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12 Accounting for Foreign Currency Transactions and Hedging Foreign Exchange Risk
Advanced Accounting, Fifth Edition Slide 12-1
Foreign Currency Transactions Many U.S. companies engage in international activities such as: Exporting or importing goods, Establishing a foreign branch, or Holding an equity investment in a foreign company.
Slide 12-2
Foreign Currency Transactions Recording and reporting problems with foreign currency transactions: Transactions in a foreign currency must be translated (expressed in dollars) before they can be aggregated with domestic transactions. Receivables or payables denominated in foreign currencies are subject to gains and losses. Companies use hedging strategies with derivatives to minimize the impact of exchange rate changes.
Slide 12-3
Foreign Currency Transactions – Accounting Issue • PSAK 10. Transaksi Mata uang asing yang
digunakan sebagai pedoman akuntansi transaksi piutang dan utang usaha yang dinyatakan dalam mata uang asing yang memerlukan pembayaran atau penerimaan mata uang asing
• PSAK 55 Akuntansi untuk Instrumen Derivatif
dan Lindung Nilai digunakan sebagai pedoman akuntansi untuk instrumen keuangan yang dikategorikan sebagai derivatif untuk tujuan lindung nilai.
Slide 12-4
Exchange Rates—Means of Translation Translation - process of expressing amounts stated in a foreign currency in the currency of the reporting entity by using an appropriate exchange rate. Exchange rate - ratio between a unit of one currency and another currency for which that unit can be exchanged at a particular time.
Slide 12-5
Exchange Rates—Means of Translation Direct Exchange Rate Units of domestic currency that can be converted into one unit of foreign currency. Direct rate = 1.517 ($1.517 U.S. for 1 British pound)
Indirect Exchange Rate Units of foreign currency that can be converted into one unit of domestic currency.
Indirect rate = 1.00/1.517 = .6592 ($1 U.S. for .6592 British pound) Slide 12-6
Exchange Rates— Direct Exchange Rate • Kurs Langsung atau The direct exchange rate (DER) adalah banyaknya unit mata uang lokal atau local currency units (LCUs) yang diperlukan untuk memperoleh satu unit mata uang asing atau foreign currency unit (FCU). • Dari sudut pandang entitas Indonesia, kurs langsung atau the direct exchange rate dapat dipandang sebagai besarnya Rupiah untuk memperoleh satu unit mata uang asing atau one foreign currency unit. Slide 12-7
Exchange Rates— Direct Exchange Rate • Kurs langsung atau The direct exchange rate ratio
dinyatakan sebagai berikut, dengan LCUs, yaitu rupiah sebagai pembilang : DER = Nilai setara Rupiah 1 unit mata uang asing Contoh : Jika dengan Rp.13.600 dapat diperoleh 1 dollar AS, kurs langsung dari Rupiah terhadap dolar adalah sebesar Rp.13.600 Rp.13.600 ---------------- = Rp.13.600 $1
Slide 12-8
Exchange Rates— Indirect Exchange Rate • Kurs tidak langsung atau The indirect exchange rate (IER) adalah kebalikan dari kurs langsung atau the direct exchange rate. • Dari sudut pandang entitas Indonesia, kurs tidak langsung atau the indirect exchange rate dapat ditunjukkan sebagai banyaknya unit mata uang asing yang dapat diperoleh dengan 1 Rupiah. Slide 12-9
Exchange Rates— Indirect Exchange Rate • Rasio untuk menghitung kurs tidak langsung atau the indirect exchange rate adalah: IER = 1 unit mata uang asing Nilai setara rupiah Contoh : dollar di atas adalah sebesar 1 ------------- = $0,00007353 Rp.13.600 Slide 12-10
Exchange Rates—Means of Translation Spot Rate Rate at which currencies can be exchanged today.
Forward or Future Rate Rate at which currencies can be exchanged at some future date.
Forward Exchange Contract Contract to exchange currencies of different countries on a stipulated future date, at a specified rate (the forward rate). Slide 12-11
Exchange Rates— Spot Rate vs Current Rate • PSAK 10 mengacu penggunaan kurs tunai maupun kurs saat ini untuk mengukur operasi luar negeri • Kurs tunai (The spot rate) adalah kurs yang digunakan dalam penyerahan segera suatu mata uang
• Kurs saat ini (The current rate) didefinisikan secara sederhana sebagai kurs tunai pada tanggal neraca suatu entitas Slide 12-12
Exchange Rates— Forward Rate • Kurs ketiga adalah kurs untuk pertukaran mata
uang di masa mendatang atau disebut kurs kontrak berjangka (forward exchanges rate)
• Terdapat pasar pedagang kontrak pertukaran
berjangka khusus (forward exchange contracts) yang aktif untuk perusahaan yang menerima atau mengeluarkan mata uang utama internasional.
• Keuntungan dari pasar forward ini adalah setara
rupiah dari suatu penerimaan atau pengeluaran masa depan unit uang asing dapat ditetapkan pada saat kontrak tersebut dibuat
Slide 12-13
Exchange Rates—Means of Translation Floating Rates Relationship between major currencies is determined by supply and demand factors. Increase risk to companies doing business with a foreign company.
Example – Payable to be settled in 100,000 yen
Yen Direct rate Payable Slide 12-14
Transaction Date 100,000 $ 0.00434 $ 434.00
Change in Rate
Settlement Date 100,000 $ 0.00625 $ 625.00
Measured Versus Denominated Transactions are normally measured and recorded in terms of the currency in which the reporting entity prepares its financial statements. Reporting Currency - usually the currency where the company is located.
Transaction between a U.S. firm and a foreign company: Companies negotiate whether settlement is to be made in dollars or in the foreign currency. If settled by foreign currency, U.S. firm measures the receivable or payable in dollars, but the transaction is denominated in the foreign currency. Slide 12-15
LO 1 Measured versus denominated.
Foreign Currency Transactions Foreign Currency Transaction - requires payment or receipt (settlement) in a foreign currency. U.S. firm exposed to risk of unfavorable changes in the exchange rate. Direct exchange rate increasing, or foreign currency unit strengthening. Direct exchange rate decreasing, or foreign currency unit weakening. Slide 12-16
=
More dollars needed to acquire the foreign currency units.
=
Fewer dollars needed to acquire the foreign currency units. LO 2 Foreign Currency Transactions.
Foreign Currency Transactions Importing or Exporting of Goods or Services Translating Accounts Denominated in Foreign Currency Transaction date
Balance sheet date
Settlement date
Units of foreign currency x Current direct exchange rate
Increase or decrease is generally reported as a foreign currency transaction gain or loss, sometimes referred to as an exchange gain or loss, in determining net income for the current period. Slide 12-17
LO 3 Common transactions. LO 4 Three stages of concern.
Importing or Exporting of Goods or Services Gambaran umum atas akuntansi yang diharuskan untuk transaksi impor atau ekspor dalam mata uang asing secara kredit adalah sebagai berikut :
1. Tanggal transaksi (Transaction date). • Mencatat transaksi pembelian atau penjualan
pada nilai setara rupiah menggunakan kurs langsung tunai pada tanggal tersebut.
Slide 12-18
LO 3 Common transactions. LO 4 Three stages of concern.
Importing or Exporting of Goods or Services
2. Tanggal Neraca (Balance sheet date) • Menyesuaikan utang atau piutang menjadi nilai
setara rupiah pada akhir periode menggunakan kurs langsung sekarang • Mengakui keuntungan atau kerugian sebagai akibat perubahan kurs antara tanggal transaksi dengan tanggal neraca
Slide 12-19
LO 3 Common transactions. LO 4 Three stages of concern.
Importing or Exporting of Goods or Services 3. Tanggal Penyelesaian (Settlement date) • Pertama-tama menyesuaikan utang atau piutang untuk setiap perubahan mata uang asing antar tanggal neraca (atau tanggal transaksi jika transaksi tersebut terjadi setelah tanggal neraca) dengan tanggal penyelesaian, mencatat keuntungan atau kerugian yang terjadi. • Kemudian mencatat penyelesaian utang atau piutang dalam mata uang asing tersebut. Slide 12-20
LO 3 Common transactions. LO 4 Three stages of concern.
Importing or Exporting of Goods or Services
Slide 12-21
LO 3 Common transactions. LO 4 Three stages of concern.
Importing or Exporting of Goods or Services
Slide 12-22
LO 3 Common transactions. LO 4 Three stages of concern.
Importing or Exporting of Goods or Services
Slide 12-23
LO 3 Common transactions. LO 4 Three stages of concern.
Importing or Exporting of Goods or Services
Slide 12-24
LO 3 Common transactions. LO 4 Three stages of concern.
Importing or Exporting of Goods or Services
Slide 12-25
LO 3 Common transactions. LO 4 Three stages of concern.
Importing or Exporting of Goods or Services
Exercise
Slide 12-26
LO 3 Common transactions. LO 4 Three stages of concern.
Importing or Exporting of Goods or Services Exercise 12-1:
Slide 12-27
LO 3 Common transactions. LO 4 Three stages of concern.
Importing or Exporting of Goods or Services Exercise 12-1:
Slide 12-28
LO 3 Common transactions. LO 4 Three stages of concern.
Importing or Exporting of Goods or Services Exercise 12-2:
Slide 12-29
LO 3 Common transactions. LO 4 Three stages of concern.
Importing or Exporting of Goods or Services Exercise 12-2:
Slide 12-30
LO 3 Common transactions. LO 4 Three stages of concern.
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