Functional currency file: indicators, documented judgement, change and disclosures
Purchase in dollars: functional currency, recognition at the spot rate, remeasurement of the payable at closing and settlement
≈ 45 minWorkpapers
Can you document your analysis and your accounting treatment like a professional? Each mission starts from a real file and ends with a review.
How a mission works
Numbered sections, like a professional working paper: objective, data, pieces, analysis, calculations, entries, conclusion; then a reviewer reviews.
- 1Objective
- 2Data
- 3Documents
- 4Analysis
- 5Calculation
- 6Entries
- 7Judgment
- 8Conclusion
- 9References
L1Foundation(2)
Foundation Foundation Foreign currency items file: initial recognition, closing, exchange differences, advances and estimated rate
Purchase in dollars: functional currency, recognition at the spot rate, remeasurement of the payable at closing and settlement
≈ 60 min
L2Intermediate(4)
Intermediate Foreign currency items file: initial recognition, closing, exchange differences, advances and estimated rate
Machine bought in dollars
Machine, revalued land, average rate and advance in dollars: non-monetary items and the transaction date · Situation 1 of 4
≈ 60 minIntermediate Foreign currency items file: initial recognition, closing, exchange differences, advances and estimated rate
Revalued land in the United States
Machine, revalued land, average rate and advance in dollars: non-monetary items and the transaction date · Situation 2 of 4
≈ 60 minIntermediate Foreign currency items file: initial recognition, closing, exchange differences, advances and estimated rate
November sales
Machine, revalued land, average rate and advance in dollars: non-monetary items and the transaction date · Situation 3 of 4
≈ 60 minIntermediate Foreign currency items file: initial recognition, closing, exchange differences, advances and estimated rate
Advance paid in dollars
Machine, revalued land, average rate and advance in dollars: non-monetary items and the transaction date · Situation 4 of 4
≈ 60 min
L3Advanced(3)
Advanced Foreign operation translation file: rates, translation reserve, goodwill, tax and intragroup balances
Translation of a UK subsidiary: closing rate, average rate, translation reserve and goodwill
≈ 75 minAdvanced Foreign operation translation file: rates, translation reserve, goodwill, tax and intragroup balances
Loan to a US subsidiary: net investment, intragroup balance, separate or consolidated treatment and tax
≈ 75 minAdvanced Net investment and disposal of a foreign operation file: differences, reclassification, partial disposal and non-controlling interests
Loan to a US subsidiary: net investment, intragroup balance, separate or consolidated treatment and tax
≈ 70 min
L4Expert(11)
Expert Foreign operation translation file: rates, translation reserve, goodwill, tax and intragroup balances
Disposal of a foreign operation: loss of control, partial disposal, non-controlling interests and differences accumulated before hyperinflation
≈ 75 minExpert Net investment and disposal of a foreign operation file: differences, reclassification, partial disposal and non-controlling interests
Vistula — loss of control
Disposal of a foreign operation: loss of control, partial disposal, non-controlling interests and differences accumulated before hyperinflation · Situation 1 of 2
≈ 70 minExpert Net investment and disposal of a foreign operation file: differences, reclassification, partial disposal and non-controlling interests
Caledonia — sale of 30%
Disposal of a foreign operation: loss of control, partial disposal, non-controlling interests and differences accumulated before hyperinflation · Situation 2 of 2
≈ 70 minExpert Functional currency file: indicators, documented judgement, change and disclosures
File of a group with foreign operations: functional currency, loan and net investment, non-exchangeable currency, translation, hyperinflation and disposals (IAS 21)
≈ 45 minExpert Foreign currency items file: initial recognition, closing, exchange differences, advances and estimated rate
NOK loan to Norvik
File of a group with foreign operations: functional currency, loan and net investment, non-exchangeable currency, translation, hyperinflation and disposals (IAS 21) · Situation 1 of 2
≈ 60 minExpert Foreign currency items file: initial recognition, closing, exchange differences, advances and estimated rate
Land acquired in ZRD
File of a group with foreign operations: functional currency, loan and net investment, non-exchangeable currency, translation, hyperinflation and disposals (IAS 21) · Situation 2 of 2
≈ 60 minExpert Foreign operation translation file: rates, translation reserve, goodwill, tax and intragroup balances
Translation of Norvik
File of a group with foreign operations: functional currency, loan and net investment, non-exchangeable currency, translation, hyperinflation and disposals (IAS 21) · Situation 1 of 2
≈ 75 minExpert Foreign operation translation file: rates, translation reserve, goodwill, tax and intragroup balances
Translation of Qadira
File of a group with foreign operations: functional currency, loan and net investment, non-exchangeable currency, translation, hyperinflation and disposals (IAS 21) · Situation 2 of 2
≈ 75 minExpert Net investment and disposal of a foreign operation file: differences, reclassification, partial disposal and non-controlling interests
Exchange difference on the loan
File of a group with foreign operations: functional currency, loan and net investment, non-exchangeable currency, translation, hyperinflation and disposals (IAS 21) · Situation 1 of 3
≈ 70 minExpert Net investment and disposal of a foreign operation file: differences, reclassification, partial disposal and non-controlling interests
Disposal of Tamar
File of a group with foreign operations: functional currency, loan and net investment, non-exchangeable currency, translation, hyperinflation and disposals (IAS 21) · Situation 2 of 3
≈ 70 minExpert Net investment and disposal of a foreign operation file: differences, reclassification, partial disposal and non-controlling interests
Partial disposal of Hudson
File of a group with foreign operations: functional currency, loan and net investment, non-exchangeable currency, translation, hyperinflation and disposals (IAS 21) · Situation 3 of 3
≈ 70 min