Hello
I would like to know how to record the F/X gain and loss for foreign currencies in the year-end revaluation, specifically for banks.
Based on my previous experience, F/X gain and loss for banks are typically considered unrealized until the bank converts the foreign currencies to domestic currencies. However, I have observed that my company is recognizing the F/X gain and loss for banks as realized.
Therefore, I am unsure which approach is correct.
I would like to know how to record the F/X gain and loss for foreign currencies in the year-end revaluation, specifically for banks.
Based on my previous experience, F/X gain and loss for banks are typically considered unrealized until the bank converts the foreign currencies to domestic currencies. However, I have observed that my company is recognizing the F/X gain and loss for banks as realized.
Therefore, I am unsure which approach is correct.