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Section 30 – Introduction
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- Section 1
- Section 2
- Section 3
- Section 4
- Section 5
- Section 6
- Section 7
- Section 8
- Section 9
- Section 10
- Section 11
- Section 12
- Section 13
- Section 14
- Section 15
- Section 16
- Section 17
- Section 18
- Section 19
- Section 20
- Section 21
- Section 22
- Section 23
- Section 24
- Section 25
- Section 26
- Section 27
- Section 28
- Section 29
- Section 30
- Section 31
- Section 32
- Section 33
- Section 34
- Section 35
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- Section 1
- Section 2
- Section 3
- Section 4
- Section 5
- Section 6
- Section 7
- Section 8
- Section 9
- Section 10
- Section 11
- Section 12
- Section 13
- Section 14
- Section 15
- Section 16
- Section 17
- Section 18
- Section 19
- Section 20
- Section 21
- Section 22
- Section 23
- Section 24
- Section 25
- Section 26
- Section 27
- Section 28
- Section 29
- Section 30
- Section 31
- Section 32
- Section 33
- Section 34
- Section 35
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Section Downloads
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Content
30.2.2.2 Assessment of functional currency.
30.2.2.2.1 Steps involved in determining functional currency.
30.2.2.2.1.1 Review the primary indicators.
30.2.2.2.1.2 Review the secondary indicators (if required)
30.2.2.2.1.3 Review additional factors where still in conclusive from step 1 and 2.
30.2.2.3 Definition of foreign operation.
30.2.2.4 Requirements to review each entity individually.
30.2.2.5 Examples of determining a functional currency.
30.2.2.5.1 Intermediary holding company.
30.2.2.5.2 Function currency – foreign currency sales.
30.2.2.6 Rules with regard to a change in functional currency.
30.3.1 Extract from FRS102: Section 30.6 -30.11.
30.3.2.1.1 Definition of monetary items.
30.3.2.1.2 Examples of monetary items.
30.3.2.1.3 Recognition of monetary items.
30.3.2.1.3.1 Initial recognition.
30.3.2.1.3.1.1 Determining the date of the transaction.
30.3.2.1.3.1.2 Rules for using average rate as approximation for actual spot rate.
30.3.2.1.3.2 Subsequent measurement
30.3.2.1.3.2.1 The two exceptions to retranslating monetary assets at period end rate.
30.3.2.1.3.3 Retranslation of monetary asset – purchase.
30.3.2.1.3.4 Retranslation of monetary asset – sale.
30.3.2.2.1 Definition of non-monetary items.
30.3.2.2.1.1 Examples of non-monetary items.
30.3.2.2.2.1. Non-monetary assets not fair valued.
30.3.2.2.2.1.1 Initial recognition.
30.3.2.2.2.1.2 Subsequent measurement
30.3.2.2.2.1.4.2 Retranslation of non-monetary asset – impairment of asset
30.3.2.2.2.2 Non-monetary assets fair valued.
30.3.2.2.2.2.1 Initial recognition.
30.3.2.2.2.2.2 Subsequent measurement
30.4 Net investment in a foreign operation.
30.4.1 Extract from FRS102: Section 30.12 -30.13.
30.4.2.1 Definition of net investment in a foreign operation.
30.4.2.2 Requirements for the net investment in a foreign operation treatment
30.4.2.3 Accounting for a net investment in a foreign operation.
30.4.2.3.1 Individual entity financial statements.
30.4.2.3.2 Consolidated financial statements.
30.4.2.4 Example – Net investment in a foreign operation.
30.5 Change in functional currency.
30.5.1 Extract from FRS102: Section 30.14 -30.16.
30.5.2.1 When can a change in functional currency arise.
30.5.2.1.1 Change in functional currency due to a change in circumstances.
30.5.2.1.2 Change in functional currency due to an error
30.5.2.2 How to account for a change in functional currency due to a change in currency.
30.6 Use of a presentation currency other than the functional currency.
30.6.1 Extract from FRS102: Section 30.17-30.21.
30.7 Translation of a foreign operation into the investor’s presentation currency.
30.7.1 Extract from FRS102: Section 30.22-30.23.
30.7.2.1.1 Treatment of amount recognised in OCI on future disposal
30.7.2.2 Goodwill recognized on acquisition of a foreign operation.
30.8.1 Extract from FRS102: Section 30.24 -30.27.
30.8.2.3 Notes to the financial statements.
30.8.2.3.1 Extract from the financial statements – operating profit note.
30.8.2.3.3 Example of a Prior year adjustment due to a change in functional currency.
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Section 30 Foreign Currency Translation Quick Guide (PDF) (68 downloads )
Summary
This section applies to foreign currency transactions and foreign operations in the financial statements of an entity. It also prescribes the translation of financial statements into a presentation currency.
What is new?
Section 30 does not allow for the use of a contracted rate or forward contract rate when translating monetary assets/liabilities at the reporting date or recognising a foreign currency transaction (e.g. a sale, purchase etc.) initially. Instead a forward contract needs to be fair valued under FRS 102 and the period end spot rate (for an unsettled monetary asset/liability at period end) or for a transaction, the spot rate and the date of the transaction must be used. In contrast old GAAP (non FRS 26 adopters) allowed a contract/forward contract rate to be used and did not require forward contracts to be fair valued.
Section 30 requires the transaction rate/average rate to be used when translating the profit and loss account of a foreign operation whereas under old GAAP it allowed either the closing or average rate to be used. Where the closing rate was used a transition adjustment will be required.
Old GAAP allowed long term loans to a subsidiary to be included in the investment value and therefore treated as a non-monetary asset. This treatment is not permitted under Section 30; instead such loans have to be retranslated to the year end spot rate. Therefore an adjustment may be required on transition to FRS 102 which may result in deferred tax being recognised for tax which may be payable/refundable as part of transition adjustments in the tax computation going forward.
On consolidation of a foreign operation, goodwill is treated as an asset of the foreign operation and retranslated to the year-end rate whereas under old GAAP, there was no explicit comment on this.
What is different?
The term functional currency is used in FRS 102, whereas old GAAP (SSAP 20) used the term local currency. Section 30 gives more detailed guidance when determining functional currency which may result in a different functional currency being determined under FRS 102, particularly where an entity is a foreign operation as under Section 30 we need to look to the parent/subsidiary entity if the functional currency cannot be determined from the primary indicators.
There is no concept of presentational currency in old GAAP whereas under Section 30, entities can choose to select its presentational currency.
Under old GAAP, for foreign equity investments which were financed by foreign currency borrowings, there was a special provision allowing an entity to retranslate the equity investment at the closing rate and the exchange difference was posted to the STRGL which was set against the exchange difference on retranslation of the foreign borrowing which was also posted to the STRGL.
No such special provision is contained in Section 30 unless it meets the requirements of a fair value hedge. This will result in volatility in the profit and loss as the loan will be retranslated at the year end rate and the investment will not be retranslated.
Other standards affecting Section 30 where differences arise:
Section 29 – Income tax – Possible need for deferred tax to be recognised on transition to FRS 102 e.g. on retranslation of long term loans to the spot rate which had previously been carried at the transaction rate.
What are the key points?
Functional currency is the currency of the primary economic environment in which an entity operates (Section 30.3). Its functional currency is usually the currency that mainly influences its sales prices and costs, although financing activities and the currency in which receipts from operating activities may also be relevant.
The presentation currency is a matter of free choice.
On initial recognition, foreign currency transactions are recognised in the functional currency using the spot exchange rate at the date of the transaction.
At the end of each reporting period:
- Non-monetary items carried at historical cost continue to be measured using the exchange rate at the date of the transaction;
- and non-monetary items measured at fair value are measured using the exchange rate on the date when fair value was
Unsettled monetary foreign currency items at the period end date are retranslated are the period end spot rate.
In the consolidated financial statements, exchange differences arising on a monetary item that forms part of the net investment in a foreign operation is recognised in other comprehensive income and reported as a component of equity. Such exchange differences are not reclassified to profit or loss on disposal of the net investment.
Use of forward contract rates is not allowed.
The balance sheet for foreign operations should be retranslated at year end spot rate and the profit and loss should be retranslated to the average/transaction date with the exchange difference posted to a separate component in equity.
A change in functional currency is applied prospectively (assuming there was no prior year error) and the rate used is the rate at the date of the change.
What do accountants need to do?
Be aware of the differences between Section 30 and old GAAP.
Review the client portfolio to identify companies who use contracted rates to translate year end balances and recognise foreign currency transactions on initial recognition under old GAAP and advise those companies of the changes and the volatility this may cause to the profit for those companies. It will also require an adjustment on transition to recognise the forward contracts at fair value and the related deferred tax and the recognition of monetary assets at the year-end rate as opposed to the contracted rate (consider deferred tax adjustment also and the possible reclassification within the profit and loss to reflect the transaction at the spot rate as opposed to the forward rate. (e.g. reclassification between sales and foreign exchange transactions in administrative expenses).
Review the client portfolio to identify group companies which hold foreign operations to assess whether the new guidance will result in a change in functional currency.
Advise companies of the transition adjustments where long term loans were previously treated as a non-monetary asset and now have to be treated as monetary and the effect this may have on distributable reserves and any deferred/current tax impact where relevant.
Advise clients of the inability to use the net investment hedge if the conditions for a fair value hedge are not present.
What do companies need to know?
Be aware of the differences between Section 30 and old GAAP and assess the impact of these differences on the entity.
Where companies have foreign operations assess the likely impact of the foreign operations not being allowed to post exchange variance on foreign borrowings to the OCI (assuming there is no fair value hedge).
Given the new functional guidance in Section 30, assess if the functional currency remains the same.
Assess if long term loans to subsidiaries were previously treated as a non-monetary asset and assess the impact so as to determine the transition adjustment.Where forward contracts were/are utilised, recognise the need for a transition adjustment to restate comparative figures to year end spot rate; and consider the related deferred tax implications. Recognise that forward contracts have to be fair valued go
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Examples
Example 1: Intermediary holding company.
Example 2: Intermediate holding Company.
Example 3: Intermediate holding Company.
Example 4: Functional currency.
Example 5: Functional currency.
Example 6: Retranslation of monetary asset – purchase.
Example 7: Retranslation of monetary asset – sale.
Example 8: Retranslation of non-monetary asset
Example 9: Retranslation of non-monetary asset – impairment of asset
Example 10: Net investment in a foreign operation.
Example 11: Change in functional currency due to a change in circumstances.
Example 12: Presentational currency.
Example 13: Consolidation of a foreign operations results.
Example 14 – Extract from notes to the accounting policies.
Example 16: Example of a Prior year adjustment due to a change in functional currency.
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Section 30 Foreign Currency Translation Detailed Guide (PDF) (995 downloads )
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Difference Guide – Foreign Currency Translation
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