This document is a student paper submission for an advanced accounting course. It discusses foreign currency risk for a company called XYZ Inc. that is looking to expand sales into three other countries. The paper addresses the three main types of foreign currency risk: accounting, transaction, and operating exposure. It also discusses hedging strategies like forward contracts and money market hedges that could help mitigate XYZ's currency risk. The paper concludes that XYZ should use the temporal translation method to minimize its balance sheet exposure given its operations will be in countries with high inflation.
1. ACC401012VA016-1194-001 - ADVANCED ACCOUNTING
Week 9 Assignment 2 - Submit Here
Rachel Bright on Sun, Jun 02 2019, 1:25 PM
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· ACC 401 - WEEK 9 PAPER.docx
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Citations (16/16)
1. 1Another student's paper
2. 2Another student's paper
3. 3Another student's paper
4. 4Another student's paper
5. 5Another student's paper
6. 6Another student's paper
7. 7Another student's paper
8. 8Another student's paper
9. 9Another student's paper
10. 10Another student's paper
11. 11Another student's paper
12. 12Another student's paper
13. 13Another student's paper
14. 14Another student's paper
15. 15Another student's paper
16. 16http://www.informasitraining.com/foreign-exchange-risk-
management
2. Running head: 1 FOREIGN CURRENCY RISK 1
2 FOREIGN CURRENCY RISK 5
Foreign Currency Risk
Rachel Y. Bright
Professor Repp
ACC 401
Due June 3rd, 2019
Exposure
Differentiation in the exchange rate in diverse currencies may
affect the business situation. This is the situation that XYZ Inc,
is likely to experience in three countries where is targeting to
expand company sales through export. Once companies sell
goods and services in the international market, they get paid in
the local currency of the country in which they sell goods to and
the amount which they are paid is likely to be lower than what
they expected. The difference that comes about due to changes
in the value of the company which is caused by the differences
in the money market is referred to as the exposure. This is a risk
and therefore, risks management is required by companies in
order to develop strategies such as hedging transactions,
translations and other operations that help the company to avoid
diminishing in the market value and also profits.
3 The three types of risk that are identified are accounting
exposure, transaction exposure, and operating
exposure. 4 Accounting exposure is also referred to as
translation risk. 5 This occurs when reporting and consolidating
financial statements requires conversion from the foreign
currency to local currency, translating foreign assets or
liabilities into home currency (Francis, 1). Transaction exposure
occurs from changes in the value of foreign currency contracts
as a result of the exchange rate changes. Lastly, we have
operating exposure also referred to as economic exposure. 5 It
arises because exchange rate change may alter the value of
future revenues and costs (Shapiro, 2). It is used to determine
the difference in the current worth of the company
consequential from the changes in the streams of the revenues
3. and costs that are likely to be caused by the unforeseen changes
in the exchange rate.
If XYZ Inc expands as proposed, accounting exposure will
affect the balance sheet because liabilities incurred will be
translated into foreign currency to home local currency and this
will affects the balance sheet. Considering transaction exposure,
the contractually fixed invoice is likely to change and this will
affect income statement because sales revenue will be affected.
Lastly, considering economic exposure, the income statement is
likely to be affected due to future unforeseen changes in the
streams of revenues and cost which may be caused by changes
in the exchange rates.
2 Types of hedges regarding foreign exchange risk
Hedging a particular currency exposure means establishing an
offsetting currency position. One type of hedging is forward
contracts where a firm’s translation exposure by creating an
offsetting asset or liability in the foreign currency. Another type
of hedging that we must be aware of is money market
hedge. 5 It is the borrowing and lending in two different
currencies to lock in the dollar value of any future foreign
currency cash flow. Considering the case of XYZ, Inc the best
risk mitigation strategy would be hedging for accounting
exposure, operating exposure and translational exposure
because these will help XYZ Inc to avoid diminishing in the
market value and also making profits from the sales (Shapiro,
2).
6 Main accounting assumptions underlying current rate and
temporal method
1 The main concept underlying the temporal method is that the
translation process should result in a set of translated
U.S. dollar financial statements as if the foreign subsidiary's
transactions had actually been carried out using U.S. dollars. To
achieve this objective, assets carried at historical cost and
stockholders' 7 equity are translated at historical exchange
rates; assets carried at current value and liabilities (carried at
current value) are translated at the current exchange
4. rate. 1 Under this concept, the foreign subsidiary's monetary
assets and liabilities are considered to be foreign currency cash,
receivables, and payables of the parent who are exposed to
transaction risk.Balance sheet exposure under the temporal
method is analogous to the net transaction exposure which
exists from having both receivables and payables in a particular
foreign currency. 2 On the other hand, the major concept
underlying the current rate method is that the entire foreign
investment is exposed to foreign exchange risk. 8 Therefore all
assets and liabilities are translated at the current exchange
rate. Balance sheet exposure under this concept is equal to the
net investment.
1 Translation method that XYZ, Inc. 9 should use in order to
minimize balance sheet exposure
10 The translation method that XYZ, Inc should use to minimize
balance sheet exposure is the temporal method. 11 This is
because a balance sheet hedge requires an equal amount of
exposed foreign currency assets and liabilities on a firm’s
consolidated balance sheet. 1 If this can be achieved, for each
foreign currency, net translation exposure will be
zero. Therefore, the firms translate using temporal method to
achieve zero net exposed position which cannot be achieved
using the current method and this way, balance sheet exposure
is minimized ( Haimes, 3).
12 Comparison of the U.S. GAAP approach to the IFRS
approaches of translating foreign currency financial statements.
13 The similarities that exist between IFRS and U.S GAAP in
terms of translation of the foreign currency is that both
U.S. 9 GAAP and IFRS require entities to remeasure assets,
liabilities, income, and expenses into the entity's functional
currency, which is the currency of the primary economic
environment in which the entity operates. Another similarity is
that both U.S. 9 GAAP and IFRS require remeasurement into
the functional currency before translation into the reporting
currency. However, there is a notable difference between the
two approaches. 1 Differences exist between IFRS and
5. U.S. 10 GAAP with regard to the hierarchy of factors used to
determine the functional currency. 1 IAS 21 establishes primary
factors and other factors to be considered in determining an
entity's functional currency. 7 When the indicators are mixed
and the functional currency is not obvious, the parent must give
priority to the primary indicators in determining the foreign
entity's functional currency. U.S. GAAP does not have a similar
hierarchy. 14 For XYZ Inc. 15 located in a highly inflationary
country, the appropriate method of translation would be a
temporal method. This method avoids disappearing plants
problems that exist when the current method is bused and this
the rationale for choosing it ( Sanko & Koldovskyi, 4).
In conclusion, expanding your business into the global is of
great importance. However, there are possibilities of the foreign
currency risk that is associated with diverse exchange rates in
various countries. Some of the risks include accounting
exposure, translation, and operating exposure. It is important
for the business to critically understand the risk mitigation
strategies that need to put in place while considering other
factors such as inflation. For a form like XYZ, Inc that targets
to expand sales exports in three countries, given that these
locations are associated with high inflation, the best method
that it can use is the temporal method because this method
significantly minimizes balance sheet exposure.
Citations
1. Francis, A., (2010). 16 Foreign exchange
exposure; managerial economics.
http://www.mbaknol.com/managerialeconomics/foreign-
exchange-exposure
2. Shapiro, A. C. (2014). Multinational financial management.
John Wiley & Sons.
https://www.studocu.com/en/document/university-of-new-south-
wales/international-business-finance/book-solutions/alan-c-
shapiro-multinational-financial-management-wiley-
2014/3172385/view
3. Haimes, Y. Y. (2015). 4 Risk modeling, assessment, and
6. management. John Wiley & Sons.
https://books.google.com/books?hl=en&lr=&id=JvowBgAAQBA
J&oi=fnd&pg=PP11&dq=Managing+Translation+Exposure,+mi
nimizing+balance+sheet+exposure+by+temporal+method&ots=
DZ2n-UMoqC&sig=Z9EnQHl4MkBUOD34CEHoGUGfp4Y
4. Sanko, H., & Koldovskyi, A. V. (2017). Comparative analysis
of IFRS and US GAAP.
http://r250.sudu.edu.ua/handle/123456789/61742
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ORIGINAL SOURCE
“Writing at a college level requires informed
research.”
PARAPHRASING
As Harvey wrote, when writing a paper for
higher education, it is critical to research and
cite sources (1).
When writing a paper for higher education,
it is imperative to research and cite sources
(Harvey, 1).
Option #2: Quoting
Citing Another Person’s Work Word-For-Word
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ORIGINAL SOURCE
“Writing at a college level requires informed
research.”
QUOTING
Harvey wrote in his book, “Writing at a college
level requires informed research” (1).
Many authors agree, “Writing at a college
level requires informed research” (Harvey, 1).
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The work is the important part of any writing
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things down is the biggest challenge” (1).
16. This is significant because…
The other side of this is also important. It is
noted that “actually writing isn’t important as
much as putting ideas somewhere useful” (2).
SOURCES
1. William Smith. 2018. The Way Things Are.
http://www.samplesite.com/writing
2. Patricia Smith. 2018. The Way Things Really
Are. http://www.betterthansample.com/tiger
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18. POOR EXAMPLE
Hey check out this article: http://www.
Jobs4You.FED/Jobs_u_can_get
BETTER EXAMPLE
After reading the textbook this week, I
researched job sites. I found an article on how
to find the best job site depending on the job
you’re looking for. The author shared some
interesting tools such as job sites that collect job
postings from other sites and ranks them from
newest to oldest, depending on category. Check
out the article at this link: http://www.Jobs4You.
FED/Jobs_u_can_get
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https://nyti.ms/24L5XkV
19. Strayer University Writing Standards 8
Source List
The Source List (which includes the sources that you used in
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AUTHOR PUBLICATION DATE TITLE PAGE NO. HOW TO
FIND
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author” where you would
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22. Setting Up the
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Creating a
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Source List Elements
Strayer University Writing Standards 9
1. Michael Harvey. 2013. The Nuts & Bolts of College Writing.
p. 1. http://libdatab.strayer.edu/
login?url=http://search.ebscohost.com/login.aspx
1. Michael Harvey. 2013. The Nuts & Bolts of College Writing.
p. 1. http://libdatab.strayer.edu/login?url=http://search.
ebscohost.com/login.aspx
2. William R. Stanek. 2010. Storyboarding Techniques chapter
in Effective Writing for Business, College and Life. http://
libdatab.strayer.edu/login?url=http://search.ebscohost.com/login
.aspx?direct=true&db=nlebk&AN=359141&site=e
ds-live&scope=site&ebv=EB&ppid=pp_23
3. Zyad Hicham. 2017. Vocabulary Growth in College-Level
Students’ Narrative Writing. http://libdatab.strayer.edu/
login?url=http://search.ebscohost.com/login.aspx?direct=true&d
b=edsdoj&AN=edsdoj.9b7fad40e529462bafe3a936
aaf81420&site=eds-live&scope=site
23. 4. Anya Kamenetz. July 10, 2015. The Writing Assignment That
Changes Lives. https://www.npr.org/sections/
ed/2015/07/10/419202925/the-writing-assignment-that-changes-
lives
5. Brad Thor. June 14, 2016. The Best Writing Advice I Ever
Got. http://time.com/4363050/brad-thor-best-writing-advice/
6. Karen Hertzberg. June 15, 2017. How to Improve Writing
Skills in 15 Easy Steps. https://www.grammarly.com/blog/
how-to-improve-writing-skills/
7. Roy Peter Clark. 2008. Writing Tools: 55 Essential Strategies
for Every Writer. p.55-67. Book on Amazon.com.
8. C.M. Gill. 2014. The Psychology of Grading and Scoring
chapter in Essential Writing Skills for College & Beyond.
Textbook.
9. ABC Company’s Policy & Procedures Committee. No Date.
Employee Dress and Attendance Policy. Policy in my office.
10. Henry M. Sayre. 2014. The Humanities: Culture, Continuity
and Change, Vol. 1. This is the HUM111 textbook.
11. Savannah Student. 2018. Image. http://www.studentsite.com
12. Don Dollarsign. 2018. Chart.
http://www.allaboutthemoney.com
13. Company Newsletter Name. 2018. Table. Company
Newsletter Printed Copy (provided upon request).
ACC 401 – Advanced Accounting:
24. 1. Assignment 2: Foreign Currency Risk
Due Week 9 and worth 190 points
Albert, CEO of XYZ, Inc., desires to expand the company’s
sales through exports to three (3) foreign subsidiaries. Albert
knows that the target subsidiaries are located in countries that
require transactions to be denominated in the local currencies.
Albert has researched foreign currency risk and knows that
there is accounting exposure in accounting statements,
operating exposure in future cash flows, and transaction
exposure in outstanding obligations. Albert does not understand
how these risks apply to XYZ, Inc. under his proposal or if
there are any mitigating risk strategies available. Albert
requests you, the head of the Risk Management division, to
prepare a report that he can present to the Board of Directors on
the potential foreign currency risk if XYZ, Inc. expands sales
into these markets. XYZ, Inc.’s reporting currency is the U.S.
dollar and the subsidiaries would purchase the merchandise as
inventory items.
Note: You may create and / or make all necessary assumptions
needed for the completion of this assignment.
Write a three to four ( FULL COMPLETE PAGES 3-4) page
paper in which you:
1. Specify accounting exposure, operating exposure, and
transaction exposure. Determine the main financial statement
effects of each type of exposure if XYZ, Inc. expands as
proposed.
2. Determine two (2) types of hedges regarding foreign
exchange risk, in general, and recommend the most
advantageous risk mitigation strategy for XYZ, Inc. Provide
support for your rationale. Note: Refer to Chapter 9 of the
25. textbook for more information on corporate strategies regarding
hedging foreign exchange risk.
3. Determine the main accounting assumptions underlying each
currently used method (e.g., current rate method and temporal
method). Determine the fundamental differences in balance
sheet exposure from the application of each method.
4. Suggest the translation method that XYZ, Inc. should use in
order to minimize balance sheet exposure. Provide support for
your choice
5. Compare the U.S. GAAP approach to the IFRS approach of
translating foreign currency financial statements. Determine the
main similarities and differences between the two (2) methods
of translation. Assuming one (1) of the subsidiaries of XYZ,
Inc. is located in a highly inflationary country, determine the
appropriate translation method under FASB and provide the
theoretical justification for your response.
6. Use at least two (2) quality academic resources in this
assignment. Note: Wikipedia and similar websites do not
qualify as academic resources.
Your assignment must follow these formatting requirements:
. This course requires use of new Strayer Writing Standards
(SWS). The format is different than other Strayer University
courses. Please take a moment to review the SWS
documentation for details.
. Be typed, double spaced, using Times New Roman font (size
12), with one-inch margins on all sides; citations and references
must follow SWS or school-specific format. Check with your
professor for any additional instructions.
. Include a cover page containing the title of the assignment, the
student’s name, the professor’s name, the course title, and the
26. date. The cover page and the reference page are not included in
the required assignment page length.
The specific course learning outcomes associated with this
assignment are:
. Examine the impact that specific differences between IFRS
and U.S. GAAP have on financial statements.
. Explain foreign currency transactions and analyze the
accounting requirements for the translation of financial
statements of foreign entities.
Grading for this assignment will be based on answer quality,
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