HKAS 21 The effects of changes in foreign exchange rates

This workshop aims to provide you with an overview of HKAS 21, Tthe effects of changes in foreign exchange rates, and its application in preparing consolidated financial statements. It will cover the determination of functional currency, accounting treatment for changes in functional and presentation currency, and the translation of foreign transactions and operations.

The workshop will also address practical challenges such as consolidation issues and foreign currency translation, while providing updates on the upcoming Lack of Exchangeability amendment effective from 1 January 2025.

Key topics covered:

• Determination of functional currency
• Accounting treatment for the change in functional currency
• Translation of foreign transactions
• Translation of foreign operations
• Accounting treatment for the change in presentation currency
• Recent updates of HKAS 21 - Lack of Exchangeability (effective for annual reporting periods beginning on or after 1 January 2025)

Trainer:

Polly Lo
CPA, MFA and Lecturer at Kaplan Financial

Polly is a CPA with several years' auditing work experience at one of the Big 4 firms in Hong Kong. She is experienced in providing external audit assurance services to Hong Kong listed companies in the retail, manufacturing, and telecommunications business sectors.

She also has extensive experience delivering professional examination training sessions, such as CPA Australia Ethics and Governance, Advanced Audit, and Assurance and Financial Reporting of other professional examination bodies to the public and being a lecturer at Kaplan Financial.