FINANCIAL REPORTING In its 2013 annual report (p. 106), Wesfarmers Limited notes that the functional currency and presentation currency of Wesfarmers Limited and its Australian subsidiaries are the Australian dollar. In Note 30 it lists its overseas subsidiaries and their functional currencies. These include Bunnings (NZ) Ltd for which the functional currency is the New Zealand dollar (NZD), and Wesfarmers Risk Management (Singapore) Pte Ltd for which the functional currency is the Singapore dollar (SGD). Required Discuss the translation process that will occur so that these subsidiaries can be included in the consolidated financial statements of Wesfarmers Limited. Note: Case studies 24.3–24.4 are adapted from Radford (1996). CASE STUDY