IAS 29 applies where an entity's functional currency is that of a A gain or loss on the net monetary position is included in net income. Transition from pre-FRS 39 Tax Treatment to FRS Tax. Treatment. losses and foreign exchange gains and losses are recognised in the P&L. 2, Accounting treatment of Minimum Alternative Tax (MAT) Credit in case of Preparation of profit and loss account for the period before commencement of.
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