Foreign Currency Accounting (CPE Course)

CPE Credit: 2 hours

Course Type: Downloaded PDF materials with online test

Price (with PDF Textbook): $25

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Course Description
This course provides the accountant with a complete toolkit of solutions for dealing with foreign currency issues. It shows every step in the process of converting foreign currency financial statements into the reporting currency of the parent entity. The course also describes the accounting for basic foreign exchange transactions and hedging activities, as well as related financial statement disclosures. As an added bonus, it addresses such related topics as the additional steps required to close the books and internal auditing tasks related to foreign currencies.

Author: Steven Bragg

Course Number: AC1085

Table of Contents

Chapter 1. Financial Statement Translation
Chapter 2. Foreign Currency Transactions
Chapter 3. Other Foreign Currency Topics

Learning Objectives

  • Identify the criteria for determining a functional currency, the issue that shifts a gain or loss out of other comprehensive income, and the steps used to deal with the financial statements of an organization operating in a hyperinflationary economy.

  • Specify the basic accounting for foreign currency transactions, what constitutes an effective hedge, and the various types of hedging tools.

  • Recognize the types of disclosures related to foreign exchange, and the activities related to foreign exchange that internal auditors might engage in.

Level: Overview

Instructional Method: QAS Self-Study

NASBA Category: Accounting

Prerequisites: None

Advance Preparation: None

Program Registration Requirements: Click on "Purchase Course" near the top of this page to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.

Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.


AccountingTools, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:

The NASBA sponsor identification number for Accountingtools, Inc. is 115881.


AccountingTools is an IRS Approved Continuing Education Provider. We are compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions). Our IRS Approved Continuing Education Provider number is 72821.