In detail
Detailed information about foreign exchange gains and losses.
The different types of foreign exchange (forex) elections.
Information about functional currency rules, eligibility and the implications for tax accounting and reporting.
General information on using average rates in relation to forex measures.
Use of first-in first-out method of monetary 'fungible assets'.
Use weighted average basis to translate foreign currency amounts into Australian dollar amounts.
Examples of translation (conversion) rules.
QC82000