CERTYNEX IFRS ACADEMY

The Ormand group presents year N and the comparative N-1 in euros. Its Swiss subsidiary has net assets of 900,000 Swiss francs at the closing date N (closing rate 1.05 euros) and 800,000 francs at the closing date N-1 (closing rate 1.00 euro). How does it translate the comparative N-1?

At the closing rate N, i.e. 1.05 euros, so that the two years remain fully comparable with each other.

At the average of the two dates, i.e. 1.025 euros, to smooth the exchange effect between the years.

At the closing rate of the N-1 statement, i.e. 1.00 euro: each statement presented is translated at its own closing rate.

At the closing rate N-1 for assets, but at the closing rate N for liabilities, to reflect the movement in the net position.