Transactions carried out in a currency other than Polish zloty are recognized at the exchange rate set by the National Bank of Poland (NBP) for the transaction date. At the end of the reporting period, cash items denominated in foreign currencies are translated using the average NBP exchange rate in effect on that date. Non-cash items measured at fair value and denominated in foreign currencies are measured using the average NBP exchange rate in effect on the date on which the fair value is determined. Gains and losses on currency translation are recognized directly in the profit and loss account.
Financial data of foreign subsidiaries are converted into Polish zloty as follows:
Translation differences are recognized under “Foreign exchange translation differences” in equity. The following FX rates have been used for these consolidated financial statements:
|FX rates used for translation of financial data of foreign related parties||1 January – 31 December 2018||1 January – 31 December 2017||31 December 2018||31 December 2017|