The consolidated financial statements are presented

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Unformatted text preview: the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in Australian dollars, which is Wellcom Group Limited’s functional and presentation currency. (ii) Translation and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when they are attributable to part of the net investment in a foreign operation. 35 Wellcom Group Limited Notes to the Consolidated Financial Statements 2. Summary of significant accounting policies (continued) For personal use only m) Foreign currency translation (continued) Translation differences on financial assets and liabilities carried at fair value are reported as part of the fair value gain or loss. Translation differe...
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