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IAS 21-Foreign Exchange rate

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › IAS 21-Foreign Exchange rate

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • April 13, 2021 at 2:40 pm #617423
    gayathree1234
    • Topics: 36
    • Replies: 1
    • ☆

    Hi sir,

    Where should we classify the exchange gain or loss arising from income and expenses?

    Thank you..

    April 13, 2021 at 4:47 pm #617450
    Kim Smith
    Keymaster
    • Topics: 88
    • Replies: 6096
    • ☆☆☆☆☆

    A purchase, for example, will be recorded at the rate of exchange at the date of the transaction – so there is not gain or loss arising on the “expense” but on the settlement of the liability.

    Exchange differences arising when monetary items (e.g. a liability) are settled are reported in profit or loss in the period. Whether such gains/losses merit separate disclosure (rather than be included in cost of purchases, for example), I suggest would depend on materiality.

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