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AASB 121 mandates the immediate recognition method where exchange differences on monetary items are recognised in the profit or loss in the period of exchange rate movement. Other methods, such as the 'defer and amortise', or 'recognition on realisation' are not permitted.
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Question 1: Do you agree that the correct decision been made from the point of view of the conceptual framework? Defend your view with a comprehension argument in the context of AASB 121 and its predecessor AASB 20. Are there other reasons to prefer the immediate recognition method? Consider the alternatives in your discussion.
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