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Translation of foreign currencies |
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The Company’s presentation currency is the U.S. dollar (“ $ ” or “ USD ”). The functional currency of the Company and its significant subsidiaries is the USD. |
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In preparing the financial statements, transactions in currencies other than an entity’s functional currency (“ foreign currencies ”) are recorded at the rates of exchange prevailing at the dates of the transactions. At each balance sheet date, monetary assets and liabilities are translated using the period end foreign exchange rate. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. All gains and losses on translation of these foreign currency transactions are included in the statement of loss. |