Welcome to the IAS 21 The Effects of Changes in Foreign Exchange Rates (2017) e-learning module

This module covers the background, scope and principles under IAS 21 The Effects of Changes in Foreign Exchange Rates and the application of this Standard. The module incorporates IFRIC 22 Foreign Currency Transactions and Advance Consideration issued in December 2016. By completion of this module, you will be able to:

  • Describe the notion of functional currency and be able to determine the functional currency of an entity
  • Describe the notion of presentation currency and explain how it differs from the functional currency
  • Explain the differences between foreign currency transactions and translations of foreign operations
  • Identify monetary and non-monetary items
  • Describe and apply the process of including foreign currency transactions in an entity's financial statements
  • Describe and apply the process of reporting foreign currency items at the end of subsequent reporting period
  • Describe and apply the process of including foreign operations in an entity's financial statements and
  • Describe and apply the process of translating financial statements into a presentation currency.

The duration of this module is about 2.3 hours and there is an assessment at the end of the module to test your knowledge.

Please click Download button to download the module.

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