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> Consolidated financial statement of JSW S.A. Capital Group for 2012
Consolidated financial statement of JSW S.A. Capital Group for 2012
2.4. Measurement of items in foreign currencies
- Functional currency and presentation currency
The items included in the financial statements of individual Group companies are measured in the currency of the main economic environment in which the company conducts its operations (“functional currency”). The functional currency of the companies comprising the Group is the Polish zloty. The consolidated financial statements are presented in Polish zloty (“PLN”) which is the Group's presentation currency. - Transactions and balances
Transactions in foreign currencies are converted at their initial capture to the functional currency at the exchange rate from the day preceding the transaction date, the weighted average exchange rate or the exchange rate actually used by the bank, depending on the nature of the transaction.
At the end of each reporting period:- cash items denominated in a foreign currency are converted using the closing rate effective on that date, i.e. the average NBP exchange rate set for the currency,
- non-cash items carried at historical cost in a foreign currency are converted using the exchange rate in effect on the transaction date,
- non-cash items at fair value in a foreign currency are converted using the exchange rate from the date the fair value is determined.