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Chapter6
ForeignCurrencyTranslation
DiscussionQuestionsSolutions
1.Foreigncurrencytranslationistheprocessofrestatingaforeignaccountbalancefromone
currencytoanother.Foreigncurrencyconversionistheprocessofphysicallyexchangingonecurrencyforanother.
2.Intheforeignexchangespotmarket,currenciesboughtandsoldmustbedeliveredimmediately,normallywithin2businessdays.ThusaSingaporeantouristbuyingU.S.dollarsattheairport
beforeboardingaplaneforNewYorkwouldhandoverSingaporedollarsandimmediately
receivetheequivalentamountinU.S.dollars.Theforwardmarkethandlesagreementsto
exchangeafixedamountofonecurrencyforanotheronanagreeddateinthefuture.For
example,aFrenchmanufacturerexportinggoodsinvoicedineurostoaJapaneseimporteron60-daycredittermswouldbuyaforwardcontracttosellyenforeuros2monthsinthefuture.
Transactionsintheswapmarketinvolvethesimultaneouspurchase(orsale)ofonecurrencyinthespotmarketandthesale(orpurchase)ofthesamecurrencyintheforwardmarket.Thus,a
Canadianinvestorwishingtotakeadvantageofhigherinterestrateson6-monthTreasurybillsintheUnitedStateswouldbuyU.S.dollarswithCanadiandollarsinthespotmarketandinvestintheUnitedStates.ToguardagainstafallinthevalueoftheU.S.dollarbeforematurity(when
theU.S.dollarproceedsareconvertedbacktoCanadiandollars),theCanadianinvestorwould
simultaneouslyenterintoaforwardcontracttosellU.S.dollarsforCanadiandollars6monthsinthefutureattodaysforwardexchangerate.
3.Thequestionreferstoalternativeexchangeratesthatareusedtotranslateforeignfinancial
statements.Thecurrentrateistheexchangerateatthefinancialstatementdate.Itis
sometimescalledtheyear-endorclosingrate.Thehistoricalrateistheexchangerateatthetimeoftheunderlyingtransaction.Theaveragerateistheaverageofvariousexchangeratesduringafiscalperiod.Sincetheaverageratenormallyisusedtotranslateincomestatementitems,itis
oftenweightedtoreflectanyseasonalchangesinthevolumeoftransactionsduringtheperiod.
Translationgainsandlossesdonotoccurifexchangeratesdonotchange.However,ifexchangerateschange,theuseofcurrentandaverageratescausestranslationgainsandlosses.Thesedonotoccurwhenthehistoricalrateisusedbecausethesame(constant)rateisusedeachperiod.
4.Inthisexample,theMexicanAffiliatesCanadiandollarloanisdenominatedinCanadiandollars.However,becausetheMexicanaffiliate’sfunctionalcurrencyisU.S.dollars,thepesoequivalentoftheCanadiandollarborrowingwouldberemeasuredinU.S.dollarspriortoconsolidation.IftheMexicanaffiliate’sfunctionalcurrencywerethepeso,theCanadiandollarloanwouldbe
remeasuredinpesosbeforebeingtranslatedtoU.S.dollars.
5.Atransactiongainorlossoccurswhenaforeigncurrencytransaction,e.g.,aforeigncurrency
borrowing,issettledatadifferentexchangeratethanthatwhichprevailedwhenthetransactionwasoriginallyincurred.Inthiscasethereisanexchangeofonecurrencyforanother.A
translationgainorloss,ontheotherhand,issimplytheresultofarestatementprocess.Thereis
nophysicalexchangeofcurrenciesinvolved.
6.Itisnotpossibletocombine,add,orsubtractaccountingmeasurementsexpressedindifferent
currencies;thus,itisnecessarytotranslatethoseaccountsthataremeasuredordenominatedinaforeigncurrencyintoasinglereportingcurrency.Foreigncurrencytranslationcaninvolve
restatementorremeasurement.Inrestatement,thelocal(functional)currencyiskeptastheunitofmeasure;thatis,thetranslationprocessmultipliesthefinancialresultsandrelationshipsinthelocalcurrencyaccountsbyaconstant,thecurrentrate.Incontrast,remeasurementtranslates
localcurrencyresultsasiftheunderlyingtransactionshadtakenplaceinthereporting
(functional)currencyoftheparentcompany;forexample,itchangestheunitofmeasureofaforeignsubsidiaryfromitslocal(foreign)currencytotheU.S.dollar.
7.Majoradvantagesandlimitationsofeachofthemajortranslationmethodsfollow.
CurrentRateMethod
Advantages:
a.Retainstheinitialrelationshipsintheforeigncurrencystatements.
b.Simpletoapply.
Limitations:
a.Violatesthebasicpurposeofconsolidation,whichistopresenttheresultsofaparentanditssubsidiariesasiftheywereasingleentity.
b.Inconsistentwithhistoricalcost.
c.Presumesthatalllocalassetsandliabilitiesaresubjecttoexchangerisk.
d.WhilestockholdersequityadjustmentsshieldanMNCsbottomlinefromtranslationgainsandlosses,suchadjustmentscoulddistortcertainfinancialratiosandbeconfusing.
Current-noncurrentMethod
Advantages:
a.Distortionsintranslatedgrossmarginsarereducedasinventoriesandtranslatedatthecurrentrate.b.Reportedearningsareshieldedfromthedistortingeffectsofcurrencyfluctuationsasexcess
translationgainsaredeferredandusedtooffsetfuturetranslationlosses.
Limitations:
a.Usesbalancesheetclassificationasbasisfortranslation.
b.Assumesallcurrentassetsareexposedtoexchangeriskregardlessoftheirform.
c.Assumeslong-termdebtisshelteredfromexchangeraterisk.
Monetary-nonmonetaryMethod
Advantages:
a.Reflectschangesindomesticcurrencyequivalentoflong-termdebtonatimelybasis.
Limitations:
a.Assumesthatonlymonetaryassetsandliabilitiesaresubjecttoexchangeraterisk.
b.Exchangeratechangesdistortprofitmarginsassalestransactedatcurrentpricesarematchedagainstcostofsalesmeasuredathistoricalprices.
c.Usesbalancesheetclassificationasbasisfortranslation.
d.Nonmonetaryitemsstatedatcurrentmarketvaluesaretranslatedathistoricalrates.
TemporalMethod
Advantages:
a.Theoreticallyvalid:compatiblewithanyaccountingmeasurementmethod.
b.Hastheeffectoftranslatingforeignsubsidiariesoperationsasiftheywereoriginallytransactedinthehomecurrency,whichisdesirableforforeignoperationsthatareextensionsoftheparent’sactivities.
Limitation:
a.Acompanyincreasesitsearningsvolatilitybyrecognizingtranslationgainsandlossescurrently.
Inarguingforonetranslationmethodoveranother,yourstudentsshouldeventuallyrealizethat,inthepresentstateoftheart,thereisprobablynoonetranslationmethodthatisappropriateforall
circumstancesinwhichtranslationsoccurandforallpurposesthat
translationserves.Itisprobablymorefruitfultohavestudentsidentifycircumstancesinwhichtheythinkonetranslationmethodismoreappropriatethananother.
8.Thecurrentratemethodisappropriatewhentheforeignentitybeingconsolidatedislargely
independentoftheparentcompany.Conditionswhichwouldjustifythismethodologyiswhentheforeignaffiliatetendstogenerateandexpendcashflowsinthelocalcurrency,sellsaproductlocallysothatitssellingpriceislargelyinsulatedfromexchangeratechanges,incursexpenseslocally,financesitsselflocallyanddoesnothaveverymanytransactionswiththeparent
company.Incontrast,thetemporalmethodseemsappropriateinthoseinstanceswhenthe
foreignaffiliate’soperationsareintegrallyrelatedtotheparentcompany.Conditionswhich
wouldjustifyuseofthetemporalmethodarewhentheforeignaffiliatetransactsbusinessintheparentcurrencyandremitssuchcashflowstotheparentcompany,sellsaproductlargelyintheparentcountryandwhosesellingpriceissensitivetoexchangeratechanges,sourcesitsfactorinputsfromtheparentcompany,receivesmostofitsfinancingfromtheparentandhasalargetwowayflowoftransactionswithit.
9.ThehistoryofforeigncurrencytranslationintheUnitedStatessuggeststhatthedevelopmentofaccountingprinciplesdoesnotdependontheoreticalconsiderationssomuchasonpolitical,
institutional,andeconomicinfluencesthataffectaccountingstandardsetting.Itmaybemore
realistictorecognizethattheoreticallysoundsolutionsareimpossibleaslongaspolicy
prescriptionsareevaluatedonpracticalgrounds.Withoutspecificchoicecriteriaderivedfrom
investordecisionmodels,itisfruitlesstoarguetheconceptualmeritsofcompetingaccountingtreatments.Itisfarmoreproductivetoadmitthatforeigncurrencytranslationchoicesaresimplyarbitrary.
Readersofconsolidatedfinancialstatementsshouldknowthattheforeigncurrencytranslationmethodusedisoneofseveralalternatives,andthisshouldbedisclosed.Thisapproachismoreopenandreducesthechancethatreaderswilldrawmisleadinginferences.
10.Foreigninflation,inparticular,thedifferentialrateofinflationbetweenthecountryinwhichasubsidiaryislocatedandthecountryofitsparentdeterminesforeignexchangerates.Theserates,inturn,areusedtotranslateforeigncurrencybalancestoparentcurrency.
11.IntheUnitedKingdom,financialstatementsofaffiliatesdomiciledinhyperinflationary
environmentsmustfirstbeadjustedtocurrentpricelevelsandthentranslatedusingthecurrent
rate;intheUnitedStates,thetemporalmethodwouldbeemployed.Thesecondpartofthis
questionisdesignedtogetstudentsfromabroadtofindoutwhatcompaniesintheirhome
countriesaredoingandtherebybeinapositiontosharetheirnewfoundknowledgewiththeir
classmates.Theyneedsimplygetontheinternetandreadthefootnotesofamajormultinationalcompanyintheirhomecountry.
12.UnderFASNo.52,theparentcurrencyisdesignatedasthefunctionalcurrencyforanaffiliate,whoseoperationsareconsideredtobeanintegralpartoftheparentcompany’soperations.
Accordingly,anythingthataffectsconsolidatedearnings,includingforeigncurrencytranslationgainsandlosses,isrelevanttoparentcompanyshareholdersandisincludedinreportedearnings.Incontrast,whenaforeignaffiliatesoperationsareindependentoftheparents,thelocal
currencyisdesignatedasitsfunctionalcurrency.Sincethefocusisontheaffiliateslocal
performance,translationgainsandlossesthatarisesolelyfromconsolidationareirrelevantand,therefore,arenotincludedinconsolidatedincome.
ExercisesSolutions
1.¥250,000,000X.008557=$2,139,250.
¥250,000,000¥116.86=$2,139,312
Thedifferenceisduetorounding.
2.Since£1=US$1.9590and1=US$1.3256,£1=US$1.9590/US$1.3256=1.4778.
Alternatively,1=US$1.3256/US$1.9590=£.6767.
3.SingleTransactionPerspective:
4/1Purchases(¥32,500,000/¥116.91)$277,992
Cash$27,800
A/P(¥32,500,000-¥3,250,000)/¥116.91250,192
(Creditpurchase)
7/1Purchases[(¥29,250,000/¥116.91)–(¥29,250,000/¥115.47)A/P
(Torecordincreaseinpurchasesduetoyenappreciation)
7/1Interestexpense(¥29,250,000X.08X3/12)/¥115.47A/P(¥29,250,000/¥115.47)
Cash
(Torecordsettlement)
3,120
3,120
5,066
253,312
258,378
TwoTransactionsPerspective:
4/1Purchases
Cash
A/P
7/1Transactionloss
A/P
7/1Interestexpense
A/P
Cash
$277,992
$27,800
250,192
3,120
3,120
5,066
253,312
258,378
4.a.MXN1,750,000/MXN10.3=C$169,903.
b.TheCanadiandollarequivalentoftheMexicaninventoryaccountwouldnotchangeifthefunctionalcurrencywastheCanadiandollarasthetemporalmethodtranslatesinventory,anonmonetaryasset,attheexchangeratethatpreservesitsoriginalmeasurementbasis.Sinceinventoryisbeingcarriedatitsnetrealizablevalue,itwouldbe
translatedatthecurrentrate.HadinventorybeencarriedathistoricalcosuldhavebeentranslatedatthehistoricalrateorMXN3,750,000/MXN9.3=C$403,226.
5.Bahtisthefunctionalcurrency:
B2,500,000/20years=B125,000
B125,000/B37=3,378
B5,000,000/20years=B250,000
B250,000/B37=6,757
U.S.dollaristhefunctionalcurrency:
B2,500,000/20years=B125,000
B125,000/B40=3,125
B5,000,000/20years=B250,000
B250,000/B38=6,579
Totaldepreciation$9,704
6.IftheeuroistheGermansubsidiary’sfunctionalcurrency,itsaccountswouldbetranslatedintoAustraliandollarsusingthecurrentratemethod.InthiscasethetranslationgainofAUD4,545,455wouldappearinconsolidatedequity.
Thustheonlyitemaffectingcurrentincomewouldbethetransactionloss(lossonanunsettledtransaction)ofAUD1,514,515ontheeuroborrowing.
IftheAustraliandollarisdeemedtobethefunctionalcurrency,thenthetransactionlossand
translationgainwouldbothappearinreportedearningsasfollows:
AUD(1,514,515)transactionloss
AUD4,545,455translationgain
AUD3,030,940netforeignexchangegain
7.
U.S.Dollar
BeforeCNY
Appreciation
U.S.Dollar
AfterCNY
Appreciation
U.S.DollarAfterCNYDepreciation
CNYBalanceSheet
($.12=CNY1)
($.15=CNY1)
($0.09=CNY1)
AssetsAmountCurrentMonetaryCurrentMonetary
NoncurrentNonmonetaryNoncurrentNonmonetary
CashNT5,000$600$750$750$450$450
Accts.Receivable14,0001,6802,1002,1001,2601,260
Inventories
(cost=24,000)22,0002,6403,3002,6401,9802,640
Fixedassets,net39,0004,6804,6804,6804,6804,680
TotalCNY80,000$9,600$10,830$10,170$8,370$9,030
Liabilities&OwnersEquity
Accts.PayableCNY21,000Long-termdebt27,000
$
$2,520
3,240
3,150
3,240
$3,150
4,050
$1,890
3,240
$1,890
2,430
Stockholdersequity32,0003,8404,4402,9703,2404,710
TotalCNY80,000$9,600$10,830$10,170$8,370$9,030
AccountingexposureCNY20,000(29,000)20,000(29,000)
Translationgain(loss)US$600(870)(600)870
8.
U.S.Dollar
BeforeCNY
Appreciation
U.S.Dollar
AfterCNY
Appreciation
U.S.DollarAfterCNYDepreciation
CNYBalanceSheet
($.12=CNY1)
($.15=CNY1)
($.09=CNY1)
Assets
Cash
Accts.ReceivableInventories
(cost=24,000)
Fixedassets,netTotal
CNY5,00014,000
22,000
39,000
Amount$6001,680
2,640
3,600
CNY80,000$8,520
Temporal
$750
2,100
3,300
3,600
$9,750
Current
$750
2,100
3,300
5,850
$12,000
Temporal$450
1,260
1,980
3,600
$11,700
Current
$450
1,260
1,980
3,510
$7,200
Liabilities&OwnersEquity
Accts.PayableCNY21,000$2,520$3,150$3,150$1,890$1,890
Long-termdebt27,0003,2404,0504,0502,4302,430
Stockholdersequity32,0002,7602,5504,8007,3802,880
TotalNT$80,000$8,520$9,750$12,000$11,700$7,200
AccountingexposureNT$(7,000)32,000(7,000)32,000
Translationgain(loss)US$(210)960210(960)
c.Studentswillquicklydiscoverthateachtranslationmethodhasitsadvantagesanddisadvantages.
Aftersomediscussion,thequestionoftranslationobjectiveswillarise.Currencytranslationobjectivesarebasedonhowforeignoperationsareviewed.Ifforeignoperationsareconsideredextensionsoftheparent,acasecanbemadeforahistoricalratemethod:current-noncurrent,monetary-nonmonetary,ortemporal.Ifforeignoperationsareviewedfromalocalcompanyperspective,acasecanbemadeforthecurrentratemethod.Giventhecomplexityofmultinationalbusinessactivities,onecouldarguethata
singletranslationmethodwillnotserveallpurposesforwhichtranslationsaredone.Aslongasthe
objectivesofforeigncurrencytranslationdifferamongspecificreportingentities,apracticalsolutionistoinsistonfulldisclosureofthetranslationproceduresusedsothatusershaveabasisforreconcilinganydifferencesthatexist.
9.
CompanyA(CountryA)
(ReportingCurrency=Apeso)
BeginningofYearEndofYear
Assets:ExchangeRateTranslatedExchangeRateTranslatedApeso100Apeso100Apeso100
Bol100Apeso1=Bol1.25Apeso80Apeso1=Bol2Apeso50
Apeso180Apeso150
Translationloss=A$30
CompanyB(CountryB)
(ReportingCurrency=Bol)
BeginningofYearEndofYear
Assets:ExchangeRateTranslatedExchangeRateTranslated
Apeso100Apeso1=Bol1.25Bol125Apeso1=Bol2Bol200
Bol100Bol100Bol100
Bol225Bol300
Translationgain=Bol75
b.Thisexercisedemonstratestheeffectofthereportingcurrencyonforeigncurrencytranslationresultswhenthecurrentratemethodisused.Bothcompaniesareinseeminglyidenticalsituations,yetone
reportsatranslationlosswhiletheotherreportsatranslationgain.Onecompanyreportsshrinkingassetswhiletheotherreportsincreasingassets.Nothinghasactuallyhappenedbutanexchangeratechange.
Also,despiteastrongerApeso,CompanyAreportsaloss.Conversely,theBolweakened,yetCompanyBreportsagain.Itappearsthatastrengtheningcurrencyisnotalwaysgoodnews,norisaweakening
currencyalwaysbadnews.
Iftheintentionistorepatriatethefundsinvestedintheforeigncountry(CountryBfromCompanyA’sperspective,CountryAfromCompanyB’sperspective),thescenariomakessense.Afterall,CompanyAwillberepatriatingfewerApesosthanoriginallyinvestedandCompanyBwillberepatriatingmoreBol’sthanoriginallyinvested.Fluctuatingexchangerateshavechangedeachcompanyscommandoveraforeigncurrency.Assumingthecompanyintendstorepatriatethecurrency,itmakessenseto
includetherespectivegainorlossinincomeforthecurrentyear.Ontheotherhanditcanbearguedthatthegainorlossshouldbeexcludedfromincomeifthecompanyintendstokeeptheforeignassetsinvestedpermanently.
.
10.
TranslationRate
Cash
Marketablesecurities(cost)
Accountsreceivable
Inventory(market)
Equipment
Accumulateddepreciation
Prepaidexpenses
Goodwill
Accountspayable
Duetoparent(denominatedindollars)
Bondspayable
Incometaxespayable
Deferredincometaxes
Commonstock
Premiumoncommonstock
RetainedEarnings
Sales
Purchases
LocalCurrencyisDollaris
FunctionalCurrencyFunctionalCurrency
CurrentCurrent
CurrentHistoricala
CurrentCurrent
CurrentCurrent
CurrentHistorical
CurrentHistorical
CurrentHistorical
CurrentHistorical
CurrentCurrent
CurrentCurrent
CurrentCurrent
CurrentCurrent
CurrentCurrent
HistoricalHistorical
HistoricalHistorical
BalancingResidualBalancingResidual
AverageAverage
AverageAverage
CostofSales
Average
Historical
Generalandadministrativeexpenses
Average
Average
Sellingexpenses
Average
Historical
Depreciation
Average
Historical
Amortizationofgoodwill
Average
Historical
Incometaxexpense
Average
Average
Inter-companyinterestexpense
Average
Average
aFixedincomesecuritiesintendedtobeheldtomaturity.
11.a.Beforeriyaldepreciation:
Cash
Inventory
FixedAssets
Total
SAR60,000,000120,000,000750,000,000
SAR3.75=SAR3.75=SAR3.75=
$16,000,000
32,000,000
200,000,000
$248,000,000
Afterriyaldepreciation:
CashSAR60,000,000SAR4.125=$14,545,455
Inventory120,000,000SAR3.75=32,000,000
FixedAssets750,000,000SAR3.75=200,000,000
Total$246,545,455
Translationloss$(1,454,455)
b.ThetranslationlosshasnoeffectonMSC’scashflowsasitistheresultofarestatementprocess.
c.Onapre-taxbasis,ananalystwouldbackoutthetranslationgainfromreportedearningsandaddittoconsolidatedequity.However,inadditioninventoryandfixedassetswouldbetranslatedatthecurrentrate,asopposedtothehistoricalrate,andtheresultingtranslationlosswouldalsobetakentoconsolidatedequity.Thiswouldresultinadifferentearningsnumberaswellasassetmeasures.
Beforeriyaldepreciation:
CashSAR60,000,000SAR3.75=$16,000,000
Inventory120,000,000SAR3.75=32,000,000
FixedAssets750,000,000SAR3.75=200,000,000
Total$248,000,000
Afterriyaldepreciation:
CashSAR60,000,000SAR4.125=$14,545,455
Inventory120,000,000SAR4.125=29,090,909
FixedAssets750,000,000SAR4.125=181,818,182
Total$225,454,546
Translationadjustnmentreflectedinequity$(22,545,454)
StudentscouldalsobeprobedandaskedhowtheadjustednumberswouldimpactcertainratiossuchasROAorROE,DebttoEquity,andassetturnover.
12.a.ThecurrencyeffectsinthefirstandthirdparagraphshaveanimpactonAlcan’scashflows.INthefirstparagraph,echangeratechangesaffectAlcan’sfuturerevenuesandcostsanddirectlyaffectcashreceiptsand
ithutrnltin/%%%
payments.Thethirdparagraphinvolvessettlingforeigncurrencytransactionsatadifferentechangeratethanwhenthetransactionwereenteredinto.
b.Alcanappearstobeemployingthemonetary-nonmonetarymethod.
c.Manyanalystsbackouttranslationgainsandlossesfromreportedearningsasthesearelargelynon-cashitemsthatsimplyresultfromarestatementprocess.ThiswouldespeciallybethecaseifAlcanwerebeingcomparedtoacompanyemployingthecurrentratemethod.Disregardingtranslationgainsandlosseswouldhavethefollowingeffectonreportedearnings:
20X5
20X4
20X3
WithtranslationG/L
$129m
$258m
$64m
TranslationG/L
(86)
(153)
(326)
WithoutTranslationG/L$215m$411m$390m
Theimpactonthepatternofearningswouldchangesignificantly.Theyeartoyearchangesinearningsbothbeforeandafterabstractingfromcurrencytranslationeffectsare:
20X5/20X320X5/20X420X4/20X3
WithtranslationG/L102%-50%303%
W
oTas
aoGL
45
-48
5
Case6-1RegentsCorporation
ThenatureofRegents’soperationissuchthatchoiceofanappropriatefunctionalcurrencyisultimately
ajudgementcall.Studentscanargueforeithercurrencyandshouldbeevaluatedonthestrengthoftheir
analysis.Amajorlessonofthiscaseisthatthefunctionalcurrencychoiceisimportantsincethe
currencydesignationdictateswhichtranslationmethod,(currentortemporal)isultimatelyused.The
financialstatementeffectscanbeverydifferent.Thusitisimportantforareaderoffinancialstatementstounderstandhowthedifferingmeasurementoptionsaffectthebalancesheetandincomestatementand
bepreparedtoadjustfromoneframeworktotheother,evenifonlycrudely.
TEMPORALMETHOD
(U.S.DOLLARISTHEFUNCTIO
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