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Unformatted text preview: nces on non-monetary financial assets and liabilities such as equities held at fair value
through profit or loss are recognised in profit or loss as part of the fair value gain or loss. Translation differences on
non-monetary financial assets such equities classified as available-for-sale financial assets are included in the fair
value reserve in equity.
(iii) Group companies
The results and financial position of all Group entities that have a functional currency different from the presentation
currency are translated into the presentation currency as follows:
• assets and liabilities for each statement of financial position presented are translated at the closing rate at
the reporting date • income and expenses for each statement of comprehensive income are translated at average exchange rates
(unless that it is not a reasonable approximation of the cumulative effect of rates prevailing on the
transaction dates, in which case income and expenses are translated at the dates of transactions), and • all resulting exchange differences are r...
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- Spring '14