How are the effects of exchange rate fluctuations on accounts payable accounted for under IFRS? Question 20 options: A loss is recognized immediately; gains are deferred until payment of the accounts payable is received. Gains and losses are calculated at each reporting period, recognized in other comprehensive income (OCI) until payment is received. When payment is received, the amount in accumulated OCI is transferred to retained earnings. Gains and losses are deferred until payment of the accounts payable is received. Gains and losses are calculated at each reporting period and recognized immediately