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what happens when you recognize a foreign currency mount at one point in time and the exchange rate changes before you settle it obviously you either have more money or less money than expected in this video Ill explain the tax effects [Music] you when they exchange rate changes between when you record something and when you pay or receive it you have a foreign exchange gain or loss book and tax rules both require recognition of exchange gain or loss in such case they differ mostly in the timing for books partial recognition also happens at any financial statement reporting date heres an example I have an accounting business in the US and record everything in dollars I hire a German accountant to do some work for me in Europe he sends me bills in Euros and I pay these bills a month later I accrue his December 2016 bill for 10000 euros when the exchange rate is 1 point 1 that is 1 euro equals 1 dollar and 10 cents so I accrue $11,000 I pay the bill in January 2017 my bank charges me o