Foreign currency translation
(a) Functional and presentational currency
Items included in the financial statements of the Company are measured using the currency of the primary
economic environment in which the company operates ("the functional currency"). These financial statements
are presented in US Dollars ($), which is the Company's functional and presentation currency.
(b) Transactions and balances
Transactions denominated in other currencies are converted to the functional currency at the exchange rate at the
date of transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at year -
end exchange rates. Non - monetary items measured at historical cost are translated using the exchange rate at
the date of the transaction and non - monetary items measured at fair value are translated using the exchange
rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period - end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income