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1、InternationalAccounting,6/eFrederickD.S.ChoiGaryK.MeekChapter6:ForeignCurrencyTranslationChoi/Meek,6/e1LearningObjectivesWhydofirmstranslatefromonecurrencytoanother?Whatisthedifferencebetweenaspot,forward,andswaptransaction?Whatexchangeratesareusedinthecurrencytranslationpr
2、ocessandwhataretheirfinancialstatementeffects?Choi/Meek,6/e2Howdoesatranslationgainorlossdifferfromatransactionsgainorloss?Istheremorethanonewayoftranslatingfinancialstatementsfromonecurrencytoanother?Ifso,whatarethey?Howdoesthetemporalmethodofcurrencytranslationdifferfromt
3、hecurrentratemethod?Whatistherelationshipbetweencurrencytranslationandinflation?Choi/Meek,6/e3WhydoFirmsTranslate?Facilitatesthepreparationofconsolidatedfinancialstatementsthatallowreaderstoseetheperformanceofamultinationalcompany’stotaloperationsbothdomesticandforeign.Faci
4、litatesthemeasurementofafirm’sexposuretoforeignexchangerisk.Choi/Meek,6/e4Facilitatestherecordingofforeigncurrencytransactions;i.e.,foreigncurrencysales,purchases,borrowingorlendingintheconsolidatedentity’sreportingcurrency.Facilitatesreportingdomesticaccountstoforeignaudie
5、nces-of-interest.Choi/Meek,6/e5TypesofTransactionRatesSpottransactions:thephysicalexchangeofonecurrencyforanotherinwhichdeliverytakesplaceimmediately.Directquote:theexchangeratespecifiesthenumberofdomesticcurrencyunitsneededtoacquireaunitofforeigncurrency.Indirectquote:thee
6、xchangeratespecifiesthepriceofaunitofthedomesticcurrencyintermsoftheforeigncurrency.Choi/Meek,6/e6Forwardtransaction:agreementstoexchangeaspecifiedamountofonecurrencyforanotheratafuturedate.Swaptransaction:involvesthesimultaneousspotpurchaseandforwardsale,orspotsaleandforwa
7、rdpurchaseofacurrency.Choi/Meek,6/e7Accounting forSpotTransactionsSpottransaction:occurswhenanenterprisepurchasesorsellsgoodsforwhichpaymentismadeinaforeigncurrency,orwhenitborrowsorlendsforeigncurrency.Atthetransactiondate,eachasset,liability,revenue,andexpensedenominatedi
8、naforeigncurrencyismeasuredandrecordedinthefunctionalcurrencyofthereportingentitya
