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(d) Foreign Currency Translation and Transaction (Policies)
12 Months Ended
Dec. 31, 2013
Policies  
(d) Foreign Currency Translation and Transaction

(d) Foreign Currency Translation and Transaction

 

The financial position and results of operations of the Company are measured using the foreign local currency as the functional currency. Revenues and expenses have been translated into U.S. dollars at average exchange rates prevailing during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date. The resulting translation gain and loss adjustments are recorded directly as a separate component of shareholders' equity.

 

Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred.