Thursday 2 June 2022


12:00 pm


1.5 CDP Hours

Session Topic

Revisiting the accounting, disclosure, and audit of changes in foreign exchange rates

Many businesses and NFPs make foreign-currency transactions. Some have overseas operations conducted through subsidiaries, associates, joint ventures, and branches.  In addition, an entity might present its financial statements in a foreign currency.

AASB 121 The Effects of Changes in Foreign Exchange Rates and other standards and interpretations detail the rules.

This session will

  • Describe how to include foreign-currency transactions and foreign operations
  • How to translate financial statements into a presentation currency
  • Discuss recent interpretations of AASB 121
  • Review what is required to be disclosed with examples, and
  • Identify the audit risks and typical audit procedures to be applied.
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This session is presented by:

Colin Parker

Principal | GAAP Consulting | Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board.

He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.