Accounting for Internal Audit Practitioner (IAP)
  • 2 CPE Credit of Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA)
  • 2 CE Credit for Certified FP&A Professional (FP&A)
  • 2 CPD Credit for Chartered Accountants - Scotland
  • 2 CPE Credit of Accounting for Qualification in Internal Audit Leadership (QIAL)
  • 2 CPE Credit of Accounting for Iowa Licensed Public Accountant (IA-LPA)
  • 2 CPD Credit for CPA - Ireland
  • 2 CPD Credit for Chartered Accountants - Ireland (CAI)
  • 2 PL Credit of Accounting for CIPM
  • 2 CPE Credit of Accounting for Maine Licensed Public Accountant (ME-LPA)
  • 2 CPE Credit of Accounting for Delaware Licensed Public Accountant (DE-LPA)

About Instructor

Michel Morley,

Founder, Mike Morley

Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.

An entertaining and informative speaker and trainer, Mike is the author of:

“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

 “Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.

Additional Information

Course Level

Basic

Credits

2

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

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MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

Ratings and Review

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AA

Alec Arharrold23@gmail.com, CPA (US)

Good

DQ

Dinah Quist, CPA (US)

Great refresher.

2 Credits

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Subject Area

Accounting

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