A foreign currency transaction should be recorded initially at the rate of exchange at the date of the transaction (use of averages is permitted if they are a reasonable approximation of actual). At each subsequent balance sheet date, foreign currency monetary amounts should be reported using the closing rate non-monetary items, carried at historical cost…
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PATC (Professional Accountants & Tax Consultants), based in Durban, provide a full range of accounting and tax services for both businesses and individuals across South Africa and internationally.
Our aim is to provide you with the best possible, hassle free service!
We offer our clients peace of mind, which comes from knowing that all their affairs (concerning the Receiver of Revenue and other Statutory Bodies) are under the care of professionals.