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Chapter 3

Chapter 3. ACCOUNTING FOR CURRENCY EXCHANGE RATE CHANGES. Learning Objectives:. Provide an overview of foreign exchange markets and define related terminology. Describe the different types of foreign exchange exposure. Learning Objectives:.

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Chapter 3

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  1. Chapter 3 ACCOUNTING FOR CURRENCY EXCHANGE RATE CHANGES

  2. Learning Objectives: • Provide an overview of foreign exchange markets and define related terminology. • Describe the different types of foreign exchange exposure.

  3. Learning Objectives: • Differentiate between foreign currency transaction and translation. • Compare the different methods of accounting for foreign currency translation.

  4. Learning Objectives: • Describe the main features of SFAS No. 52 and compare it to earlier standards. • Present the translation methodology under IAS No. 21.

  5. Learning Objectives: • Discuss the impact of the introduction of the euro on financial reporting.

  6. Chapter Outline: • Overview of Foreign Currency Markets and Exchange Rates • Foreign Exchange Exposure

  7. Accounting for Exchange Rate Fluctuations • Foreign Currency Transaction versus Translation • Translation Methods

  8. Foreign Currency Translation in the United States • The International Accounting Standard on Foreign Currency Translation • Accounting Issues Related to the Euro

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