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IAS 21 IFRS Effects of Changes in Foreign Exchange Rates

  • CPA (CA)
  • CFE
  • CPA (US)
  • CVA

Published: January, 2022

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  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

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

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.

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.

Recommended For

  • This IFRS webinar on Foreign Exchange Rates is for accounting professionals interested in learning about fundamentals of IFRS and Foreign Exchange Accounting.

Who Should Attend?

  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CPD Credit for Chartered Professional Accountant (CPA Canada)
  • 2 CPE Credit for Certified Valuation Analyst (CVA)
  • 2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 2 CPE Credit for Certified Fraud Examiner (CFE)

Presenter

About Presenter

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.

Faq

FAQs content

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