Haier 2009 Annual Report Download - page 94
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31 December 2009
NOTES TO FINANCIAL STATEMENTS 財務報表附註
HAIER ELECTRONICS GROUP CO., LTD ANNUAL REPORT 2009
92
2.4 Summary of Significant Accounting
Policies (Cont’d)
Foreign currencies
These financial statements are presented in RMB, which is the
Group’s presentation currency. The functional currency of the
Company is the Hong Kong dollar while RMB is used as the
presentation currency of the financial statements of the Company
for the purpose of aligning with the presentation currency of the
Group. Each entity in the Group determines its own functional
currency and items included in the financial statements of each
entity are measured using that functional currency. Foreign currency
transactions recorded by the entities in the Group are initially
recorded using their respective functional currency rates ruling
at the dates of the transactions. Monetary assets and liabilities
denominated in foreign currencies are retranslated at the functional
currency rates of exchange ruling at the end of the reporting period.
All differences are taken to the income statement. Non-monetary
items that are measured in terms of historical cost in a foreign
currency are translated using the exchange rates at the dates of
the initial transactions. Non-monetary items measured at fair value
in a foreign currency are translated using the exchange rates at the
date when the fair value was determined.
The functional currencies of the subsidiaries not established in
the PRC are currencies other than the RMB. As at the end of
the reporting period, the assets and liabilities of these entities
are translated into the presentation currency of the Company at
exchange rates ruling at the end of the reporting period and their
income statements are translated into RMB at the weighted average
exchange rates for the year. The resulting exchange differences are
recognised in other comprehensive income and accumulated in the
exchange fluctuation reserve. On disposal of a foreign operation, the
component of other comprehensive income relating to that particular
foreign operation is recognised in the income statement.
For the purpose of the consolidated statement of cash flows,
the cash flows of the subsidiaries not established in the PRC are
translated into RMB at the exchange rates ruling at the dates of
the cash flows. Frequently recurring cash flows of these subsidiaries
which arise throughout the year are translated into RMB at the
weighted average exchange rates for the year.
2.4