Overhead office view

Foreign currencies and accounting by charities

Richard Bowen, Director, Non Profits
14/12/2018
Overhead office view

Accounting for foreign exchange is an important topic and is often glossed over when preparing financial statement. This publication shows the specific rules that need to be followed and certain judgements, particularly on appropriate rates, to be made. It is therefore important to consider carefully the options and the basis for selecting and present the treatment. 

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Focus

  • Application of Section 30 of FRS 102.
  • Translation of foreign currency financial statements for consolidation purposes.
  • Hedging transactions and 'hedge accounting'.
  • Hedge accounting disclosures.
  • Issues with the practical application of Section 30 of FRS 102 for charities.
  • Conclusion.

 

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