Accounting for Foreign Currency Translation (ASC 830)

Patrick Bray CPA
Patrick Bray CPA
953 بار بازدید - پارسال - In this video, we're going
In this video, we're going to show you how to account for foreign currency. ASC 830 provides accounting and reporting requirements for determining the functional currency, converting foreign currency transactions and translating the financial statements into the reporting currency.

Definitions

1) Functional Currency - the currency the entity transacts in and keeps its accounting records
2) Reporting Currency - the currency the parent, consolidating and/or holding company prepares its financial statements in
3) Spot Rate - the currency translation amount at a certain period of time

Chapters

0:00 Introduction
0:18 Definitions
0:43 Functional Currency
1:40 Remeasurement and Translation
2:41 Foreign Currency Translation
2:54 Remeasuring Income Statement Accounts
4:59 Remeasuring Assets and Liabilities
6:04 Remeasuring Capital / Stock
6:52 Remeasuring Retained Earnings
7:54 Remeasuring Intercompany Balances
9:55 Remeasuring Investment in Foreign Subsidiary

Also check out:

McDonalds 10K: Reviewing Foreign Currency and Hedge Accounting
McDonalds 10K: Reviewing Foreign Curr...

Consolidation Accounting: 5 Technical and Operational Considerations (ASC 810)
Consolidation Accounting: 5 Technical...

#GAAP #foreigncurrency #advancedaccounting  #fuctionalcurrency #accounting #spotrate #currency #foreigncurrency #accounting   #currencytranslation #accountingforcurrency #reportingcurrency #financials #ForeignSubsidiary #cpaexam #accountingeducation
پارسال در تاریخ 1402/01/22 منتشر شده است.
953 بـار بازدید شده
... بیشتر