2. IAS 29, Par. 12: "Monetary items are money held and items to be received or paid in money."
Here is the correct definition of monetary items:
Monetary items constitute the money supply.
For example: trade debtors (receivables) and trade creditors (payables) are not part of the money supply. They are not monetary items: they are constant real value non-monetary items.
Nicolaas Smith
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