Telstra 2007 Annual Report Download - page 180
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Telstra Corporation Limited and controlled entities
177
Notes to the Financial Statements (continued)
Foreign currency translation reserve
The foreign currency translation reserve is used to record exchange
differences arising from the conversion of the financial statements
into Australian dollars.
This reserve is also used to record our percentage share of exchange
differences arising from equity account ing our non-Australian
investments in jointly controlled entities and associated entities.
Cash flow hedging reserve
The cash flow hedging reserve represents, where a hedge qualifies for
hedge accounting, the effective portion of gains or losses on
remeasuring the fair value of the hedge instrument. These gains or
losses are transferred to the income stat ement when the hedged item
affects income, or in the case of forecast transactions, are included in
the measurement of the initial cost of property, plant and equipment
or inventory.
Consolidation fair value reserve
The consolidation fair value reserve represents our share of the fair
value adjustments to TelstraClear Limited net assets upon acquisition
of a controlling interest. The reserve balance is amortised over the
useful life of the underlying revalued assets.
General reserve
The general reserve represents other it ems we have taken directly to
equity.
22. Reserves
Telstra Group Telstra Entity
As at 30 June As at 30 June
2007 2006 2007 2006
$m $m $m $m
Foreign currency t ranslation reserve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (325) (210) --
Cash flow hedging reserve. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 14 38 16
Consolidat ion fair value reserve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 32 --
General reserve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44194 194
(258) (160) 232 210