Accounting for FX swaps

Hi. I would be grateful if someone can help me undertsand the way to account for an FX swap, exchanging FX for local currency. Since this is considered a derivative, how is it accounted for in the books? should it be both a liability and an asset? derivative are measured at FVTPL, how do i account for the changes in FV and at the same time account for the gain/losses on the swap arrangements?

Thank you in advance.