COMMERZBANK AKTIENGESELLSCHAFT

84
Commerzbank AG
(3) Currency translation
Foreign currencies are translated into euro in accordance with
the provisions of Art. 256a and 340h HGB. We translate items in
the balance sheet and the income statement denominated in
foreign currencies and pending spot market transactions at the
mid rate on the balance sheet date and forward foreign
exchange transactions at the forward rate. Due to the special
cover in the same currency, profits and losses from the currency
translation are taken to income. The financial statements of our
branches abroad which are denominated in foreign currencies
are translated into the reporting currency at the middle spot
rate on the balance sheet date. Banknote and coin holdings are
translated using the exchange rate effective on the balance
sheet date.
(4) Changes in accounting policies
Compared to the previous year we have not made any changes
in accounting policies.