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Foreign currency

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Foreign currency

  • This topic has 3 replies, 2 voices, and was last updated 1 year ago by P2-D2.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • April 18, 2021 at 8:50 pm #618146
    rona123
    Member
    • Topics: 9
    • Replies: 5
    • ☆

    Hello
    I have a question that at the end of year our unsettled transaction we record our gain/loss according to our closing rate but gain is not realised where it is recorded and what’s the journal entry?
    Kindly answer…
    Thanks

    April 21, 2021 at 9:07 pm #618447
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6451
    • ☆☆☆☆☆

    Hi,

    It will be recorded through profit or loss. The gain is a credit and the loss a debit, with the other side reflecting the change in value of the monetary item.

    Thanks

    April 24, 2021 at 10:45 pm #618766
    rona123
    Member
    • Topics: 9
    • Replies: 5
    • ☆

    Thanks for Answer…
    One more thing…
    There is a note in my Book that
    Exchange gain/losses :
    “Recorded in SPL unless movement in FV recorded in equity,in which case the exchange gain/loss is also taken to equity….”
    When we take this to equity and why?
    Kindly explain para…

    April 29, 2021 at 8:45 pm #619217
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6451
    • ☆☆☆☆☆

    You’re welcome!

    I doubt you’d see your point in an FR exam and it would be more likely in SBR. However, all it is doing is matching the exchange gain/loss to where the change in value is recorded. So if we have an overseas FVTOCI investment that changed in value then the exchange gain/loss will also go to OCI.

    Thanks

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