Foreign Currency Financial Reporting from Euro to Yen to Yuan: A Guide to Fundamental Concepts and Practical Applications

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Foreign Currency Financial Reporting from Euro to Yen to Yuan: A Guide to Fundamental Concepts and Practical Applications

Format:  Hardcover,

298 pages

Publisher: John Wiley & Sons Inc

Publish Date: Apr 2011

ISBN-13: 9781118024423

ISBN-10: 1118024427

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The following content was provided by the publisher.
The first A-to-Z guide for successfully working in foreign currency environments

Destined to become an essential desktop tool helping professionals build a solid foundation in the background, history, and fundamental mechanics of foreign currency and exchange rates, this must-have guide allows you to report past transactions accurately and also to forecast the impacts that volatile exchange rates could have on your business. Packed with everything you need to know about exchange rate requirements, including world currency formats and key links to additional resources, this is the single source you'll want to have at your side to understand and successfully use foreign currency reporting concepts.Get from Yen to Euro without losing your wayClarifies an intimidating topic into practical applicationHelps you function effectively in the multicurrency reporting environmentAddresses common points of confusionDemystifies IFRS

Your company could swing from profit to loss without a single change in operations, simply by movement of exchange rates. Get ready with the on-the-spot foreign currency answers you need in "Foreign Currency Financial Reporting from Euro to Yen to Yuan." It's the easy-to-use, definitive source you can turn to for a clear, concise, practical understanding of multicurrency environments.

Specifications

Author:
Publisher: John Wiley & Sons Inc
Publish Date: Apr 2011
ISBN-13: 9781118024423
ISBN-10: 1118024427
Format: Hardcover
Number of Pages: 298
Shipping Weight (in pounds): 1.12
Product in Inches (L x W x H): 6.31 x 1.11 x 9.08
Walmart No.: 9781118024423

Chapter outline

Preface
Acknowledgments
Introduction to Foreign Currency and Exchange Rates
Who You Are
What You Know
A Changing Environment
Certainty in Uncertain Times
Notes
The Basics
Isn?t Currency Conversion Just Multiplication?
Conversion
The First Complication: It?s Not Just Multiplication
From Where Do Exchange Rates Come?
The Market
A Second Complication: Triangulation
Triangulation with Cross Rates
Quotes
Currencies and Exchange Rates: Highlights of Their Relevance and Recent History
Burgers and Currency
Notes
Exchange Rate Tables
Getting from Yen to Euros without Losing Your Way
The Foundation and Caveats
Terms and Terminology
Triangulation and Cross Rates - Redux
Exchange Rate Tables
Keep It Simple
Notes
Approximation
When Mathematics, Computer Science, and Regulations Converge
The Original Data: Accurate and Precise
Significant Digits and Scientific Notation
Precision
Accuracy
What Division Means for Computers
Single Precision and Double Precision Floating Point
Accuracy, Precision, and Credibility
Notes
Key Concepts and Authoritative Standards
What?s in a Name?
Standards
A Brief Background
IFRS Predominance with an FASB Pedigree
The Economic Essence: From Names to Definitions
Functional Currency
All the Rest
A Foundation
Notes
The Gold Standard
Following the Standard for Fiat Currencies
The Gold Standard for Financial Reporting
IAS21 and ASC 830: Converged, But Not Identical
Translation Overview
Translation - Not Conversion
Translation of Income and Expense
Averages
Simple Translation
Translation 1: Basic
Translation 2: Intermediate
Convenience Translation
The Standard
Notes
They?re Not Synonyms
Transaction to Translation, Revaluation to Remeasurement
Transactions and Translation
Transactions in a Foreign Currency
Reporting at Balance Sheet Dates
Remeasurement
Best of Intentions: Companies? Divergent Paths
Changing Functional Currency
Knowledge Worth Having
Notes
Practical Applications (and More Concepts)
The Intersection
Interplay of Mathematics, Exchange Rates, Accounting Standards, Economics, and Time
Time Concepts: PA, PIT, and POT
The Missing Piece
Equity and Complex Rates
Hybrids
Cash Flow Affected by Exchange Rates
Negative Exchange Rates
Intercompany Transactions
Frequency
Make the Transformation
Notes
Practical Knowledge
Things You Should Know
Exchange Rate Impact: Basic Information
Analyzing the Exchange Rate Impact
Constant Currency: A Second Fix
Improving Constant Currency
Analysis and Automation
Multiple Exchange Rate Scenarios
Constant Year: A Third Fix
Looking Forward: Beyond the Constants
Practical Examples or Cautionary Tales
Financial Reporting and Management Reporting
Notes
Practical Knowledge
Things You Can Learn
A Problem at the Source
Change It - Use It - Analyze It
Year-to-Date Translation
Crossing Zero: A Change in Sign
The School of Experience
Notes
Cumulative Translation Adjustment (CTA)
The Algebraic Plug
Baggage from the Past: Accumulating the Translation Adjustment
Recalculating CTA
Translation Adjustment and Intra-Group Monetary Transactions
Cumulative Translation Adjustment is not Remeasurement
A Little Fun with CTA
Problem Solved
Notes
The Residual
Redenomination
Devaluations and Revaluations
Hyperinflationary Economies
Euro Adoption
Non-monetary Assets (Inventory) Measured in a Foreign Currency
Disposal of a Foreign Operation
A Simple Forward Contract: Hedging
Heuristic Approach
Notes
Conclusion: Re-invent the Triangle
Innovate and Advocate
The Benefit
Notes
World Currency Formats and ISO 4217 Information
Useful Links, and Why They're Useful
Exchange Rate Requirements
Definition of Actual Rates
Definition of Constant Currency Rates
Definition of Forecast Rates
Definition of Views
Definition of High (USH) and Low (USL) Rates
Definition of Rates in the Tables
Glossary
About the Author

Book description

The first A-to-Z guide for successfully working in foreign currency environments

Destined to become an essential desktop tool helping professionals build a solid foundation in the background, history, and fundamental mechanics of foreign currency and exchange rates, this must-have guide allows you to report past transactions accurately and also to forecast the impacts that volatile exchange rates could have on your business. Packed with everything you need to know about exchange rate requirements, including world currency formats and key links to additional resources, this is the single source you'll want to have at your side to understand and successfully use foreign currency reporting concepts.

  • Get from Yen to Euro without losing your way
  • Clarifies an intimidating topic into practical application
  • Helps you function effectively in the multicurrency reporting environment
  • Addresses common points of confusion
  • Demystifies IFRS

Your company could swing from profit to loss without a single change in operations, simply by movement of exchange rates.

Get ready with the on-the-spot foreign currency answers you need in Foreign Currency Financial Reporting from Euro to Yen to Yuan. It's the easy-to-use, definitive source you can turn to for a clear, concise, practical understanding of multicurrency environments.

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