Applying Ifrs - Ias 21 The Effects Of Changes In Fx Rates

Understand and practically apply IAS 21 in practice

What you'll learn

Apply the requirements in IAS 21 and determine the functional currency of an entity

Use the correct exchange rates to record foreign currency transactions

Use the correct exchange rates to translate financial statements into the presentation currency

Correctly translate foreign operations and deal with intragroup monetary items

Requirements

Basic accounting knowledge

Description

This course would provide you with an indepth and solid understanding of the theory as well as the practical application of IAS 21 The Effects of Changes in Foreign Exchange Rates.  The aim of each IFRS Learning Academy course is to help you understand the theory and for you to be able to practically apply IFRS to real life scenarios. All the courses will  bring you the theory (i.e. technical requirements in the standard) in an easy to understand and engaging manner. It breaks down the technical jargon and language in the standard through the use of diagrams and common life practical examples.  It therefore is an excellent course and resource for both accounting students and practitioners.  The highly practical course makes it relevant for both accounting students as well as accountants and auditors in practice. The course contains, lectures, worked examples, practice questions, frequently asked questions and practice aids.There is also a short bonus course on IFRIC 22 Foreign Currency Transactions and Advance Consideration. Entities frequently carry on foreign activities. It may have transactions in foreign currencies, or it may have foreign operations. An entity may also present its financial report in a foreign currency. IAS 21 prescribes how to include foreign currency transactions and foreign operations in the financial report of an entity and how to translate the financial report into a presentation currency.The principal issues are:Which exchange rate(s) to use; andHow to exchange rate changes in the financial report.Using engaging slides and practical examples, you can expect to learn the following:You will be able to determine the functional currency of an entity by applying the indicators in IAS 21You will know at which exchange rates to record foreign currency transactionsYou will be able to use the correct exchange rates to correctly translate financial statements into the presentation currency, if the presentation currency is different to the entity’s functional currencyLastly, you will be able to correctly translate foreign operations and deal with intragroup monetary items.Once enrolled, you will also be be able to access the whole course pack, including PDF of all the lecture slides (including worked examples and frequently asked questions),  practice questions and answers, and Practice Aids. Please send an email to ifrslearningacademy@gmail.com requesting your course pack.

Overview

Section 1: Introduction

Lecture 1 Introduction

Section 2: Topic 1: Determining Functional Currency

Lecture 2 Determining Functional Currecy

Lecture 3 Worked Examples

Lecture 4 Frequently Asked Questions

Section 3: Topic 2: Reporting FX Transactions

Lecture 5 Reporting FX Transactions

Lecture 6 Worked Examples

Lecture 7 Frequently Asked Questions

Section 4: Presentation Currency

Lecture 8 Presentation Currency

Section 5: Topic 4: Foreign Operation

Lecture 9 Foreign Operation

Section 6: Conclusion

Lecture 10 Closing

Section 7: IFRIC 22

Lecture 11 IFRIC 22

Accountants,Financial Controllers,Financial Accountants,Financial Auditors,Chief Financial Officers,Accounting students learning IFRS,Qualified accountants preparing financial statements under IFRS