Available Course

IFRS – IAS 21 Effects of Changes in Foreign Exchange Rates – Foreign Currency Translation

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Duration: 2
CPD Hours: Attendance at this seminar will secure 2 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc)
Course Facilitator: Tristan White
T:  011 886 1395
E:  gillian@probetatraining.co.za

When you enter into transactions that are denominated in a foreign currency, we often have to determine a sensible way of translating the amount / balance to local currency so it can be captured in the accounting records and reported in the reporting entity’s currency in the financial statements. Sometimes the methodology / approach to translation differs when trying to account for a balance versus a transaction. Further still, balances that remain outstanding at a reporting year end are likely to need remeasurement as foreign exchange rates fluctuate daily. The idea is that we need to ensure our foreign denominated amounts are represented as fairly as possible in the accounting records in relation to what the eventual / expected cash flow is to be upon settlement.

Foreign currency translation will be considered in terms of the following aspects: • Objective and key definitions, e.g., presentation / functional currency • How / when to translate • Foreign currency transactions measurement, o Monetary versus non-monetary items o Initial measurement versus subsequent • Disclosure

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