TAILIEUCHUNG - Lecture IFRS primer international GAAP basics: Chapter 35 - Wiecek, Young

Chapter 35 - The effects of changes in foreign exchange rates: IAS 21. The main contents of the chapter consist of mains parts: Related standards, IAS 21, current GAAP comparisons, looking ahead, end-of-chapter practice. | The Effects of Changes in Foreign Exchange Rates: IAS 21 Wiecek and Young IFRS Primer Chapter 35 The Effects of Changes in Foreign Exchange Rates Related standards IAS 21 Current GAAP comparisons Looking ahead End-of-chapter practice Related Standards FAS 52 Foreign Currency Translation IAS 21 – Overview Objective and scope Summary of the approach required by this standard Reporting foreign currency transactions in the functional currency Use of a presentation currency other than the functional currency Disclosure IAS 21 – Objective and Scope Entity financial statements are sensitive to changes in foreign exchange rates Three factors, which stem from the entity’s underlying business model and business environment 1. Foreign transactions (., buying or selling in other countries) 2. Foreign operations (., operating a business in other countries) 3. Presentation currency (., presenting financial statements in another currency) 1. Transactions Many entities enter into transactions denominated in other currencies as part of their normal day-to-day business activities Any contract that is entered into, which is denominated in another currency and/or requires settlement in another currency, will be affected by changes in exchange rates Examples include foreign purchases and borrowing/lending in another currency IAS 21 – Objective and Scope 2. Operations Entities may also own businesses that are located in different countries Advantages may include tax incentives, access to raw materials, etc. Foreign operation An entity that is a subsidiary, associate, joint venture, or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity 3. Presentation of financial statements An entity may choose to present its financial statements in a foreign currency An entity may do this because it accesses capital markets in another country need to make the statements more .

• Kế toán - Kiểm toán
• International Financial Reporting Standards
• Non financial assets
• Reporting basics
• Financial assets
• Reporting entity
• Financial accounting
• Financial reporting
• Financial reporting standards
• Merchandising operations
• Internal control
• Financial statements
• Stockholders’ equity
• Financial statement analysis
• International financial reporting
• Conceptual framework
• Financial position
• Globalization trend
• International Accounting Standards Board
• Employee benefits
• Revenue recognition
• Including construction contracts
• government grants
• Foreign currency
• Accounting standards worldwide
• Wiley IFRS 2013
• International Financial Reporting Standard
• Tiêu chuẩn báo cáo tài chính quốc tế
• Accounting policies
• Financial liabilities
• Interim financial reports
• Interim financial reporting
• Summary of dissertation
• International financial reporting standards adoption
• Vietnamese enterprises
• IFRS standards in Vietnamese enterprises
• Application of IFRS standards
• Accounting standards
• Financial statement
• Stock exchange
• Joint stock companies
• Vietnam’s accounting standards
• Financial reporting under IFRS
• International trends
• Financial instruments
• Share based payments
• Standards applicable
• IFRS financial statement
• Separate financial statements