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Other Comprehensive Income that will be reclassified to Profit or Loss:
For example Foreign Exchange Difference is recognized to date is reclassified to profit or loss if the foreign operation is disposed of. The accounting entries:
Credit- Profit or Loss
Debit- ***Foreign Exchange Difference******(My question now is do we debit OCI in the statement of profit or loss and other comprehensive income?) Or do we just debit the Foreign Exchange Difference account without doing anything to the “Other Comprehensive Income” section of the Statement of profit or loss and other comprehensive income?***
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