Financial Sector (Collection of Data) determination No. 39 of 2005 - Reporting Standard ARS 323.0 (2005) - Statement of Financial Position (Licensed ADI)
Unit of measurementUnit of measurement
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Unit of measurement
Credit Unions, Building Societies, Cairns Penny Savings & Loans Limited and SCCIs are asked to complete the form in whole Australian dollars (no decimal place).
Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 1012 ‘Foreign Currency Translation’.
The general requirements of AASB 1012 for translation are:
- Foreign currency monetary items outstanding at the reporting date must be translated at the spot rate at the reporting date; and
- Other items outstanding at the reporting date must not be retranslated subsequent to initial recognition of the transaction.
Monetary items are defined to mean money held and assets and liabilities that are to be received or paid in fixed or determinable amounts of money.
Monetary items arising under foreign currency derivative contracts at the reporting date must be translated as follows:
- Where the exchange rate is fixed in the contract, at that fixed exchange rate; and
- Where the exchange rate varies, at the spot rate at the reporting date.