Accounting Standards
IAS 21 - The Effects of Changes in Foreign Exchange Rates
Translating Foreign Currency Transactions and Operations Under IAS 21
1 CPD credit on completion
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About This Course
Course Information
The learning outcomes from this accounting standards CPD course include: Understanding the objectives The important definitions How to report foreign currency transactions
Certificate on Completion
This course is made up of videos, questions and additional reading materials, and accounts for 1 unit of CPD . One unit is the equivalent of one hour of learning.
Course Sections
This course is made up of the following sections:
- The effects of changes in FX rates (video)
- The effects of changes in FX rates (quiz)
What You Will Learn
- Define functional currency and presentation currency and explain how each is determined under IAS 21
- Apply the initial recognition rules for foreign currency transactions using the spot exchange rate at the transaction date
- Distinguish between monetary and non-monetary items and explain how each is retranslated at the reporting date
- Calculate exchange gains and losses on monetary items and determine where they are reported in the financial statements
- Explain how the financial statements of a foreign operation are translated into the presentation currency of the reporting entity
Who This Course Is For
- Accountants dealing with foreign currency transactions and multi-currency reporting under IFRS
- Finance professionals in multinational entities who consolidate foreign operations
- Candidates preparing for professional exams that test IAS 21
Prerequisites
- Familiarity with the statement of financial position and statement of profit or loss
- Basic awareness of how exchange rates work
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Course Details
CPD Credits1
CertificateYes
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