Australia Translation Difference question

[Louis]

Hi guys,
I have an entry in my BS/Equity section last year for 'Translation Difference'
Is this entry permanent or should it be transferred to the P&L at closure of books the following year and therefore written off the BS ?
Thanks for the help.

 

[bklynboy]

Should go against CTA in OCI - not P&L - at least according to US Rules

 

[Louis]

Should go against CTA in OCI - not P&L - at least according to US Rules

Thank you for that, will do the necessary.