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Gold Times runs an import-export business by procuring raw materials from one country and supplying...

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Accounting

Gold Times runs an import-export business by procuring raw materials from one country and supplying finished goods, therefore must make foreign currency payments. Given global economic conditions, exchange rates might significantly fluctuate. Gold Times may receive more money from its debtors than its selling price.

Required:

Referring to conceptual framework, discuss whether Gold Times should identify and recognize these possible additional cash receipts due to the fluctuation of exchange rates as an asset?

Word limit: 250

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