What is GIFI code 2423 - deferred exchange losses used for?

Does exchange mean stock exchange or foreign exchange? And why is it only for long-term assets? I'm inclined to use it for losses due to a liability-linked asset account in a foreign currency.

Answer

2423 Deferred unrealized exchange losses

Means Foreign Currency Exchange Losses that have not been realized, such as might occur on foreign denominated monetary assets or liabilties that still exist at year-end.  i.e. While the $CAD and $USD  are at par, I borrow $1,000USD, therefore I owe $1,000CAD at that time.  Now the $CAD falls in value by 10% to $0.90USD.  Now my $CAD debt is acually $1,111.11CAD.  This means that I lost $111.11CAD; but I still owe the debt in full, so it is unrealized.  Tjis would go on this line and cannot go on the income statement.

Other non-monetary assets or liabilities are normally recorded at the cost determined by the amount of money paid and the exchange rate in effect on the day that the transaction was completed.  Not sure where you picked up the "Only used for long-term Assets" (unless by the location of the line on Schedule 100).
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