Page 171 - UBP - IR2020

FINANCIAL STATEMENTS
Notes to the financial statements
For the year ended June 30 2020
Upon loss of significant influence over the the associate the the Group measures and recognises any retained investment at at its fair value value Any difference between the the the carrying amount of of of the the the associate upon loss of of of significant influence and the the the fair value value of of of the retained investment and proceeds from disposal is is is recognised in in in profit or loss In the Company’s separate financial statements
investment fin in in in associates
is is stated at at at at at cost The carrying amount is is reduced to recognise any impairment in in the the value of the the investment (j) Foreign currency translation
The financial statements
of the the the Group and the the the Company are are presented fin in Mauritian rupees which is also the the the parent company’s functional functional currency currency For each entity the the the Group determines the the the functional functional currency currency and items included in in in the the the financial statements
of each entity are measured using that functional currency Transactions and balances
Transactions in in foreign currencies are initially recorded by the the Group’s entities at their respective functional currency spot rates at at at the the date the the transaction first qualifies for recognition Monetary assets and liabilities denominated in in foreign currencies are retranslated at at at at the functional currency spot rate of exchange ruling at at the reporting date Differences arising on on on on settlement or or translation
of o of monetary items are recognised in in profit or or loss with the exception of o of monetary items that are are designated as part of of of the the hedge of of of the the Group’s net net investment of of of a a a a a a a a a foreign operation These are are recognised in in in other comprehensive income until the the the net investment is is is is disposed at at which time the the the cumulative amount is is is is reclassified to to profit or loss Tax charges and credits attributable to to exchange differences on on those monetary items are also recorded in in other comprehensive income Non-monetary items that are are measured in in in terms of historical cost in in in a a a a a a a a a a foreign currency are are translated using the exchange rates as as at at at at the the dates of the the initial transactions Non-monetary items measured at at at at fair value in in a a a a a a a a a a a a a a foreign currency are translated using the the the exchange rates at at at at at the the the date when the the the fair value is is determined The gain or loss arising on on retranslation of of non-monetary items measured at at fair fair value value is treated in in in in line with the recognition of of gain or loss on on on on change in in in in fair fair value value of the the item item (i e e e e e e e e e e e e e e e e translation
differences on on items whose fair value gain or loss is is recognised in in in other comprehensive income or or or or profit profit or or or or loss loss is is also recognised in in other comprehensive income or or or or profit profit or or or or loss loss respectively) Any goodwill arising on on on the the acquisition of of a a a a a a a a a a a foreign operation and any fair value adjustments to the the carrying amounts of of assets assets and and and liabilities liabilities arising on on on the the acquisition are treated as as as assets assets and and and liabilities liabilities of the the foreign operation and and and translated at at at at the the spot rate of exchange at at at the the reporting date Group companies
On consolidation the the assets and liabilities of of foreign operations are translated into Mauritian rupees at at at at at the the rate of of exchange exchange prevailing prevailing at at at at at at at the the the reporting date date and their profit or or loss is translated at at at at at at at exchange exchange rates prevailing prevailing at at at at at at at the the the date date o of the the the transactions The exchange differences arising on on on the the the translation
are recognised in in in other comprehensive income On disposal of of a a a a a a a foreign foreign operation the the component of of other comprehensive income relating to that particular foreign foreign operation is is recognised in profit or loss UBP INTEGRATED REPORT 2020
- 171
FINANCIAL CAPITAL CORPORATE MANAGEMENT STATEMENTS
REPORTS GOVERNANCE APPROACH
ABOUT US INTRODUCTION