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Chapter3AccountingforForeignCurrency

Tuesday,October18,20221Chapter3AccountingforForeiLearningObjectives

Provideanoverviewofforeignexchangemarketsanddefinerelatedterminology.Describethedifferenttypesofforeignexchangeexposureandexchangedifference.Understandforeigncurrencytransaction.Describeforeigncurrencytranslation.Comparethedifferentmethodsofaccountingforforeigncurrencytranslation.Tuesday,October18,20222LearningObjectives

ProvideaCourseOutlineAccountingforForeignCurrencyTransactionsHedgingForeignExchangeRateRiskTranslationofForeignFinancialStatementsTuesday,October18,20223CourseOutlineAccountingforFIntroductionTextbook

P29-32Tuesday,October18,20224IntroductionTextbookSaturday,AccountingforForeignCurrencyTransactionsTuesday,October18,20225Atransactionthatrequirespaymentorreceipt(settlement)inaforeigncurrencyiscalledaforeigncurrencytransaction.Exchangedifferenceisthedifferenceresultingfromreportingthesamenumberofunitsofaforeigncurrencyinthereportingcurrencyatdifferentexchangerates.AccountingforForeignCurrencAccountingforForeignCurrencyTransactionsTuesday,October18,20226ImportingorExportingofGoodsorServicesAtthedatethetransactionisfirstrecognized.Ateachbalancesheetdatethatoccursbetweenthetransactiondateandthesettlementdate.Atthesettlementdate.AccountingforForeignCurrencAccountingforForeignCurrencyTransactionsTuesday,October18,20227RecognitionofExchangeDifferencesthesingle-transactionapproachthetwo-transactionapproachAccountingforForeignCurrencHedgingForeignExchangeRateRisk

Aderivativeinstrumentmaybedefinedasafinancialinstrumentthatbyitstermsatinceptionoruponoccurrenceofaspecifiedevent,providestheholder(orwriter)withtheright(orobligation)toparticipateinsomeorallofthepricechangesofanotherunderlyingvalueofmeasure,butdoesnotrequiretheholdertoownordelivertheunderlyingvalueofmeasure.Tuesday,October18,20228HedgingForeignExchangeRateHedgingForeignExchangeRateRisk

TwobroadcategoriesForward-basedderivatives,suchasforwards,futures,andswaps,inwhicheitherpartycanpotentiallyhaveafavorableorunfavorableoutcome,butnotbothsimultaneously(e.g.,bothwillnotsimultaneouslyhavefavorableoutcomes).Option-basedderivatives,suchasinterestratecaps,optioncontracts,andinterestratefloors,inwhichonlyonepartycanpotentiallyhaveafavorableoutcomeanditagreestoapremiumatinceptionforthispotentiality;theotherpartyispaidthepremium,andcanpotentiallyhaveonlyanunfavorableoutcome.Tuesday,October18,20229HedgingForeignExchangeRateTranslationOfForeignFinancialStatementsDerivationoftheIssueofForeignCurrencyTranslationTranslationexposure,sometimesalsocalledaccountingexposure,referstogainsorlossescausedbythetranslationofforeigncurrencyassetsandliabilitiesintothecurrencyoftheparentcompanyforaccountingpurposes.ThechoiceofanymethodforthetranslationofthefinancialstatementsofaforeignbusinessoperationinvolvestwobasicquestionsTuesday,October18,202210TranslationOfForeignFinanciTranslationOfForeignFinancialStatementsDerivationoftheIssueofForeignCurrencyTranslation

Thechoiceofanymethodforthetranslationofthefinancialstatementsofaforeignbusinessoperationinvolvestwobasicquestions:howshallforeigncurrencyfinancialstatementsbetranslated——inparticularwhatexchangeratesaretobeusedfordifferentassets/liabilities/equityaccounts?howandwhenshallforeignexchangegainsorlossesberecognized?Tuesday,October18,202211TranslationOfForeignFinanciTranslationMethodsThecurrent/non-currentmethodThemonetary/non-monetarymethodThetemporalmethodThecurrentratemethodComparisonofFourTranslationMetho

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