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if we own an investment property in a foreign country and currency, how do we treat the gain or loss from the change in exchange rate at the year end? do we record it in the profit or loss statement? how do we show it in the statements?
Thanks.
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It will be credited to the revaluation reserve in the equity and will never be credited to the profit of the year except when there is a reduction in the value of the asset and the revaluation reserve was not enough then only the difference will be debited to the profit and loss of the year.
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