Foreign Currency Accounting (ASC 830)
Learning objectives

Through practical exercises and examples that lay the foundation for real-world familiarity and success, participants will learn how to determine functional currency while gaining a thorough understanding of Foreign Currency Accounting (ASC 830), including its objectives, purpose, disclosure requirements and critical definitions.  After completing this session you will be able to:  

  • Recognize the measurement methods and current cost determination, and the classification of the balance sheet into monetary and non-monetary items under ASC 255
  • Define and recognize the critical terms used in ASC 830
  • Recognize the proper accounting treatment under the following methods:
    • Translation (Current) method
    • Remeasurement (Temporal) method
       
  • Calculate translation gains and losses
  • Recognize the disclosure requirements under ASC 830
  • Recognize the proper accounting and reporting for foreign currency transactions
timothy gearty

Instructor bio

Tim Gearty is the National Director and Editor-in-Chief for the world’s largest CPA training program, Becker CPA Review. In addition to his editorial leadership, Tim is also Becker's National Lead Instructor, whose taped lectures are seen in over 325 locations throughout the world. Tim is a nationally recognized expert and speaker on a variety of accounting and tax topics, and has appeared as keynote speaker for several Fortune 100 companies as well as many national associations. He has frequently been called upon over the past twenty years to present accounting and tax topics to large groups, organizations, and corporations, accounting firms and in legal proceedings. Tim is a partner in Gearty & McIntyre, LLP, CPA, a firm which has developed a reputation as a specialist in business advisory services, litigation support and forensic accounting. He is a member of the American Institute of Certified Public Accountants and the New Jersey Society of Public Accountants as well as a trustee of that organization. He holds a BS in Accounting from Fairleigh Dickinson University, and both a MBA in Finance and Law Degree (JD) from Seton Hall University. Tim is a member of the New Jersey and American Bar Associations.

What is ASC 830?

The Financial Accounting Standards Board (FASB) established the Accounting Standards Codification Topic 830, or ASC 830 to act as a set of guidelines related to "Foreign Currency Matters" in the United States. These guidelines address accounting and reporting requirements for foreign currency transactions and translating financial statements into a reporting currency. This guarantees more accurate representation of the economic substance of transactions in foreign currencies. 

What aspects does ASC 830 cover? 

ASC 830 covers three key aspects: 

  1. Foreign currency transactions: ASC 830 outlines how companies should record and report transactions conducted in currencies other than their functional currency. It provides guidance on determining the exchange rate to use and how to recognize gains or losses resulting from changes in exchange rates. 
  2. Translation of financial statements: For entities with foreign operations, ASC 830 provides guidance on translating the financial statements of those operations into the reporting currency of the consolidated financial statements. It addresses issues such as the determination of the functional currency of a foreign entity and the methods for translating financial statements. 
  3. Hedging activities: The standard also addresses accounting for hedges of foreign currency exposures, providing guidance on how entities should account for derivatives and other instruments used to manage foreign exchange risk. 

Who is this class for? 

There are no prerequisites or advanced preparation needed to take this course. This course is ideal for accountants and finance professionals working in organizations that operate internationally, work with foreign vendors, or have global presence. It's also an excellent opportunity for anyone in accounting who would like to gain skills to succeed in the international business arena. 

National Registry of CPE Sponsors

A Becker Professional Education is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org

Becker Professional Education Sponsor I.D. Numbers NASBA: 107294, New York: 002087, New Jersey: 20CE00226700, Texas: 009580, Ohio: CPE.186, Illinois 158.002405, Pennsylvania: PX177823

Now Leaving Becker.com

You are leaving the Becker.com website. Once you click “continue,” you will be brought to a third-party website. Please be aware, the privacy policy may differ on the third-party website. Adtalem Global Education is not responsible for the security, contents and accuracy of any information provided on the third-party website. Note that the website may still be a third-party website even the format is similar to the Becker.com website.

Continue