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This excerpt taken from the ELN 20-F filed Feb 26, 2009. (s) Foreign
operations
Transactions in foreign currencies are recorded at the exchange
rate prevailing at the date of the transaction. The resulting
monetary assets and liabilities are translated into
U.S. dollars at exchange rates prevailing at subsequent
balance sheet dates, and the resulting gains and losses are
recognized in the Consolidated Statement of Operations and,
where material, separately disclosed.
The functional currency of Elan and most of our subsidiaries is
U.S. dollars. For those subsidiaries with
non-U.S. dollar
functional currency, their assets and liabilities are translated
using year-end rates and income and expenses are translated at
average rates. The cumulative effect of exchange differences
arising on consolidation of the net investment in overseas
subsidiaries are recognized as OCI in the Consolidated
Statements of Shareholders’ Equity/(Deficit) and Other
Comprehensive Income/(Loss).
This excerpt taken from the ELN 20-F filed Mar 30, 2006. (s) Foreign
operations
Transactions in foreign currencies are recorded at the exchange
rate prevailing at the date of the transaction. The resulting
monetary assets and liabilities are translated into
U.S. dollars at exchange rates prevailing at subsequent
balance sheet dates, and the resulting gains and losses are
recognized in the Consolidated Statement of Operations and,
where material, separately disclosed.
The functional currency of most of our subsidiaries is
U.S. dollars. For those subsidiaries with
non-U.S. dollar
functional currency, their assets and liabilities are translated
using year-end rates and income is translated at average rates.
The cumulative effect of exchange differences arising on
consolidation of the net investment in overseas subsidiaries are
recognized as other comprehensive income in the Consolidated
Statement of Shareholders’ Equity and Other Comprehensive
Income/(Loss).
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