IFRS: IAS 21 - The Effects of Changes in Foreign Exchange Rates

In-house course

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

When engaging in foreign currency transactions and foreign operations, those transactions are often denominated in a currency that differs from a business’ presentation currency. Those same transactions still somehow need to be captured in the accounting system but where things become tricky, is that the rates of conversion are temperamental and fluctuate daily. IAS 21 will be the compass, guiding us through how to translate such transactions.

To understand the process of translation of foreign transactions and balances, the following aspects will be unpacked:
- Definitions
- Basic steps for translation
- Foreign currency transactions
- Functional currency to presentation currency
- Disclosure