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c.f. exchange兑换 vs translation 折算 E 是不同货币间的实际交换；T 是不同货币间的 重新表述。
1. Spot transaction 即期交易（P58）---Almost immediate purchase or sale of foreign currency. 2. forward contract 远期合同（P58）--Participants contract today for the future delivery of foreign currency
Exchange gains and losses
Cr: Accounts Receivable
US$ 303,030
US$ 10,000,000
Another，see p64.
foreign exchange exposure 一、concept: A measure of the potential for a firm’s profitability, cash flow, and market value to change because of a change in exchange rates 二、kinds (1)Transaction exposure (2)Translation exposure (3)Economic exposure
2. Income statement ----at the average rate for the accounting period except the depreciation of fixed assets and the amortization expenses of intangible assets which are translated at the historical rate. 3. Cost of goods sold---销售成本，则按“期初存货+本期 购货—期末存货”的公式对其分别进行折算。但期初 存货应按上期期末存货取得时的历史汇率进行折算， 本期购货应按本期的平均汇率进行折算，而期末存货 则应按本期期末存货取得时的历史汇率进行折算。 4. Retained earnings(belong to owner‟s equity) ---利用资产负债表的平衡原理折算而得 Review: It was widely used in US from the 1930s to 1970s.(SFAS No.8生效为止) Defect: Using the current rate to translate current assets and liabilities is based on the false premise that they are similarly affected by exchange rate changes.
一. Current/non-current method It is a traditional classification. Procedure: 1. Balance sheet (1)current assets and liabilities ----translated at the current rate (2)non-current assets and liabilities ----translated at the historical rate when the assets and liabilities were first acquired.
Sol:1.US$RMB(银行买入美元) : $1000× RMB636.97/ $100 =RMB6369.7
2. RMBHK$(银行卖出港元)
RMB6369.7 =HK$7765.09 RMB82.03/HK$100
三、two views of foreign currency transaction exchange gains and losses汇兑损益 （一）single-transaction 单一交易
3.currency option（货币期权，80年代初兴起） ----It is a contract that provides the right but not the obligation to trade a foreign currency at a set exchange rate on or before a given date in the future. 拥有履行或不履行购买（或卖出）远期外汇合约选择 权的外汇业务。 买方和卖方签定购买远期外汇合约，并支付一定金额的保 险费,在有效期内或到期日，有权按协定汇价履行合约， 进行实际货币交割。也可根据市场情况不履行合约， 放弃权利。 特征:（1）期权业务下的保险费不能收回（无论履行或放 弃合约） （2）保险费率不固定 （3）具有执行或不执行合约的选择权，灵活性强。
Chapter3 Accounting for currency exchange rate changes 一. Terminology
（一）Foreign exchange外汇 1外币存款 (e.g. paper money,coin ) 2 外币支付凭证(e.g. promissory note, draft 汇 票,) 3 外币有价证券 (e.g. stock) 4 其他货币资金 （二）Foreign exchange market 外汇市场
4、currency swap货币掉期 (p58) ----It is a transaction that involves a simultaneous purchase and sale of two different currencies.
(同时买卖两种不同货币的交易。购买行为当即生效，而回卖给同一 方的行为则是按照今天约定的价格在特定的未来日完成。 （合同 组合）)
Forward rate<spot rate-------discount（贴水） Forward rate>spot rate--------premium (升水) forward rate=spot rate-----par
N：在直接标价法下，贴水代表本币升值 e.g. 现：$1= ¥ 6.7 in China ，3个月后： $1= ¥ 6.5 That means RMB (domestic currency) is rising in value. 反之，在间接标价法下，升水表示本币升值。
e.g. cash, payables, inventories Cause: When domestic currency weakens, price of inventory can be increased to protect its value from the decline in the domestic currency. But that is not the case with cash, payables etc. 它是正在被淘汰的方法。只有少数国家New Zealand, Pakistan, Iran, South Africa 等使用。
Sol:1. Entry at transaction date
Dr: Accounts Receivable Cr: Revenues 2. Entry at settlement date Dr:cash US$ 9,696,970（=AU$16000000/1.65） US$10,000,000 US$ 10,000,000
(三) Foreign exchange transaction 外汇交 易 --exchange one currency for another at a specified exchange rate. Including: Spot transaction , forward contract , currency option, currency swap
---按交易日汇率折算的收入、成本视为暂记数，把购销交易和账款 结算视为同一交易的两个阶段。
(二)two-transaction两项交易(常用) ---购销交易及账款结算被认为是两项独立但相互关联的交易。
e.g. 1.Consider a US company sells some products to a customer in Australia with an invoice amount of AU$16 million when the exchange rate is AU$1.6 per US$. The customer is allowed 60 days‟ credit. At the settlement date, the exchange rate is AU$1.65=US$1. (That is, US$ is strengthening and the US company will receive fewer US$)
(1)Spot contract即期合同 (2)Forward contract远期合同 在买进或卖出即期外汇的同时，卖出或买进远期外汇。 将一种货币调换成另一种货币，可避免外汇汇率波动的 风险，以防可能发生的损失。
二.Manner 1. direct quote（直接标价法） ----It is the price of one unit of the foreign currency priced in the domestic currency (e.g. $1=¥ 6.4 in China) 2. indirect quote （间接标价法） ---- It is the price of one unit of the domestic currency priced in the foreign currency e.g. $1=¥ 6.4 in U.S.
Translation Methods
Terminology 1. Current rate----It is the exchange rate prevailing at the balance sheet date(又称 期 末汇率) 2. Historical rate----It is the exchange rate that prevailed at the date on which a specific transaction occurred. 3. Average rate----It is a weighted average of the exchange rates that prevailed during the period for which financial statements are being prepared.
二 Monetary/non-monetary method 1. Monetary items(cash,receivables,payables)are translated at the current rate. Non-monetary items(such as inventory,fixed assets, intangible assets) are translated at the historical rate. 2. Paid-in capital: 按股份发行日的汇率—historical rate。 3. Income statement ---at the average rate for the accounting period except the depreciation of fixed assets and amortization expenses of intangible assets which are translated at the historical rate
Conclusion: Direct quote is international convention. China also adopts “D” except US,UK.
Bid 买入价（银行买入）
offer(ask rate) 卖出价（银行卖出）
Offer-bid=points(the spread)万分之一 e.g.我国只公布各种外币对人民币的汇率。若某企业要把1000美元兑换 成港元，设当日外汇牌价如下： bid U.S.$100 HK$100 RMB636.97 RMB81.72 offer RMB639.52 RMB82.03
c.f. exchange兑换 vs translation 折算 E 是不同货币间的实际交换；T 是不同货币间的 重新表述。
1. Spot transaction 即期交易（P58）---Almost immediate purchase or sale of foreign currency. 2. forward contract 远期合同（P58）--Participants contract today for the future delivery of foreign currency
Exchange gains and losses
Cr: Accounts Receivable
US$ 303,030
US$ 10,000,000
Another，see p64.
foreign exchange exposure 一、concept: A measure of the potential for a firm’s profitability, cash flow, and market value to change because of a change in exchange rates 二、kinds (1)Transaction exposure (2)Translation exposure (3)Economic exposure
2. Income statement ----at the average rate for the accounting period except the depreciation of fixed assets and the amortization expenses of intangible assets which are translated at the historical rate. 3. Cost of goods sold---销售成本，则按“期初存货+本期 购货—期末存货”的公式对其分别进行折算。但期初 存货应按上期期末存货取得时的历史汇率进行折算， 本期购货应按本期的平均汇率进行折算，而期末存货 则应按本期期末存货取得时的历史汇率进行折算。 4. Retained earnings(belong to owner‟s equity) ---利用资产负债表的平衡原理折算而得 Review: It was widely used in US from the 1930s to 1970s.(SFAS No.8生效为止) Defect: Using the current rate to translate current assets and liabilities is based on the false premise that they are similarly affected by exchange rate changes.
一. Current/non-current method It is a traditional classification. Procedure: 1. Balance sheet (1)current assets and liabilities ----translated at the current rate (2)non-current assets and liabilities ----translated at the historical rate when the assets and liabilities were first acquired.
Sol:1.US$RMB(银行买入美元) : $1000× RMB636.97/ $100 =RMB6369.7
2. RMBHK$(银行卖出港元)
RMB6369.7 =HK$7765.09 RMB82.03/HK$100
三、two views of foreign currency transaction exchange gains and losses汇兑损益 （一）single-transaction 单一交易
3.currency option（货币期权，80年代初兴起） ----It is a contract that provides the right but not the obligation to trade a foreign currency at a set exchange rate on or before a given date in the future. 拥有履行或不履行购买（或卖出）远期外汇合约选择 权的外汇业务。 买方和卖方签定购买远期外汇合约，并支付一定金额的保 险费,在有效期内或到期日，有权按协定汇价履行合约， 进行实际货币交割。也可根据市场情况不履行合约， 放弃权利。 特征:（1）期权业务下的保险费不能收回（无论履行或放 弃合约） （2）保险费率不固定 （3）具有执行或不执行合约的选择权，灵活性强。
Chapter3 Accounting for currency exchange rate changes 一. Terminology
（一）Foreign exchange外汇 1外币存款 (e.g. paper money,coin ) 2 外币支付凭证(e.g. promissory note, draft 汇 票,) 3 外币有价证券 (e.g. stock) 4 其他货币资金 （二）Foreign exchange market 外汇市场
4、currency swap货币掉期 (p58) ----It is a transaction that involves a simultaneous purchase and sale of two different currencies.
(同时买卖两种不同货币的交易。购买行为当即生效，而回卖给同一 方的行为则是按照今天约定的价格在特定的未来日完成。 （合同 组合）)
Forward rate<spot rate-------discount（贴水） Forward rate>spot rate--------premium (升水) forward rate=spot rate-----par
N：在直接标价法下，贴水代表本币升值 e.g. 现：$1= ¥ 6.7 in China ，3个月后： $1= ¥ 6.5 That means RMB (domestic currency) is rising in value. 反之，在间接标价法下，升水表示本币升值。
e.g. cash, payables, inventories Cause: When domestic currency weakens, price of inventory can be increased to protect its value from the decline in the domestic currency. But that is not the case with cash, payables etc. 它是正在被淘汰的方法。只有少数国家New Zealand, Pakistan, Iran, South Africa 等使用。
Sol:1. Entry at transaction date
Dr: Accounts Receivable Cr: Revenues 2. Entry at settlement date Dr:cash US$ 9,696,970（=AU$16000000/1.65） US$10,000,000 US$ 10,000,000
(三) Foreign exchange transaction 外汇交 易 --exchange one currency for another at a specified exchange rate. Including: Spot transaction , forward contract , currency option, currency swap
---按交易日汇率折算的收入、成本视为暂记数，把购销交易和账款 结算视为同一交易的两个阶段。
(二)two-transaction两项交易(常用) ---购销交易及账款结算被认为是两项独立但相互关联的交易。
e.g. 1.Consider a US company sells some products to a customer in Australia with an invoice amount of AU$16 million when the exchange rate is AU$1.6 per US$. The customer is allowed 60 days‟ credit. At the settlement date, the exchange rate is AU$1.65=US$1. (That is, US$ is strengthening and the US company will receive fewer US$)
(1)Spot contract即期合同 (2)Forward contract远期合同 在买进或卖出即期外汇的同时，卖出或买进远期外汇。 将一种货币调换成另一种货币，可避免外汇汇率波动的 风险，以防可能发生的损失。
二.Manner 1. direct quote（直接标价法） ----It is the price of one unit of the foreign currency priced in the domestic currency (e.g. $1=¥ 6.4 in China) 2. indirect quote （间接标价法） ---- It is the price of one unit of the domestic currency priced in the foreign currency e.g. $1=¥ 6.4 in U.S.
Translation Methods
Terminology 1. Current rate----It is the exchange rate prevailing at the balance sheet date(又称 期 末汇率) 2. Historical rate----It is the exchange rate that prevailed at the date on which a specific transaction occurred. 3. Average rate----It is a weighted average of the exchange rates that prevailed during the period for which financial statements are being prepared.
二 Monetary/non-monetary method 1. Monetary items(cash,receivables,payables)are translated at the current rate. Non-monetary items(such as inventory,fixed assets, intangible assets) are translated at the historical rate. 2. Paid-in capital: 按股份发行日的汇率—historical rate。 3. Income statement ---at the average rate for the accounting period except the depreciation of fixed assets and amortization expenses of intangible assets which are translated at the historical rate
Conclusion: Direct quote is international convention. China also adopts “D” except US,UK.
Bid 买入价（银行买入）
offer(ask rate) 卖出价（银行卖出）
Offer-bid=points(the spread)万分之一 e.g.我国只公布各种外币对人民币的汇率。若某企业要把1000美元兑换 成港元，设当日外汇牌价如下： bid U.S.$100 HK$100 RMB636.97 RMB81.72 offer RMB639.52 RMB82.03