for the period ended 31 December 2015
RCS GROUP CONSOLIDATED FINANCIAL STATEMENTS
1.20 Foreign Currencies
Foreign currency transactions
Transactions in currencies other than the entity’s functional
currency are translated at the rates of exchange ruling on the
Monetary assets and liabilities denominated in such currencies
are translated at the rates ruling at the reporting date.
Non-monetary assets and liabilities denominated in such
currencies are translated using the exchange rate at the date
of the transaction.
Foreign currency gains and losses arising on translation are
recognised in the income statement.
As at the reporting date, the assets and liabilities of foreign
operations, including goodwill and fair value adjustments
arising on acquisition, are translated into the presentation
currency of the group at the rate of exchange ruling at the
reporting date and the income and expenses are translated
at the exchange rates at the dates of the transactions or the
average rates if it approximates the actual rates.
Gains and losses arising on translation of the assets, liabilities,
income and expenses of foreign operations are recognised in
other comprehensive income, and presented in the foreign
currency translation reserve in equity.