Other than cash, what else is a monetary asset. And what are monetary liabilities. I have some confusion when converting things like inventory or accounts payable/receivable. thanks!
This is in reference to temporal method right:
Monetary assets = cash, receivables, and the key thing to EXCLUDE is inventory / market securities
Monetary Liabilities = notes, payables , LT debt, deferred taxes
As you can see, more than likely you will have a net monetary liability book and you want the currency to depreciate for a gain (more of your expenses have become cheaper relative to your assets)