Accounting processes for translating foreign subsidiaries' financial statements step-by-step.
The world is becoming more interconnected due to non-stop advances in communication and transportation technologies, facilitating cross-border investment and equity capital flows.
The concept of foreign direct investment (FDI), which is defined as an investment in controlling ownership in a business in one country by an entity based in another country, becomes a cornerstone in today's global economic system.
Accordingly, the number of businesses that have operations in multiple countries has increased significantly, and the fair presentation of foreign subsidiaries' financial statements to the parent entity's stakeholders is needed.
The main obstacle facing consolidating a foreign subsidiary's financial statements is that the subsidiary's financial statements are presented in a different currency from their parent's presentation currency.
This course explains and illustrates the accounting processes for translating foreign subsidiaries' financial statements step-by-step, including consolidation criteria, types of financial statements currencies, the proper accounting treatment for the resulting translation gain/(loss), and the currencies of hyperinflationary economies.
This course uses practical cases and examples that simplify the theory behind US GAAP standard ASC Subtopic 830-30 "Translation of financial statements" and IFRS standard IAS 21 "The Effects of Changes in Foreign Exchange Rates," highlighting the main differences between them.
Field of Study: Accounting
Moataz has over 19 years of accounting, budgeting, auditing, consolidated financials, IFRS, US GAAP, costing, corporate reorganization, debt restructuring, capital reconstruction, and many other aspects of the financial field. Moataz began his career as an external auditor for an international association member firm that provides audit and assurance services worldwide, working with various clients in the education, investment, automotive, constructions, real estate, oil, and manufacturing sectors in the State of Kuwait. Moataz has held several executive positions in prominent stock brokerage firms, holding, and investment groups. Moataz gained his experience from solving day-to-day work issues, and helping entities implement proper accounting systems; thus, he can support the theoretical topics with practical cases, allowing the audience to realize the maximum benefit from attending his courses. Moataz holds a bachelor's degree in Accounting from Alexandria University, Egypt, certified in IFRS from the Association of Chartered Certified Accountants, London, UK. Also, he is a Certified Public Accountant licensed in North Dakota, USA.
