Effects of Changes in
Foreign Exchange Rates
Module 1
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn
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OBJECTIVES
Define an entity's functional currency.
l Account for foreign currency transactions.
l
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Objective
PAS 21
• how to include foreign currency transactions
and foreign operations in the financial
statements of an entity; and
• how to translate financial statements into a
presentation currency.
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Two ways of conducting foreign activities
1. Foreign currency transactions - individual
entities often enter into transactions in a foreign
currency.
2. Foreign operations - groups often include
overseas entities.
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Two main accounting issues
1. Which exchange rate(s) to use; and
2. How to report the effects of changes in exchange
rates in the statements.
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Scope
a. Accounting for foreign currency denominated
transactions and balances, except derivatives and
hedge accounting which are within the scope of
PFRS 9 Financial Instruments;
b. Translation of financial statements of foreign
operations that are accounted for by consolidation
or by the equity method; and
c. Translation of an entity's financial statements into
a presentation currency.
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Definitions of currencies
1.
An entity’s functional currency is the currency of the primary
environment in which it operates. This is normally the currency
in which it generates and spends cash. Company management
determines the functional currency.
2. Foreign currency is a currency other than the entity’s
functional currency.
3. Local currency is the currency of a particular country being
referred to.
4. Reporting currency is the currency in which an enterprise
prepares its financial statements.
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Foreign Exchange Concepts
and Definitions
Illustration 1
ABC Co. is a mining company registered in USA
whose shares are traded in New York Stock Exchange.
ABC’s operating activities take place in the gold and
Silver mines in the Philippines.
a. What is the functional currency?
b. What is the reporting currency?
c. ABC acquired mining equipment from Japan, invoiced in Japanese yen. What type of currency is the
yen?
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Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 8
Change in functional currency
a. If the functional currency is changed, the change is
accounted for prospectively from the date of the change.
b. The entity shall translate all items into the new
functional currency using the exchange rate at the date of
the change.
c. The resulting translated amounts for non-monetary items
are treated as their historical cost.
d. Exchange differences arising from the translation of a
foreign operation previously recognized in other
comprehensive income are not reclassified from equity
to profit or loss until the disposal of the operation.
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Learning Objective 2
Account for foreign currency
transactions.
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Foreign Currency Transactions
Other Than Forward Contracts
Local
transactions
Foreign
transactions
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Foreign Currency Transactions
1.
2.
3.
Importing and exporting goods on credit with the
receivable or payable denominated in foreign
currency.
Borrowing or Lending denominated in foreign
currency.
Otherwise acquires or disposes of assets, or incurs
or settle liabilities, denominated in foreign currency
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 12
Foreign Exchange Concepts
and Definitions
Exchange rate is the ratio between a unit of one
currency and the amount of another currency for
which that unit can be exchanged at a particular time.
= 51.33
PhP
= 23.43 KRW
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 13
Direct and Indirect Quotation
of Exchange Rates
Assume that $1 can be exchanged for P51.33
Direct quotation (Philippine Peso equivalent):
P51.33
= P51.33
1
Indirect quotation (foreign currency per PhP):
1
= $.019
P51.33
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 14
Spot, Current, and Historical
Exchange Rates
Spot rate – is the rate currencies can
be exchanged today
Closing/ Current rate – the exchange rate at
the balance sheet date.
Historical rate – the exchange rate existed
when a specific transaction or event occurred
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Measured vs. Denominated vs. Translation
A Philippine importer purchases goods worth $2000
on credit from a US exporter which is to be paid in
US dollars.
The transaction is denominated in US dollars because the amount is
fixed in terms of that currency and will settled in that currency.
However, the transaction is measured and recorded by
Philippine importer in Philippine peso
For the purpose of consolidation, foreign branches or
subsidiaries translates assets & liabilities to PhP.
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Initial recognition
On initial recognition, a foreign currency transaction
is recognized by translating the foreign currency
amount at the spot exchange rate at the date of the
transaction.
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Subsequent measurement
a. Foreign currency monetary items shall be re-translated
using the closing rate;
b. Non-monetary items that are measured in terms of
historical cost in a foreign currency shall be translated
using the exchange rate at the date of the transaction;
and
c. Non-monetary items that are measured at fair value in a
foreign currency shall be translated using the exchange
rates at the date when the fair value was determined.
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 18
Monetary Items
Monetary Assets
a. Cash and cash
equivalents
b. Loans and receivables
and their related
allowances
c. Financial assets
measured at amortized
cost
d. Finance lease
receivables
e. Cash surrender value
Monetary Liabilities
a.
b.
c.
d.
e.
Financial liabilities measured at
amortized cost
Pensions and other employee
benefits to be paid in cash.
Provisions and other accrued
expenses payable in fixed or
determinable amounts of money.
Liabilities for refundable
deposits, e.g., security deposits
on leases and deposits for
returnable containers.
Dividends payable
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 19
Non-monetary Items
a.
b.
c.
d.
e.
f.
Inventories
Prepaid assets
Provisions that are to be settled by
the delivery of a non-monetary
asset
Intangible assets
Goodwill
Property, plant and equipment
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Learn foreign-currencydenominated transactions
accounting.
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Importing and Exporting of goods
1.
2.
3.
Transaction Date
Balance Sheet Date
Settlement Date
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Recognition of exchange differences
Exchange difference - is the difference resulting from
translating a given number of units of one currency into
another currency at different exchange rates.
Exchange differences arising from translating or settling
monetary items are recognized in profit or loss, except when
they are required by other PFRSs to be recognized in other
comprehensive income.
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 23
Recognition of exchange differences
When a foreign currency transaction occurred in one period
and settled in another period:
a. The exchange difference between the transaction date
and the end of reporting period is recognized in the
period of transaction, while
b. The exchange difference between the end of the previous
reporting period and the date of settlement is recognized
in the period of settlement.
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 24
Translation at the Spot Rate
A Pinoy corporation imports inventory
from an American firm when the spot
rate for US dollars is P43.
The invoice calls for payment of 10,000
US dollars in 30 days.
How does the Pinoy importer record the transaction?
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 25
Translation at the Spot Rate
Inventory
430,000
Accounts Payable (fc)
430,000
(Translation 10,000 US dollars × 43 spot rate)
If the account payable is settled when the
spot rate is P42, how is it recorded?
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 26
Translation at the Spot Rate
Accounts payable (fc)
430,000
ForEx Gain
10,000
Cash
420,000
(Cash required equals 10,000 US dollars
× the P42 spot rate)
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 27
Purchases Denominated
in Foreign Currency
Philippine Trading Company purchased goods from
Kimetz Company on December 1, 2018, for 1,000
euros when the spot rate for euros was P66.
PT closed its books at December 31, 2018,
when the spot rate for euros was P65.50,
and settled the account on January 30, 2019,
when the spot rate was P66.50.
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 28
Purchases Denominated
in Foreign Currency
December 1, 2018
Inventory
66,000
Accounts Payable (fc)
66,000
To record purchase of merchandise from Kimetz
Company (1,000 euros × P66 rate)
December 31, 2018
Accounts Payable (fc)
500
ForEx Gain
500
To adjust accounts payable to exchange rate at
year end [1,000 euros × (P66 – P65.50)]
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 29
Purchases Denominated
in Foreign Currency
January 30, 2019
Accounts Payable (fc)
65,500
ForEx Loss
1,000
Cash
66,500
To record payment in full to Kimetz Company
(1,000 euros × P66.50 spot rate)
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 30
Sales Denominated
in Foreign Currency
On December 16, 2018, Philippine Trading sold
merchandise to Kimetz for 2,000 euros when
the spot rate for euros was P66.
PT closed its books at December 31, when the
spot rate was P65.50, collected the account on
January 15, 2019, when the spot rate was P67.00,
and held the cash until January 20, when it
converted the euros into PhP at a P67.25 rate.
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 31
Sales Denominated
in Foreign Currency
December 15, 2018
Accounts Receivable (fc) 132,000
Sales
132,000
To record sales to Kimetz
(2,000 euros × P66.00 spot rate)
December 31, 2018
ForEx Loss
1,000
Accounts Receivable (fc)
1,000
To adjust accounts receivable year end
[2,000 euros × (P65.50 – P66.00)]
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 32
Sales Denominated
in Foreign Currency
January 15, 2019
Cash
134,000
Accounts Receivable (fc)
ForEx Gain
131,000
3,000
To record collection in full from Kimetz
(2,000 euros × P67.00) and recognize exchange gain
for 2009 [2,000 euros × (P67.00 – P65.50)]
January 20, 2019
Cash
Exchange Gain
Cash (fc)
134,500
500
134,000
To convert 2,000 euros into Philippine pesos
(2,000 euros × P67.25)
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 33
Summary
Balance
Sheet
Account
Affected
Effect on
balance
reported
Income
Statement
effect
Increase in Exchange Rate:
Importing Transaction
Exporting Transaction
Payable
Receivable
Increase
Increase
Loss
Gain
Decrease in Exchange Rate:
Importing Transaction
Exporting Transaction
Payable
Receivable
Decrease
Decrease
Gain
Loss
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 34
Illustration: Loan transaction
On July 1, 20x1, ABC Co. obtained a $10,000 loan that
bears 10% annual interest when the spot exchange rate is
P50:$1. The closing rate on December 31, 20x1 is P55:$1.
No payments had been made on the loan during the year.
Requirement: Compute for the foreign exchange gain/loss to
be recognized in the year-end statement of profit or loss.
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 35
Carrying amounts at initial exchange rate:
Loan payable ($10,000 x 50)
Interest payable ($10,000 x 10 % x 6/12 x P50)
Total payables at initial exchange rate
P500,000
25,000
P525,000
Carrying amounts at closing rate:
Loan payable ($10,000 x P55)
Interest payable ($10,000 x 10 % x 6/12 x P55)
Total payables at closing rate
P550,000
27,500
P577,500
Increase in payables - FOREX loss
P 52,500
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 36
Pertinent Entries:
FOREX loss
P 52,500
Loan payable (P550,000 - 500,000)
Interest payable (27,500 – 25,000)
50,000
2,500
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 37
Illustration: Cash account
ABC Co., a domestic corporation based in the Philippines, frequently
sells goods overseas through the internet. All online sales are on cash
basis. The movements in ABC's US dollar account are shown below:
Cash in bank - U.S. dollar
Jan. 1 (P48:$1)
Sept. 30 (P45:$1)
Dec. 16 (P44:$1)
Dec. 31 (P45:$1)
Dr. $10,000
Dr. 20,000
Cr. 5,000
Dr. $25,000
Requirements: Compute for the following:
a. Amount of cash in bank to be presented in the year-end statement of
financial position.
b. Net foreign exchange gain or loss to be recognized in the year end
statement of profit or loss.
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 38
Requirement (a): Cash in bank at year-end = ($25,000 x P45)
= P1,125,000
Requirement (b): Net foreign exchange gain or loss. The unadjusted
balance of the cash in bank account translated to Philippine pesos using
spot exchange rates on transaction dates is determined as follows:
CIB-in Philippine pesos
Jan. 1 (P48:$1)
Sept. 30 (P45:$1)
Dec. 16 (P44:$1)
Dec. 31 (P45:$1)
Dr. P480,000
Dr. 900,000
Cr. 220,000
Dr. P1,160,000
Cash in bank- unadjusted balance
Cash in bank at closing rate ($25,000 x P45)
Decrease in cash in bank - Net foreign exchange loss
P1,160,000
1,125,000
P35,000
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 39
Illustration: Average rate
On December 15, 20x1, ABC Co. sent one of its key management
personnel to a seminar in Malaysia. ABC Co. advanced MYR 10,000
(ringgits) to the manager subject to liquidation. The exchange rate on
December 15, 20x1 is P14: MYR1.
The liquidation report submitted by the key manager showed the
following:
• MYR 8,000 were spent from December 15 to December 31, 20x1.
The exchange rate on December 31, 20x1 is P13: MYR 1.
• MYR 1,500 were spent from January 1, 20x2 to January 3, 20x2. The
manager returned the MYR 500 excess to the cashier on January 3,
20x2. The exchange rate on January 3, 20x2 is P12: MYR 1.
Requirements: Compute for the following:
a. FOREX gain or loss on December 31, 20x1.
b. FOREX gain or loss on January 3, 20x2.
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 40
Requirement (a): FOREX gain or loss on December 31, 20x1
Advances spent at initial exchange rate (MYR 8,000 x P14)
Advances spent at average rate (MYR 8,000 x P13.5*)
Decrease in advances receivable - FOREX loss-Dec. 31, 20x1
112,000
108,000
4,000
Advances unspent at initial exchange rate (MYR 2,000 x P14)
Advances unspent at closing rate (MYR 2,000 x P13)
Decrease in advances receivable - FOREX loss - Dec. 31, 20x1
28,000
26,000
2,000
Total FOREX loss - Dec. 31, 20x1 (4,000 + 2,000)
Dec. 15, 20x1
Dec. 31, 20x1
6,000
Advances to officer (10,000 x P14)
Cash in bank
140,000
Expenses (8,000 x [(P14 P13)/ 2]}
FOREX loss
108,000
4,000
140,000
112,000
Advances to officer (8,000 x P14)
Dec. 31, 20x1
FOREX loss (2,000 x (P14-P13)]
Advances to officer
2,000
2,000
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 41
Requirement (b): FOREX gain or loss on January 3, 20x2
Advances spent at previous closing rate (MYR 1,500 x P13)
Advances spent at average rate (MYR 1,500 x [(P13 + P12)/ 2]}
Decrease in advances receivable - FOREX loss - Jan. 3, 20x2
19,500
18,750
750
Advances unspent at previous closing rate (MYR 500 x P13)
Advances unspent at spot rate on Jan. 3, 20x2 (MYR 500 x P12)
Decrease in advances receivable - FOREX loss - Jan. 3, 20x2
6,500
6,000
500
Total FOREX loss - 20x2 (750 + 500)
1,250
Jan 3 20x2
Expenses (1,500 x [(P13 P12)/ 2]}
FOREX loss
18,750
750
19,500
Advances to officer (1,500 x P13)
Jan 3, 20x2
Cash on hand (500 x P12)
FOREX loss
Advances to officer (1,500 x P13)
6,000
500
6,500
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 42
Items measured at other than historical cost
a. Inventories are measured at the lower of cost and net realizable value
in accordance with PAS 2 Inventories.
b. Property, plant and equipment are measured using either the cost
model or revaluation model in accordance with PAS 16 Property,
plant and equipment.
c. Non-current assets are measured at the lower of carrying amount and
recoverable amount in accordance with PAS 36 Impairment of
Assets.
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 43
When such an asset is non-monetary and is measured in a foreign
currency, the carrying amount is determined by comparing:
a. the cost or carrying amount, as appropriate, translated at the
exchange rate at the date when that amount was determined (i.e., the
rate at the date of the transaction for an item measured in terms of
historical cost); and
b. the net realizable value or recoverable amount, as appropriate,
translated at the exchange rate at the date when that value was
determined (e.g., the closing rate at the end of the reporting period).
The effect of this comparison may be that an impairment loss is
recognized in the functional currency but would not be recognized in the
foreign currency, or vice versa.
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 44
Illustration: Items measured at other than historical cost
ABC Co. had the following foreign currency transactions during the year:
• Acquired equipment on January 1, 20x1 for THB 10,000 (bahts) from a
Thailand-based company when the current exchange rate was P1.2: THB 1.
The equipment is depreciated over 5 years using the straight-line method.
• Purchased inventories on December 1, 20x1 for ZAR 1,000 (rands) from a
company based in South Africa when the current exchange rate was P5:
ZAR 1.
Both the acquisitions described above are on cash basis. At year end, ABC Co.
determined the following:
• The equipment was found to have a recoverable amount of THB 7,000. The
closing rate is 1.3: THB 1.
• Half of the inventories purchased remain unsold. ABC estimated that the net
realizable value of the unsold inventories is ZAR 300. The closing rate is P6.
Requirement: Provide the year-end adjustments.
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 45
Solutions:
Equipment at carrying amount translated at original spot rate
(10,000 x 1.2 x 4/5)
Equipment at recoverable amount translated at the spot rate
when the recoverable amount is determined,
i.e., Dec. 31, 20x1 (7,000 x P1.3)
Decrease in carrying amount - Impairment loss
Inventory at carrying amount translated at original spot rate
(500 x P5)
Inventory at net realizable value translated at the spot rate
when the net realizable value is determined,
i.e., Dec. 31, 20x1 (300 x P6)
Decrease in carrying amount - Impairment loss
9,600
9,100
500
2,500
1,800
700
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 46
Dec. 31
Dec. 31
Impairment loss
Accumulated impairment
losses
to recognize impairment in
equipment
500
Impairment loss
Inventory
to recognize inventory writedown
700
500
700
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 47
Several exchange rates
Exchange rates may also be classified as either buying or selling rates.
Buying and selling rates refer to the rate a currency broker (e.g., a bank)
is willing to pay or sell a currency.
Example 1
You have 100 US dollars. You go to a bank to exchange your dollars to
pesos. The bank gives you P43 for each dollar you have. P43 refers to
buying rate.
Example 2
You purchased goods worth 100 US dollars to be settled in US dollars.
You go to a bank to purchase 100 US dollars to be used in settling the
purchase of goods you have made. The bank gives you 1 US dollar for
every P45 you have. P45 refers to selling rate.
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 48
Illustration: Buying and selling rates
ABC Co. had the following foreign currency transactions on April 1, 20x1:
Purchased goods worth CHF 10,000 (francs) from Swiss Company, a company based in
Switzerland.
Sold goods with sale price of VEB 1,000 (bolivars) to Venezuelan Company, a
company based in Venezuela.
Both the transactions were settled on April 30, 20x1. The following were the spot
exchange rates:
Buying
Selling
Swiss Francs
April 1, 20x1
P44: CHF1
P48: CHF1
April 30, 20x1
P47: CHF1
P50: CHF1
Bolivars
April 1, 20x1
P10: BEV1
P12: BEV1
April 30, 20x1
P13: BEV1
P16: BEV1
Requirements: Compute for the FOREX gain/loss from the transactions:
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 49
Solutions:
Purchase transaction:
[10,000 x (P50 selling rate - P48 selling rate)] = P20,000 FOREX loss
Sale transaction:
[1,000 x (P13 buying rate-P10 buying rate)] = P3,000 FOREX gain
bank.
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn 12 - 50
End of Module 1
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