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.
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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.