EFTA01367234.pdf

Amendment #4 Page 805 of 868 lehle cootten Annual linpirovefrients 2011.2013 Cycle In tne 2011-2013 annual improvements cycle, tie IAA issued lour amendments to four standards vouch included an amendrrent to WRS 1 Frtst.trie Adcpbon of Interns/on% Financia• Reporting Stanclards T re amendment to FRS 1 is effective immediately and, thus. for pericos begntung at January 1. 2014 and denies in the Base far Conclusions I rot an entity may choose to apply either a current sandaracs a new standard that is rot yet mandatory but permits early application, provided ertiriet un'dard is tipped conststenty througnote the periods presented in the et-fly s fast IF RS finanoal statements 4. Summary of significant accounting policies 1 Currency and foreign currency transactions 41.1 Functional and presentation currency of the financial statements The *gal currency in tikarague the COnflota (CS), however, the COmParry has adopted the US dollar CUSS or 5) as the functional and presentation currency sate it better reflects the events and iransactors performed by the Company Adoption of the US dollar as functional oirrency was based on the following facts income from energy sales is generated in &tiara, debt obigatons are denomnated in ckaars, capital coring:oboes are made in Bolters, investments in intangible assets and property plant and &woe* were mostly made n sac currency art certain operating costs and expenses are also incurred in that twenty. Information relating to exchange regulations and rates is included in Note 21 1 Consdenng trot the Company's accounting records are kept in the *gal currency of its domicile. Nicaraguan Coidobas and that the US (Solar was adopted as the tut-tonal currency, menet/ay assets and table es denominated in Coniotes were translated into the financial statemertS rational currency using the exchange rate ruling on ere date of the statement of front*, position Non.rnonetary terns measured on a hatcrical cost bass were converted on the date of the statement of financial post on Long the exchange rate ruling entre anginal transaction date Inane and expenses are converted at the exchange rate in effect on the transaction date 41.2 Transactions in foreign currency Transactors n fore ) carency. arty currency ether than the functional curency. are recorded at the exchange rate ruling on the transaction date In deter mining its financial situat on and operating resells the Company *Praises and adjusts is assets and 'rebates denominated in foreign currency al the exchange rate ruling on the date of Ins valuation and determirotion Exchange rate differences resulting from the application of these procedures are recognized in the results of the period in which they occur 42 Cash Cash is COmProod of cash on-hand and in banks 1.3 Restricted cosh Restricted Oa* account balances are not consdered ether unrestricted cash balances or cash equrralent balances for the purpose of the statement of cash flows They are presented in the accompanying stdementsof financial poston as 'restricted cash'. and are presented as &trent or noncurrent assets given management'sexpectaton that they will be wristrawn for their defined purposes within the coming twetve.maMh period or otherwise Net chorges in such restricted cash balances are cbssfied as a finanong activiy in the statement of cash flows based on the requirement for them under the debt agreements F-485 http://cfdocs.btogo.com:27638/cf/drv7/pub/edgar/2015/07/20/0001193125-15-256461/d78... 7/20/2015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058762 CONFIDENTIAL SDNY_GM_00204946 EFTA01367234