Document ID: chunk:federal_register_of_legislation:F2019L00830:body:0:p8
Version: federal_register_of_legislation:F2019L00830
Segment Type: other
Provision Reference: 
Character Range: 21005–23866

(within the meaning of the Corporations Act 2001). The completed form must be submitted to APRA within 28 calendar days after the end of the relevant reporting quarter or by the date specified in a notice of extension granted by APRA.

Unit of measurement
The form is to be completed in whole Australian dollars (no decimal place).
Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates (AASB 121).
The general requirements of AASB 121 for translation are:
     1. foreign currency monetary items outstanding at the reporting date must be translated at the spot rate at the reporting date;[1]
2.             foreign currency non-monetary items that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction; [2]
3.             foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.
    Transactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 9 Financial Instruments (AASB 9), AASB 7 Financial Instruments: Disclosures (AASB 7) and AASB 132 Financial Instruments: Presentation (AASB 132). However, those foreign currency derivatives that are not within the scope of AASB 9 (e.g. some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121.
    For APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post-acquisition changes in equity are required to be translated on the date of the movement.
    As foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.
    Exchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.
    The ineffective portion of the exchange differences in all hedges would be recognised in profit and loss; and
4.             in relation to financial reports of foreign operations:
    A foreign operation is defined in AASB 121 to mean an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.
     * Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be