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You revalue it at the end of each accounting period and recognize a G or L in income
That treatment is for CF hedges.
If the receivable is in a different currency and has yet to be received, and is not subject to changes based on fluctuations, you revalue it at end of month to reporting currency till received.
Until that currency is officially exchanged to your reporting currency, you have to revalue it each month.
I think it is important to be clear on the difference between conversion and translation and between (1) converting a non-functional currency denominated instrument into functional currency vs (2) translating the functional currency balance into reporting currency.
I might be confusing conversion and translation above but I believe (1) goes through the P&L as gain/loss on FX while (2) goes through OCI on the CTA line.
(I'm in tax, so don't take my word for it!)