Can anyone explain me how a revaluation of a Swap transaction occurs in accounting books. Assume transaction as Buy_Sell GBP/EUR 1.00Mn spot to 1 year forward swap and reporting currency as USD. First leg is spot and second leg is one year forward.Below rates are not actual rates.
GBP/EUR Spot 1.1900
GBP/EUR 1 year forward 2.0000
GBP/USD Spot 1.3100
EUR/GBP Spot 1.1000