Accountants' Discussion Forum: Accounting and Taxation Implications for Forex Transactions
CPD Hours: 2
Price: R380.00
Accountants' Discussion Forum: Accounting and Taxation Implications for Forex Transactions
Presenters : Carmen Westermeyer CA(SA) , Caryn Maitland CA(SA)
Overview
Our Accountants' Discussion Forum is a live and interactive forum that deals with current issues experienced by accounting professionals. Caryn Maitland CA(SA) and Carmen Westermeyer CA(SA) host this discussion forum during which they interrogate, debate and compare aspects of a topic from two different viewpoints that come from their different areas of specialisation.
These sessions are held monthly and are intended to provide you with solutions and answers to your current issues.
This month’s discussion focuses on accounting and taxation implications for forex transactions. We will be looking at Section 30 of IFRS for SMEs, concentrating on Foreign Exchange Transactions, and Section 12, which encapsulates Other Financial Instruments like hedging and derivatives.
We will also be looking at the impacts in IAS 21, exploring the Effects of Changes of Foreign Currency and cover the affected sections of the Income Tax Act that affect forex transactions.
Join Caryn Maitland CA(SA) on 30 November 2023 from 10:00 am to 12:00 pm for an informative discussion into the Accounting and Taxation Implications for Forex Transactions.
Learning Objectives and Competencies Developed
By attending this discussion forum, you will be:
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The attendee will receive a refresher on the difference between functional and presentation currencies
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Develop insights into the disparate treatment of monetary and non-monetary transactions.
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Observe the effects of hedging strategies for managing forex-related risks.
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Get into the tax considerations when engaging in cross-border transactions.
Content to be Discussed
The following topics are under discussion for this month:
We will look at both IFRS and IFRS for SME implications of forex, therefore we will look at
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Section 30 of IFRS for SME's Foreign exchange transactions
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Section 12 of IFRS for SME's Other Financial Instruments (hedging and derivatives)
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IAS 21 The Effects of Changes of Foreign Currency (including the new discussion around Lack of Exchanability)
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The various sections of the Income Tax Act that are affected
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