tailieunhanh - Ebook Advanced accounting (10E): Part 2
(BQ) Part 2 book "Advanced accounting" has contents: Foreign currency transactions; translation of foreign financial statements; interim reporting and disclosures about segments of an enterprise; accounting for private not for profit organizations; debt restructuring, corporate reorganizations, and liquidations,.and other contents. | Foreign Currency Transactions C H A P T E R 10 Learning Objectives When you have completed this chapter, you should be able to 1. Explain the floating international monetary system, and identify factors that influence rates of exchange between currencies. 2. Define the various terms associated with exchange rates, including spot rates, forward rates, premiums, and discounts. 3. Account for a foreign currency transaction, including the measurement of exchange gain or loss. 4. Identify the contexts in which a company may be exposed to foreign currency exchange risk. 5. Understand the characteristics of derivatives and the common types used to hedge foreign currency exchange rate risk. 6. Explain the accounting treatment given various types of foreign currency hedges. In 2006, the United States exported approximately $1,037 billion of goods and imported approximately $1,854 billion of goods. The United States exported $246 billion of goods to Europe alone and $257 billion to Pacific Rim countries. On the other hand, we imported $384 billion from Europe, $619 billion from Pacific Rim countries, and $145 billion from the Organization of Petroleum Exporting Countries (OPEC). During this period of time, trading levels with the top five trading nations were as follows: Exports Nation Canada Mexico Japan China United Kingdom Total all nations Imports (in millions) Percent of Total $ 230,656 133,979 59,613 55,186 45,410 1,036,635 (in millions) Nation Canada China Mexico Japan Germany Total all nations Percent of Total $ 302,438 287,774 198,253 148,181 89,082 1,853,939 Think of some large . companies and you will be surprised at the scale of their international sales. Consider some of the following: Boeing Year-end Total revenues (in millions). . . . . . revenues (in millions) Percent traceable to . Kraft Foods Coca-Cola Johnson Controls December 31, 2006 $61,530 $23,031 December .
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