Definitions
8
The following terms are used in this Standard with the meanings specified:
8[1]
Closing rate is the spot exchange rate at the end of the reporting period.
8[2]
Exchange difference is the difference resulting from translating a given number of units of one currency into another currency at different exchange rates.
8[3]
Exchange rate is the ratio of exchange for two currencies.
8[4]
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See AASB 13 Fair Value Measurement.)
8[5]
Foreign currency is a currency other than the functional currency of the entity.
8[6]
Foreign operation is an entity that is a 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.
8[7]
Functional currency is the currency of the primary economic environment in which the entity operates.
8[8]
A group is a parent and all its subsidiaries
8[9]
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.
8[10]
Net investment in a foreign operation is the amount of the reporting entity’s interest in the net assets of that operation.
8[11]
Presentation currency is the currency in which the financial statements are presented.
8[12]
Spot exchange rate is the exchange rate for immediate delivery.