Financial Sector (Collection of Data) determination No. 75 of 2005 - Reporting Standard ARS 222.0 (2005) - Exposures to Related Entities
Unit of measurementUnit of measurement
Start here
Get a plain-English read of Unit of measurement
Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) determination No. 75 of 2005 - Reporting Standard ARS 222.0 (2005) - Exposures to Related Entities.
Unit of measurement
Banks are asked to complete the form in millions of Australian dollars rounded to one decimal place, and for other non-bank ADIs (including Specialist Credit Card Institutions (SCCIs)), 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.
- 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.