Exercise 16.4 MATERIALITY, OFFSETTING Company A is a retailer that imports about 30% of its goods.

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Exercise 16.4 ★ MATERIALITY, OFFSETTING Company A is a retailer that imports about 30% of its goods. The following foreign exchange gains and losses were recognised in profi t during the year: Loss €m Gain €m Foreign currency borrowings with Bank L Forward exchange contracts used as hedging instruments Forward exchange contracts not used as hedges Foreign currency borrowings with Bank S 50 3 1 10 Additional information Materiality has been determined as €5 million for items recognised in profi t or loss. Required Identify which of the above gains and losses are permitted to be offset in Company A’s fi nancial statements.

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