Advanced Accounting - Foreign Currency Transactions

The course gives a detailed overview on accounting for foreign currency transactions.

What you'll learn

Denominated currency

Exchange rate Quotation

Types of Exchange rates

Forward contract and Hedging with Forward contracts

Requirements

Passion to learn. Interest in finance and accounting. Basic knowledge of accounting terms and concepts

Description

The course gives a detailed overview on accounting for foreign currency transactions. It explains as to how an entity accounts for the transactions which are held in foreign currency. We look at the concepts of denominated money, exchange rate quotations, exchange rates, cash flow hedge, fair value hedge etc.This training is in line with the IFRS standards. IFRS refers to the International Financial Reporting Standards, which are designed as a common global language for business to ensure that accounts are both understandable and comparable on a global basis with a set of uniformity in them. As the international shareholding and trade are growing, there’s a dire need of reporting standards which deal with organizations on a global level.All the concepts are explained extensively by the use of various case studies for the purpose of deep and insightful understanding.The training includes the following:IntroductionDenominated currencyExchange rate QuotationTypes of Exchange ratesForward contractHedging with Forward contractsType of HedgesConclusionCurrency Trading is done in Foreign Exchange Market. Currency plays an important role in every part of the world as it is required to conduct foreign trade and businesses. Through Foreign Exchange Market there are many participants who buy, sell and exchange currencies i.e. trillions of dollars. Currency Trading takes place between different countries in order to conduct smooth foreign trade transactions. In this educba’s course on Currency Trading you will be learning about Forex and Currency Trading basics, how currencies are quoted, bought and sold. Nationals buy and sell currency, you will be also learning about direct-indirect quotes, bid-offer spread, and market makers. The course will also highlight about various types of currency trading contracts i.e. cash, TOM, spot, forwards, swaps and also about how the risk is managed and how the same is defused.

Overview

Section 1: Introduction

Lecture 1 Introduction Foreign Currency Transaction

Section 2: Forward Contract

Lecture 2 Exchange Rate Quotation

Lecture 3 Forward Contract

Section 3: Forward Exchange Rate

Lecture 4 Understand Forward Exchange Rate

Lecture 5 Working on Example 1

Section 4: Transaction Treatment

Lecture 6 Transaction Treatment

Lecture 7 Transaction Treatment Continues

Lecture 8 Working on Example 2 and 3

Lecture 9 Working on Example 4 and 5

Section 5: Hedging

Lecture 10 Hedging

Lecture 11 Hedging Continues

Lecture 12 Calculate Present Value

Lecture 13 Calculate Present Value Continues

Lecture 14 Firm Commitment

Lecture 15 Type of Hedges

Lecture 16 Cash Flow Hedge

Lecture 17 Cash Flow Hedge Continue

Lecture 18 Working Example 6

Lecture 19 Working Example 7

Section 6: US GAAP

Lecture 20 US GAAP

Lecture 21 Working Example 8

Lecture 22 Working Example 9

Lecture 23 Working Example 10

Lecture 24 Working Example 11

Students,Professionals (majorly Accountants, Auditors, Accounting Consultants, and Chartered Financial Analysts etc.) who want to excel in global organizations by learning about global standards that ply in their working.,Anyone who wants to learn about International Financial Reporting Standards and improve the knowledge about the working of organizations on a global level.