|SEVEN STARS CLOUD GROUP, INC. filed this Form 8-K/A on 08/14/2017|
Wide Angle Group Limited
December 31, 2015 and December 31, 2016
Note 1 - Operations and significant accounting policies (continued)
Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions.
Foreign Currency Translation
The financial records of the Group’s subsidiaries are maintained in their local currencies. Monetary assets and liabilities denominated in currencies other than their local currencies are translated into local currencies at the rates of exchange in effect at the balance sheet dates. Transactions denominated in currencies other than their local currencies during the year are converted into local currencies at the applicable rates of exchange prevailing when the transactions occur. Transaction gains and losses are recorded in other income/ (expense), net in the statements of income.
The reporting currency of the Group is the United States dollar (“US dollar”). When translating local financial reports of the Group’s subsidiaries into US dollar, assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenue, expenses, gains and losses are translated at the average rate for the period. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive income in the statements of income and comprehensive income.
Comprehensive loss is defined as the change in equity during a period from transactions and other events. Comprehensive loss was the sum of the Company’s net loss and foreign currency translation adjustments for all periods presented.