Foreign Exchange

IAS21

Monetary Items

are units of currency held and assets and liabilities to be received or paid in a fixed or determinable number of units of currency

Exchange Difference

the difference resulting from translating a given number of units of one currency at different exchange rates

closing rate

the spot exchange rate at the end of the reporting period

foreign currency

is a currency other than the functional curency of the entity

foreign operation

is an enityt that is subsidiary, associate, joint arrangement or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity

functional currency

the currency of the primary economic environment which the entity operates

group

parent and all its subsidiaries

presentation currency

the currency in which the financial statements are presented

spot exchange rate

the exchange rate for immediate delivery