Estados Financieros, (Inglés, Español) - Túnel San Cristóbal

2.2 Main accounting criteria applied
The main accounting policies adopted in the preparation
of these financial statements, as required by IFRS 1, are
described below. These policies have been defined on
the basis of the IFRSs in force at January 1, 2010, which
have been applied in a uniform manner to all the periods
presented in these financial statements.
a) Accounting period
These financial statements cover of the following periods:
b) Conversion basis
Accumulated
31/12/11 31/12/10
Financial position statement X X
Comprenhensive profit and loss statement X X
Cash flow statement X X
Equity change statement X X
The assets and liabilities in foreign currencies and in
unidades de fomento (UF) are translated into Chilean pesos
at the exchange rates in force on the closing date of the
financial statements, as per the following breakdown:
31/12/11 31/12/10
Ch$ Ch$
Unidad de Fomento (UF) 22,294,03 21,455,55
U.S. Dollar (USD) 519,20 468,01
Euros (EUR) 672,97 621,53
During the year, the differences that arise between the
exchange rate used in the accounting and the exchange rate
prevailing on the date of collection or payment are recorded
as exchange rate differences in the income statement.
Additionally, at each year-and, the conversion of balances
receivable or payable in a currency other than the Company’s
functional currency is made using the year-and exchange
rate. The resulting valuation differences are recorded as
exchange rate differences in the income statement.
c) Functional currency
The functional currency for the Company is the Chilean
peso, as this is the currency used in the main economic
environment where the company operates. This definition
was reported in due time by the company to the
Superintendency of Securities and Insurance (SVS). The
transactions made in a currency other than the Chilean
peso will be converted using the exchange rate in force at
the date on which the respective transaction takes place.
The monetary assets and liabilities agreed in currencies
other than the functional currency will be converted using
the exchange rate in force at closing. The profits and losses
resulting from the conversion will be included under net
profits or losses for the year under other financial items.
d) Intangible assets other than goodwill
With the adoption of the IFRS, including the interpretation
norm IFRIC No. 12 “Service Concession Arrangements”,
the Company has determined that the fixed assets recorded
under Chilean GAAP equivalent to the construction cost
of the State-owned public works should be recognized as
intangible assets, considering the specific characteristics of
the Concession Contract entered into by the Company and
the Ministry of Public Works. (MOP) (See note 25).
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