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In this module, you will explore the broad field of international finance. You鈥檒l start by examining the key differences between international and domestic finance. Next, you鈥檒l gain an overview of the dynamic, self-regulating International Financial System, and assess the crucial roles played by various financial and governmental institutions within this system. You will then dive into the mechanics of cross-border payments, discovering the wide range of methods used to conduct international transactions鈥攕poiler: it鈥檚 much more than just writing a check. Finally, you鈥檒l look at the vital responsibilities you may face as an international financial manager, including handling international payments, dealing with complex and varied local tax regulations, and setting appropriate transfer prices for intra-company shipments in multinational organizations.

Foreign exchange risk can have a huge financial impact on your foreign operations, especially across global supply chains. In the first lesson, you鈥檒l define money and currency, and then explore the details and examples of foreign currency (forex) transactions. In the second lesson, you鈥檒l dive into foreign exchange risk, often called forex exposure. You鈥檒l discover how any business or organization involved in international transactions is vulnerable to translation, transaction, and operating forex risk. Through real examples, you鈥檒l see just how significant the negative effects of forex risk can be. If you鈥檙e dealing with cross-border currency transactions, you need to stay alert鈥攁nd cautious鈥攚hen it comes to foreign exchange risk!

In the previous module, you explored three types of foreign exchange (forex) risk and looked at examples of their potential financial impacts. Now, you might be wondering, 鈥淥K, I get it, but what do about them?鈥� In this module, you鈥檒l find answers to this question as you delve into a range of forex hedging techniques. You鈥檒l learn how hedging methods can help you reduce your financial risk. For forex risk specifically, you鈥檒l discover both non-financial hedging approaches鈥攕uch as cash flow netting鈥攁nd financial hedging options like forwards, swaps, futures, and options. In the second lesson, you鈥檒l also get a closer look at the global financial markets where foreign exchange and hedging transactions take place.

In this final module of the course, you鈥檒l discover the critical role international accounting plays within a multinational company. You鈥檒l start by comparing and contrasting the two dominant sets of international accounting standards鈥擨FRS and GAAP鈥攁nd their associated auditing standards, IASB and GAAS. Next, you鈥檒l review the principal activities that take up the time of international financial managers, such as forex accounting and tax accounting. Finally, you鈥檒l explore the trends that are reshaping the responsibilities and the evolving role of international accountants in the 21st century.

International Finance and Accounting final assessment