ASC 830 Foreign Currency Reporting: Remeasurement, Translation, and Consolidated Financial Statements

Recording of a 110-minute CPE webinar with Q&A


Conducted on Thursday, July 30, 2020

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will explain remeasuring accounting records into an entity's functional currency, translating financial statements into the reporting currency, and consolidating financial statements for entities engaged in operations transacted in foreign currencies. Our panel of ASC 830 experts will explain how to record foreign exchange rate differences and provide best practices for presentation and disclosure of foreign currency matters.

Description

Foreign currency accounting is necessary when a business transaction takes place in a currency other than the business' functional and/or reporting currency. Accountants face challenges with identifying appropriate foreign currencies, remeasuring accounting records, translating financial statements, calculating and recording foreign exchange rate gains and losses, and presenting this information in standalone or consolidated financial statements.

After identifying the functional currency, an entity must remeasure accounting records from any foreign currency to its functional currency. For example, for a Japanese entity whose functional currency is the U.S. dollar (USD), any transactions recorded in Japanese yen (JPY) would be remeasured from JPY to USD. This remeasurement process would report the transactions as if initially recorded using the functional currency.

Financial statement preparers must grasp the requirements for reporting foreign currency transactions in order to prepare accurate financial statements and comply with ASC 830, Foreign Currency Matters.

Listen as our panel of financial reporting experts walks you through correctly reporting foreign activity from the initial transactions to the preparation of the financial statements, including examples of unique reporting situations.

READ MORE

Outline

  1. Identifying an entity's currency(ies)
  2. Remeasurement
  3. Translation
  4. Consolidated financial statements
  5. Unique reporting considerations

Benefits

The panel will review these and other key issues:

  • How is an entity's functional currency identified?
  • How are foreign currency gains and losses calculated and reported?
  • What are the necessary steps in translating a foreign entity's financial statements?
  • How does the reporting of certain intercompany transactions and hedge transactions differ from reporting other foreign currency transactions?
  • What are the required disclosures under ASC 830?

Faculty

Endy-Tara
Tara Endy
Director
BDO USA

Ms. Endy has over 20 years of experience in accounting, auditing, and financial reporting. She assists clients with...  |  Read More

Hasham, Mohammad
Mohammad Hasham, CPA, CA, CMA

Senior Manager, Technical Accounting
BDO USA

Mr. Hasham has more than 11 years of financial leadership, accounting advisory and audit experience. His work includes...  |  Read More

Other Formats
— Anytime, Anywhere

Download

CPE Not Available

$197