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 foreign currency 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!

This course provides guidance on the general principles of accounting for foreign currency matters in accordance with ASC 830, including how to determine an entity’s functional currency, account for foreign currency transactions, and translate financial statements into the functional currency of the parent.

Topics covered in this foreign currency CPE course include:

• Overview of foreign currency matters
• Determining a company's functional currency
• Foreign currency transactions and remeasurement
• Translation of financial statements

If you prepare or audit the financial statements of a company that transacts or operates in different currencies, this course is an absolute must! It is easy to understand with plenty of examples and illustrations to help bring the complexities of ASC 830 to life.

Interested in group discounts for your team? Contact us to learn more.

 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