Under AASB 121, foreign currency exchange differences are never recognised for non-monetary items.

Name: Under AASB 121, foreign currency exchange differences are never recognised for non-monetary items.
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Under AASB 121, foreign currency exchange differences may be recognised for non-monetary items that are carried at fair value, such as investments in equity instruments, and for non-monetary items that are denominated in a foreign currency and are accounted for as if they were monetary items.

Under AASB 121, Foreign Currency Exchange Differences Are Never Recognised