Accounting:Translation of Foreign Currency Financial Statements

1. 
Foreign Currency Translation and Hedging activities

Many companies make annual reports available on their corporate home page.
Annual reports also be accessed through the SEC’s EDGAR  system at www.sec.gov (under Filing Type, search for 10-K).

Access the most recent annual report for U.S.- based multinational company
with which you are familiar.

Required:

a.  Identify the location (s) in the annual report that provides
disclosures related to the translation of foreign currency financial statements
and foreign currency hedging.

b.  Determine whether the company’s foreign operations have a
predominant functional currency.

c.  Determine the amount of remeasurement gain or loss, if any,
reported in net income in each of the three most recent years

d.  Determine the amount of translation adjustment, if any, reported in
other comprehensive income in each of the three most recent years. Explain the
sign (positive or negative) of the translation adjustment in each of the three
most recent years.

e.  Determine whether the company hedges net investments in foreign
operations. If so, determine the type(s) of hedging instrument used.

2. Foreign Currency translation disclosures in the computer industry

Many companies make annual reports available on their corporate home page.
Annual reports also be accessed through the SEC’s EDGAR  system at www.sec.gov (under Filing Type, search for 10-K)

Access the most recent annual report for the following U.S.- based multinational
corporations:

International Business Machines Corporation.

Dell Computer Company.

Required:

a.  Identify the location (s) in the annual report that provides
disclosures related to the translation of foreign currency financial statements
and foreign currency hedging.

b.  Determine whether the company’s foreign operations have a
predominant functional currency. Discuss the implication this has for the
comparability of financial statements of the two companies.

c.  Determine the amount of translation adjustment, if any, reported in
other comprehensive income in each of the three most recent years. Explain the
sign (positive or negative) of the translation adjustment in each of the three
most recent years. Compare the relative magnitude of these translation
adjustments for the two companies.

d.  Determine whether each company hedges the net investment in foreign
operations. If so, determine the type(s) of hedging instrument used.

e.  Prepare a brief report comparing and contrasting the foreign currency
translation and foreign currency hedging policies of these two companies.

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