Accounting for International Operations Self-Study 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.

DETAILED LEARNING OBJECTIVES

• Identify the sources of information for general foreign political and economic information

• Identify the sources for information on foreign markets for US goods and services

• Identify basic challenges to operating in a foreign country

• Recognize a common residency threshold for purposes of local taxation in foreign countries

• Recognize common local labor laws applicable to foreign workers

• Recognize the maximum fines under the Foreign Corrupt Practices Act

• Recognize the FCPA’s business purpose test

• Recognize red flags in the context of the FCPA

• Identify the entities subject to the FCPA

• Identify selected SEC enforcement actions under the FCPA

• Recognize the goal of risk management

• Recognize the level from which risk management should be viewed

• Identify the characteristics associated with internal control

• Identify those entities the COSO framework was designed for

• Recognize the general objectives of the COSO framework

• Identify the party responsible for determining the functional currency of the reporting entity

• Recognize the factors determining an entity’s functional currency

• Recognize the circumstances under which an entity would either translate or remeasure its financial statements for the effective functional currency

• Recognize the most common hedges against portfolio exposure

• Identify the overall objective in using derivatives to hedge

• Identify the characteristics of recent ASUs effecting hedge accounting

• Recognize those circumstances causing the termination of hedge accounting

• Setting up offices in foreign countries
• FCPA discussion questions
• 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