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FVTPL instruments including arbitrary monetary and non-monetary instruments need to be measured at every reporting date, so if one is monetary it has to be translated in accordance with IAS 21.23(a), which uses the spot rate at the reporting date, and if another is non-monetary it has to be transla...

Thank you for the responses, so are we saying that the FX rate to use is determined by IFRS 9, rather than IAS 21? Could someone point me to the relevant paragraph that explains this question please (I was looking at IAS 21 P23 c)?

Thanks.

Hi, I have reviewed IAS 21 (specifically para 16) and other advice, but am still stuck on the difference between monetary and non-monetary items. The key criteria is 'a right to receive (or an obligation to deliver) a fixed or determinable number of units of currency' , which to me makes sense for P...

Great, thanks.

Hi, Say you have inventories which cost £100, but the NRV falls to below this, say £80, you would mark down the value of the inventory by £20 and take this P&L hit, what happens if afterwards the NRV increases again above £100? Do you keep the inventory at £80, or mark it up to £100 (the cost), ...

Thank you all for your help, I think this is clear to me now.

nothing is booked in day 1 for a swap, for an option, the premium paid is recognised as asset PS. please don't quote previous post in full, it's redundant (I edited these quotes out) I don't think its redundant, I think its much clearer, unless I am mis-understanding you. Anyway, it seems unusual t...

Ok, so what is your day 1 booking?

How would a Forward have a Nil value even if it was entered into at FV ? You would have a derivative asset and an obligation to pay, these would offset but are surely separate?

A Swap I agree, so what would you book day 1? Dr Asset Cr payable, and Dr receivable Cr Liability?

Hi, I want to know the DEs for various derivative transactions please, at inception and then through the life; Forward If I enter a Forward at FV, then I would have an asset for (Dr) £100 and a liability to pay at (Cr) -£100 If I entered into an offsetting B/S Forward at FV, would I be able to net d...