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Businesses that prepare accounts under IAS or FRS101 (BIM31025) will recognise and measure foreign exchange gains or losses in accordance with IAS21 »Ê¹ÚÌåÓýapp Effects of Changes in Foreign Exchange Rates. Businesses using UK GAAP may have adopted FRS102 section 30 Foreign Currency Translation.

A full description of the treatment of foreign exchange gains and losses is in BIM39500 onwards. »Ê¹ÚÌåÓýappre is also a Statement of Practice, SP2/02, that sets out HMRC practice with regard to the exchange gains and losses of unincorporated businesses.