Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Forex realisation event 9 happens in relation to an * arrangement during an income year if:
(a) you have made a * foreign exchange retranslation election that applies to the arrangement; and
(b) you are required by:
(i) * accounting standard AASB 121 (or another accounting standard prescribed for the purposes of paragraph 230 - 265(1)(c)); or
(ii) if that standard does not apply to the preparation of the financial report--a comparable accounting standard that applies to the preparation of the financial report under a * foreign law;
to recognise, in the financial report referred to in paragraph 230 - 255(2)(a) for that income year, amounts in profit or loss (if any) in relation to the arrangement that are attributable to changes in currency exchange rates.
The forex realisation event 9 is taken to have happened in the income year.
(2) You make a forex realisation gain if the standard referred to in paragraph (1)(b) requires you to recognise an amount of gain in profit or loss in relation to the * arrangement. That amount of the forex realisation gain is the amount the standard requires you to recognise.
(3) You make a forex realisation loss if the * accounting standard referred to in paragraph (1)(b) requires you to recognise an amount of loss in profit or loss in relation to the * arrangement. That amount of the forex realisation loss is the amount that the accounting standard requires you to recognise.
Section does not apply to amounts previously recognised in equity
(4) Subsections (1), (2) and (3) do not apply to amounts that have previously been required by the standards referred to in paragraph 230 - 255(2)(a) to be recognised in equity.