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
