Identifying exchange gains and losses where fair value accounting is used

The guidance at CFM61030 to CFM61060 applies where a company uses an accruals or amortised cost basis of accounting for a loan relationship or a currency contract. But the definitions of ‘exchange gains and losses’ at CTA09/S475 and CTA09/S606 are not easy to apply where the company uses fair value (or mark to market) accounting. (See CFM21620 for more on fair value accounting).

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