Accounting for International Operations Webinar

To gain a solid understanding of the rules relating to foreign operations and the practical know-how to set up foreign accounting operations in compliance with the Foreign Corrupt Practices Act (FCPA) and IFRS.

• International Business Approaches
• Trade Barriers & Modes of Entry
• SEC Enforcement Cases
• Risk Management
• COSO Framework and ERM
• Accounting for Foreign Currency Transactions
• Determining when Hedging is Appropriate
• Fair Value Hedges
• Meeting the Documentation, Financial Statement Presentation and Disclosure Requirements of ASC 815 (FAS 133) and its Amendments
• Understanding FCPA Requirements, Including Rules Relating to the Internal Accounting Control Environment
• Valuation
• Cash Flow Hedges
• Financial Statement Examples

To gain a solid understanding of the rules relating to foreign operations and the practical know-how to set up foreign accounting operations in compliance with the Foreign Corrupt Practices Act (FCPA) and IFRS.

DETAILED LEARNING OBJECTIVES

• Identify potential tax benefits associated with multinational ownership structures

• Recognize the tax considerations that may influence the ownership structure of foreign subsidiaries

• Identify appropriate sources of information about foreign political and economic conditions

• Identify the federal department that assists US companies seeking information about foreign markets

• Recognize operational considerations associated with conducting business in a foreign country

• Determine how an individual’s tax residency in a foreign jurisdiction should be evaluated

• Identify labor laws that may apply to employees working in foreign jurisdictions

• Identify the statutory criminal fine applicable to a business entity for an FCPA anti-bribery violation

• Identify the statutory maximum prison term for an individual convicted of an FCPA anti-bribery violation

• Recognize the elements required to establish an FCPA anti-bribery violation

• Apply the FCPA business-purpose test to payments involving foreign officials

• Distinguish common FCPA warning signs from routine governmental transactions

• Identify the entities subject to the FCPA’s accounting provisions

• Recognize an organization’s potential FCPA liability for conduct involving third-party agents

• Identify payments that may qualify for the FCPA’s narrow facilitating-payment exception

• Recognize warning signs of weak corporate risk management

• Identify the primary purpose of organizational risk management

• Determine which organizational levels and functions should participate in operational risk management

• Recognize the perspectives an organization should consider when identifying risk

• Identify characteristics of an effective system of internal control

• Identify when the original COSO Internal Control Framework was issued

• Recognize the principles-based nature of the COSO framework

• Identify the entities to which the COSO framework may apply

• Distinguish COSO objectives from general business objectives

• Identify components of the 2004 COSO ERM risk-assessment process

• Identify the Accounting Standards Codification topic governing foreign currency matters

• Identify who is responsible for determining an entity’s functional currency

• Recognize the economic factors used to determine an entity’s functional currency

• Identify when an economy is considered highly inflationary under US GAAP

• Recognize the accounting effects of remeasuring foreign-currency financial statements

• Recognize the accounting effects of translating foreign-currency financial statements

• Classify exchange-rate exposure as a form of currency risk

• Identify the primary market risk associated with a bond portfolio

• Identify the primary market risk associated with natural-gas operations

• Recognize warning signs of ineffective risk management

• Identify the proper sequence of the corporate risk-management process

• Recognize the need to tailor financial risk management to an entity’s business

• Distinguish transaction, portfolio, and economic perspectives on market risk

• Identify financial instruments commonly used to hedge portfolio exposure

• Recognize the relationship between economic exposure and sensitivity to changes in market prices

• Identify the primary hedging objective reported in the historical survey cited in the course

• Classify activities used to evaluate the suitability of a risk-management strategy

• Recognize corporate market risk management as an ongoing process

• Identify the principal hedge-accounting improvements introduced by ASU 2017-12

• Identify the expansion of the portfolio layer method under ASU 2022-01

• Identify qualifying categories of hedge-accounting relationships

• Recognize the accounting treatment of changes in fair value for a fair value hedge

• Determine when a foreign subsidiary’s financial statements must be remeasured into US dollars

• Identify how changes in the fair value of a derivative designated in a qualifying cash-flow hedge are reported under ASU 2017-12

• Identify circumstances requiring an entity to terminate hedge accounting

• International Business Approaches
• Trade Barriers & Modes of Entry
• SEC Enforcement Cases
• Risk Management
• COSO Framework and ERM
• Accounting for Foreign Currency Transactions
• Determining when Hedging is Appropriate
• Fair Value Hedges
• Meeting the Documentation, Financial Statement Presentation and Disclosure Requirements of ASC 815 (FAS 133) and its Amendments
• Understanding FCPA Requirements, Including Rules Relating to the Internal Accounting Control Environment
• Valuation
• Cash Flow Hedges
• Financial Statement Examples