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Chapter 11: multinational accounting: foreign currency transactions and financial instruments
L.O.11-1: Understand how to make calculations using foreign currency exchange rates
The accounting issues * Foreign currency transactions of a U.S. company include sales, purchases, and other transactions giving rise to a transfer of foreign currency or the recording of receivables or payables that are denominated in a foreign currency. * Translation is the process of restating foreign currency transactions to their U.S. dollar equivalent values. * Many U.S. corporations have multinational operations. * The foreign subsidiaries prepare their financial statements in their home currencies * The foreign currency amounts in these financial statements have to be translated into their U.S. dollar equivalents before they can be consolidated with the U.S. parent’s financial statements that uses U.S. dollar as its reporting currency unit
Foreign currency exchange rates * Foreign currency exchange rates between currencies are established daily by foreign exchange brokers who serve as agents for individuals or countries wishing to deal in foreign currencies * Some countries maintain an official fixed rate of currency exchange and have established fixed exchange rates for dividends remitted outside the country. * The determination of exchange rates * Exchange rates change because of a number of economic factors affecting the supply of and demand for a nation’s currency. * Factors causing fluctuations in exchange rates include:
-Level of inflation
-balance of payments
-changes in interest rate
-changes in investment levels
-stability and process of governance
Direct V.S. indirect exchange rates * The direct exchange rate (DER) is the number of local currency units (LCUs) needed to acquire one foreign currency unit (FCU). * From the

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