Foreign Currency: Overview of ASC 830

Accounting for foreign currency under U.S. GAAP is foreign to many people. It's easy to see why. It's confusing! How do you read foreign exchange rates? Should you divide or multiply the FX rate by the amount of foreign currency? What’s the difference between the reporting currency, foreign currency, and functional currency? Where are FX gains and losses recorded? We answer all these questions and more in this CPE-eligible, eLearning course (1.5 CPE)! Given the continued volatility in foreign currency markets, there is a renewed focus on the accounting for foreign currency under ASC 830. From foreign currency transactions to translation of financial statements, this online course has you covered!

 By the end of this course, you should be able to: 

• Recall the computation of the foreign exchange gains and losses given changes in exchange rates 
• Select the functional currency of an entity based on the entity's primary economic environment 
• Recall the accounting requirements for foreign currency transactions and translations