Hi,
How do we account for currency forward & swaps contracts?
Example
Company enters into a Forex forward contract with a bank. The company's books functional currency is in USD.
The forex forward contract is as follows:-
Trade date: 21/11/13.
Value date: 9/12/13
Buy EUR 70,747.95
Sells JPY 9.5m
What will be the accounting entries for the above?
Thank you.
