Individual Greenpeace International organisations' financial statements have been translated into US dollars. The local currency amounts of income and expenditure have been translated at average rates for the years concerned. Balance sheet items have been translated at the year-end rates for the years concerned. The resulting translation gain or loss is recognised in the fund balance. Fixed assets are stated at cost less depreciation.
Depreciation is provided to write-off the cost of fixed assets over their useful lives.
Ships are not further depreciated than their residual value. In 1998, certain overhead costs have been allocated to various expenditure categories based on estimated actual usage. In 1997 these costs were included in administration. Interest amounts are shown gross in 1998. Balances and transactions between Greenpeace International organisations have been eliminated.