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of <h1>Accounting for foreign currency transactions, foreign operations, and forward exchange contracts-exchange rate translation and profit or loss treatment.</h1> Prescribes accounting for foreign currency transactions, foreign operations, and forward exchange contracts by requiring initial recognition at the transaction-date exchange rate and subsequent reporting of monetary items at the closing rate, with non-monetary items translated at historical or valuation-date rates, thereby determining carrying amounts in the reporting currency. Mandates recognition of exchange differences on settlement and retranslation of monetary items in profit or loss, except where a monetary item forms part of the net investment in a non-integral foreign operation, in which case differences are accumulated in a foreign currency translation reserve until disposal, when they are recognised in profit or loss. Requires classification of foreign operations as integral or non-integral and prescribes distinct translation methods, with resulting differences either taken to profit or loss or accumulated in the translation reserve. Specifies accounting for forward contracts (amortisation of premium/discount; mark-to-market for trading) and prescribes disclosures and transitional options for long-term foreign currency monetary items.
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