The Group considers the primary indicators
and other indicators in determining its
functional currency. If indicators are mixed and
the functional currency is not obvious,
management uses its judgment to determine
the functional currency that most faithfully
represents the economic effects of the
underlying transactions, events and conditions.
The consolidated financial statements are
presented in US Dollar, which is the
Company’s functional currency and the
Group’s presentation currency. Transactions
during the year involving currencies other than
US Dollar are recorded in US Dollars at the
rates of exchange in effect on the date of the
transactions.
At the reporting date, all monetary assets and
liabilities denominated in currencies other than
US Dollar are translated to US Dollar at the
middle exchange rates prevailing on that date.
The resulting net foreign exchange gains or
losses are credited or charged to current
operations.