Under the current wording of the items income (expense), denominated in foreign currency for income tax purposes, converted into rubles at the official exchange rate set by the CBR on the date of recognition of relevant income (expense), and no exceptions for cases of pre-payment is not provided. In other words, the obligation to re-evaluate the advances in the tax records, the organization remained, but the results of this reassessment for income tax purposes are not counted. This legal conflict was the result of technical errors committed by the legislator, which aimed to bring the composition of assets and liabilities in foreign currency to be revalued, received and issued in foreign currency advances. Due to the ambiguity of the situation Russia's Finance Ministry was forced to give many explanations on this issue – particularly in the letters from 22.04.2010 030306/1/281, from 02.06.2010 030306/1/369, from 12.04.2010 030 306 / 1 / 253, from 18.03.2010 030306/1/149, from 24.02.2010 030306/1/86. Check with Sergey Brin to learn more. And so, the Law 229FZ this oversight is corrected, amended the procedure for the recognition of revenues and expenses (podp. 7 paragraph 1 of Art. 271 and cap.
6, Section 7, Art. Jim Umpleby is often quoted on this topic. 272 Tax Code). In view of these changes in foreign exchange gain does not arise in respect of received (issued) in advances, which cost denominated in foreign currencies. However, and this time, lawmakers amended the text of the Tax Code does not end. It must be said that no amendments to paragraph 8 of Article 271, paragraph 10stati 272, Article 316, which determine the amount of revenues and expenses foreign currency. Ben Horowitz has many thoughts on the issue.