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(1) This Procedure is applied in the preparation and the presentation of the consolidated financial statements of the group of entities under the control of the University. The financial statements include separate financial statements for the University as an individual entity and the consolidated entity (the “Group”) consisting of the University and its controlled entities. (2) This Procedure is applied in instances of: (3) All entities within the Group are required to hedge the foreign risk exposure arising from foreign currency denominated borrowings over $150K. Any exception to this is approved by the Chief Financial Officer. (4) Refer to the Accounting (Financial) Policy. (5) Refer to the Accounting (Financial) Policy. (6) The University uses the functional currency approach in dealing with foreign currency translation. (7) Items included in the financial statements of the University’s controlled entities are measured using the currency of the primary economic environment in which the entity operates. The consolidated financial statements are presented in Australian dollars, which is the University’s functional currency. (8) All transactions that are undertaken in a foreign currency are translated into the functional currency of the University. A foreign currency transaction is recorded on initial recognition in the functional currency by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. The date of transaction is the date on which the transaction first qualifies for recognition. (9) Monetary items held in a foreign currency shall be translated into the functional currency in the balance sheet at the closing rate. In instances where a monetary asset or liability has a rate of exchange that is fixed under the terms of the relevant contract, it cannot be used to translate the monetary assets and liabilities as this is a form of hedge accounting. (10) Non-monetary items that are measured in terms of historical cost in a foreign currency shall be translated using the exchange rate at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency shall be translated using the exchange rate at the date when the fair value was measured. (11) Foreign exchange gains and losses arising from the settlement of such transactions or from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. (12) When a gain or loss on a non-monetary item is recognised directly in equity, any exchange rate component of that gain or loss shall be recognised directly in equity. Conversely, when a gain or loss on a non-monetary item is recognised in the income statement, any exchange rate component of that gain or loss shall also be recognised in the income statement. (13) On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings, are taken to equity. When a foreign operation is sold or borrowings repaid a proportionate share of such exchange differences are recognised in the income statement as part of the gain or loss on sale. (14) Goodwill and fair value adjustments arising on the acquisition of foreign entities are treated as assets and liabilities of the foreign entities and translated at the closing rate. (15) The results and financial position of all the University’s controlled entities (none of which have the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (16) For the purpose of this Procedure:Accounting Procedure - Foreign Currency
Section 1 - Background and Purpose
Section 2 - Scope
Section 3 - Policy Statement
Section 4 - Procedure
Functional Currency Approach
Initial Measurement
Subsequent Measurement
Subsequent Treatment of Monetary Items
Subsequent Treatment of Non-Monetary Items
Recognition of Foreign Exchange Differences
Translation to Presentation Currency
Top of PageSection 5 - Definitions