What is Monetary items?

Assets and liabilities to be received or paid in foreign currency in a fixed or determinable amount. As examples, NAS No. 22 gives foreign currency in the cash desk and in the bank, receivables and payables denominated in foreign currency (except advances without a repayment condition), foreign currency loans and borrowings, settlements with employees in foreign currency, cash equivalents in foreign currency and dividends payable in foreign currency. They are revalued every month.