Forex Translation

A S A
Translating the
C P A
financial statements of
foreign operations
LYCEUM OF THE PHILIPPINES UNIVERSITY

Copyright © 2012 McGraw-Hill Australia Pty Ltd
34-1
PPTs to accompany Deegan, Australian Financial Accounting 7e
ACCOUNTANCY REVIEW
Objectives of this lecture
• Understand why it is necessary to translate the financial
statements of foreign subsidiaries to a specific
presentation currency before the consolidation process is
A S A
performed
• Be able to translate the financial statements of a foreign
operation into a particular functional currency
C P A
• Be able to translate the financial statements of a foreign

operation into a particular presentation currency
• Understand which rates to use when translating the
financial statements of a foreign operation

34-2
ACCOUNTANCY REVIEW
Introduction to translating the financial
statements of foreign operations
• The consolidation process involves combining the
financial statements of a parent and its controlled
A S A
entities (that is, its subsidiaries)
• If some of the controlled entities are foreign entities

with account balances denominated in different foreign
C P A
currencies, there is a need to translate these accounts

to a given presentation currency (e.g. PHP) before the
consolidation process
• Accounting standard relating to the translation of

foreign subsidiaries is IAS 21 The Effects of Changes
in Foreign Exchange Rates

34-3
ACCOUNTANCY REVIEW
Introduction to translating the accounts of
foreign operations (cont.)
• Note IAS 21 permits selection of a presentation currency,
which need not be Australian dollars
A S A
• A single method of translation is to be used to translate the

accounts of foreign subsidiaries into a particular presentation
currency
C P A

34-4
ACCOUNTANCY REVIEW
Different classifications of
currencies
Reference can be made to three different types of
currencies, these being local currency, functional currency,
and presentation currency. These currencies can be defined
A S A
as follows:
• Local currency: the currency used in the country in which
the foreign operation is located
C P A
• Functional currency: IAS 21, paragraph 8, defines

functional currency as ‘the currency of the primary economic
environment in which the entity operates’
• Presentation currency: IAS 21, paragraph 8, defines the
presentation currency as ‘the currency in which the financial
statements are presented’

34-5
ACCOUNTANCY REVIEW
Considerations of the functional currency
• In this lecture we will consider two situations
– First, we will consider translating the financial statements of
an entity into a particular functional currency
A S A
– Then, we will consider how to translate the financial

statements of an entity from a particular functional currency
into a particular presentation currency (which is required
prior to consolidation)
C P A
• If the functional currency is the same as the local currency, then

there will be no need to translate the financial statements of the
foreign operation into the functional currency, as the financial
statements prepared in the local currency will already have
been prepared in the functional currency
• In such circumstances we will only need to translate the foreign
operation’s financial statements into the group’s presentation
currency (a one-step as opposed to a two-step process)

34-6
ACCOUNTANCY REVIEW
Translating the accounts into a particular
functional currency
• According to IAS 21, functional currency is ‘the
currency of the primary economic environment in
A S A
which the entity operates’

• According to paragraph 12 of IAS 21, management
uses its judgment ‘to determine the functional
C P A
currency that most faithfully represents the economic

effects of the underlying transactions, events and
conditions’

34-7
ACCOUNTANCY REVIEW
Translating the accounts into a particular functional
currency (cont.)
• If a parent entity has a subsidiary located in another country
then the first task to be undertaken prior to the
consolidation process is to determine the functional
A S A
currency of the overseas subsidiary

• For example, if PHILIPPINE parent has a subsidiary that is
located in New Zealand then it is likely that the subsidiary
would maintain its accounts in the local currency, which is
C P A
New Zealand dollars

• For the functional currency of the subsidiary to be
Australian dollars there would be an expectation that there
is a high degree of dependence between the subsidiary and
the parent entity. Perhaps the entity acquires products
directly from the parent entity and sells the products at
prices based on the PHP

34-8
ACCOUNTANCY REVIEW
currency (cont.)
• If the functional currency is determined to be PHP then
there will be a need to translate the New Zealand
accounts from New Zealand dollars into PHP
A S A
• By contrast, if the subsidiary operates quite independently

of the Philippine parent—perhaps because it produces the
goods locally, and sells its products at prices based on
New Zealand dollars—then the functional currency might
C P A
be New Zealand dollars and there would be no need to

translate the accounts into a different functional currency
• Once the subsidiary’s accounts have been translated into
the appropriate functional currency then the accounts will
need to be translated to the appropriate presentation
currency prior to consolidation

34-9
ACCOUNTANCY REVIEW
currency (cont.)
• Paragraphs 21 and 23 of IAS 21 provide the rules for
translating one currency into another currency. In relation
to items included within the statement of
A S A
comprehensive income, paragraph 21 states:

A foreign currency transaction shall be recorded, on initial
recognition in the functional currency, by applying to the
foreign currency amount the spot exchange rate between
C P A
the functional currency and the foreign currency at the

date of the transaction
• There is a general requirement that each item of expense

and revenue shall be translated at the spot exchange rate
between the functional currency and the local currency on
the dates the respective transactions took place

34-10
ACCOUNTANCY REVIEW
currency (cont.)
• However, this would be an extremely time-consuming and
difficult task and, as such, IAS 21 allows average rates to
be used. For example, an average exchange rate
A S A
between the local currency and the functional currency for

a month may be used to translate transactions that
occurred within that month. As paragraph 22 of IAS 21
states:
C P A
For practical reasons, a rate that approximates the actual

rate at the date of the transaction is often used, for
example, an average rate for a week or a month might be
used for all transactions in each foreign currency
occurring during that period. However, if exchange rates
fluctuate significantly, the use of the average rate for a
period is inappropriate.

34-11
ACCOUNTANCY REVIEW
currency (cont.)
The above requirements relate to accounts contained within the

statement of comprehensive income. In relation to accounts that
A S A
would generally be presented within the statement of financial

position, paragraph 23 of IAS 21 states:
At the end of each reporting period:
(a) foreign currency monetary items shall be translated using
C P A
the closing rate

(b) non-monetary items that are measured in terms of
historical cost in a foreign currency shall be translated
using the exchange rate at the date of the transaction, and
(c) non-monetary items that are measured at fair value in a
foreign currency shall be translated using the exchange
rates at the date when the fair value was determined

34-12
ACCOUNTANCY REVIEW
currency (cont.)
• In relation to non-monetary assets, such as plant and

equipment, IAS 16 Property, Plant and Equipment allows that
either cost or fair value be used as the basis of measurement
A S A
• If the cost basis is used, and consistent with paragraph 23, the
rate to be used to translate the local currency to the functional
currency is the spot rate as at the date the asset was originally
C P A
recognised by the subsidiary

• If fair values are used by way of undertaking revaluations, then
the exchange rate to be used between the foreign currency and
the functional currency will be the exchange rate in place when
the valuation was made

34-13
ACCOUNTANCY REVIEW
currency (cont.)
• The rates to be used to translate financial statements into
a given functional currency are summarised in Table 34.1
—see the next slide
A S A
• Applying the requirements of IAS 21 as they relate to

translating the accounts from a local currency to a
particular functional currency means that the final
C P A
accounts, after translation, will reflect amounts that would

be recorded had the transactions or events been
originally recorded in the functional currency

34-14
ACCOUNTANCY REVIEW
Summary of rates used when translating financial statements
into a functional currency
Category Rate
Assets
Monetary Translate at the spot exchange rate at reporting rate (that is, at the
closing rate)
Non-monetary—held at Translate at the spot rate at the day the asset was recorded by the
A S A
historical cost subsidiary
Non-monetary—fair Translate at the exchange rate at the date of valuation

value
Liabilities
Monetary Translate at the closing rate
C P A
Non-monetary Translate at the exchange rate at the date of valuation

Equity
Share capital—at Translated at the rate when the investment acquired
acquisition
Reserves—at acquisition Translated at the rate when the investment acquired

Reserves—post If the transfer to reserves is the result of a revaluation of property, plant
acquisition and equipment the rate used is the rate at the date of the revaluation
Retained earnings—at Translated at the rate when the investment acquired

acquisition

34-15
ACCOUNTANCY REVIEW
Summary of rates used when translating financial
statements into a functional currency (cont.)
Revenues and expenses
Revenues and expenses Translated at the rate in place at the

A S A
date of the transaction. For practical

purposes, a rate that approximates the
actual rate of the transaction can be
used
Non-monetary related expenses, e.g. Translated at the rate used to translate
C P A
depreciation the related non-monetary item
Distributions
Dividends paid Translated at the current rate at the date

of payment
Dividends declared Translated at the current rate at the date

the dividends are declared

34-16
ACCOUNTANCY REVIEW
Worked Example 34.1—Translation from a foreign
currency into a functional currency
• On 1 July 2014, Kiwi Ltd, a New Zealand company whose
shares are listed on the New Zealand Securities Exchange,
acquired all the equity in Bulldog plc, a company incorporated
A S A
in England
• Because of the high level of dependence of Bulldog plc on Kiwi
Ltd, the functional currency is deemed to be the New Zealand
dollar
C P A
• The exchange rates for the reporting period ending 30 June

2015 are shown below:
1 July 2014 UK£1 = NZ$3.00

Average rate for the year UK£1 = NZ$3.10
Ending inventory (acquired before year end) UK£1 = NZ$3.20
30 June 2015 UK£1 = NZ$3.30

34-17
ACCOUNTANCY REVIEW
Worked Example 34.1—Translation from a foreign currency
into a functional currency (cont.)
Bulldog plc
Statement of comprehensive income and details of closing retained
earnings for the year ended 30 June 2015
UK£000
A S A
Sales 2 500
Cost of sales:
Inventory—1 July 2014 (500)
Purchases (2 000)
C P A
Inventory—30 June 2015 450

Administration expenses (75)
Depreciation expense (100)
Profit before tax 275
Income tax expense (125)
Profit for the year 150
Retained earnings—1 July 2014 150
Retained earnings—30 June 2015 300

34-18
ACCOUNTANCY REVIEW
Worked Example 34.1—Translation from a foreign currency
into a functional currency (cont.)
Bulldog plc
Statement of financial position as at 30 June 2015
1 July 2014 30 June 2015
UK£000 UK£000
Assets
A S A
Property, plant and equipment 1 050 950

Cash and debtors 100 800
Inventory 500 450
Total assets 1 650 2 200
Liabilities
C P A
Bank loan 1 000 1 000

Trade creditors – 400
Total liabilities 1 000 1 400
Net assets 650 800
Equity
Share capital 500 500
Retained earnings 150 300
650 800
REQUIRED
Translate the financial statements of Bulldog plc into the functional currency

34-19
ACCOUNTANCY REVIEW
Worked Example 34.1—Solution
Bulldog plc
Statement of comprehensive income for the year ending 30 June 2015
Exchange
UK£000 rate NZ$000
Sales 2 500 3.10 7 750.0
A S A
Cost of sales:
Inventory—1 July 2014 (500) 3.00 (1 500.0)
Purchases (2 000) 3.10 (6 200.0)
Inventory—30 June 2015 450 3.20 1 440.0
C P A
Administration expenses (75) 3.10 (232.5)

Depreciation expense (100) 3.00 (300.0)
Foreign exchange loss ---– (210.0)
Profit before tax 275 747.5
Income tax expense (125) 3.10 (387.5)
Profit for the year 150 360.0
Retained earnings—1 July 2014 150 3.00 450.0
Retained earnings—30 June 2015 300 810.0

34-20
ACCOUNTANCY REVIEW
Worked Example 34.1—Solution
Bulldog plc
Statement of financial position as at 30 June 2015
Exchange
UK£000 rate NZ$000
Assets
A S A
Property, plant and equipment 950 3.00 2 850

Cash and debtors 800 3.30 2 640
Inventory 450 3.20 1 440
C P A
Liabilities
Bank loan 1 000 3.30 3 300
Trade creditors 400 3.30 1 320
Net assets 800 2 310
Share capital 500 3.00 1 500
Equity
800 2 310

34-21
ACCOUNTANCY REVIEW
Worked Example 34.1—Solution (cont.)
Reconciliation of foreign exchange loss
Current rate NZ$
less gain/
UK£000 UK£000 rate applied (loss)
Net monetary assets at 1/7/2014
Bank loan (1 000)
A S A
Cash and debtors 100 (900) (3.30 – 3.00) (270)

Increases in monetary assets—sales 2 500 (3.30 – 3.10) 500
Decreases in monetary assets resulting from:
Purchases (2 000) (3.30 – 3.10) (400)
Cash expenses (75) (3.30 – 3.10) (15)
C P A
Income tax expense (125) (3.30 – 3.10) (25)

(600) (210)
Reconciled to net monetary items at 30 June 2015 as follows:

Bank loan (1 000)
Creditors (400)
Cash and debtors 800
(600)

34-22
ACCOUNTANCY REVIEW
Translating the accounts of foreign operations
into the presentation currency
• Before consolidating the financial statements of the

parent entity and its subsidiaries it will be necessary to
A S A
convert the financial statements of the various foreign

subsidiaries from their respective functional currencies
into the presentation currency of the parent entity
C P A
• Under the approach required by IAS 21 all assets and

liabilities of a foreign operation are to be translated from
the functional currency to the presentation currency using
the spot rate applicable at reporting date
• Income and expenses are translated at the exchange

rates in place at the dates of the various transactions

34-23
ACCOUNTANCY REVIEW
into the presentation currency (cont.)
• If expense and revenue transactions are considered to
occur uniformly throughout the period, average rates may
be used
A S A
• Any resulting translation gains or losses are taken directly

to reserves (rather than to profit or loss, which was the
case when we translated the financial statements from a
local currency to the functional currency)
C P A
• The approach to translating the accounts of a foreign

subsidiary from a particular functional currency to a
particular presentation currency is as follows:
(a) Assets and liabilities are translated at the exchange
rate current at the end of the reporting period

34-24
ACCOUNTANCY REVIEW
into the presentation currency (cont.)
(b) Equity at the date of the investment, including in the
case of a corporation, share capital at acquisition
A S A
and pre-acquisition reserves, is translated at the

exchange rate current at that date of investment
(c) Post-acquisition movements in equity, other than

C P A
retained earnings (surplus) or accumulated losses

(deficiency), are translated at the exchange rates
current at the dates of those movements, except that,
where a movement represents a transfer between
items within equity, the movement is translated at the
exchange rate current at the date that the amount
transferred or returned was first included in equity

34-25
ACCOUNTANCY REVIEW
Translating the accounts of foreign operations into
the presentation currency (cont.)
(d) Distributions from retained earnings (i.e. dividends

paid or declared, or their equivalent) are translated at
A S A
the exchange rates current at the dates when the

distributions were first declared
(e) Revenue and expense items are translated at the
exchange rates current at the applicable transaction
C P A
dates
Table 34.2 (next slide) summarises the approach to

translating the accounts of a foreign subsidiary

34-26
ACCOUNTANCY REVIEW
Summary of the method to be applied for translating financial
statements from a given functional currency to a specific
presentation currency
Assets
Monetary assets Translated at closing rate
Non-monetary assets—measured at historical Translated at closing rate
cost
A S A
Non-monetary assets—measured at fair value Translated at closing rate

Liabilities
Monetary Translated at closing rate
C P A
Non-monetary Translated at closing rate

Equity
Share capital and reserves at date of acquisition Translated at spot rate when investment
acquired
Post-acquisition movements in share capital and Translated at the spot rate at the date they
reserves (excluding retained were recognised in the accounts
earnings/accumulated losses)
Post-acquisition retained earnings Amount determined from translating the
statement of comprehensive income
(cont.)

34-27
ACCOUNTANCY REVIEW
Summary of the method to be applied for translating financial
statements from a given functional currency to a specific
presentation currency (cont.)
Revenues and expenses
Revenues Translated at the rate in place as at the time of the
transaction. For practical reasons, however, it is
A S A
acceptable to use a rate that approximates the

rate in place when the transactions took place
(e.g. to use an average rate for the year)
Expenses (apart from the amortisation or Translated at the rate in place as at the time of the
depreciation of non-current assets) transaction. For practical reasons, however, it is
C P A
acceptable to use a rate that approximates the

rate in place when the transactions took place
(e.g. to use an average rate for the year)
Depreciation/Amortisation Translated at the average rate for the year
Income tax expense Translated at the average rate for the year
Distributions
Dividends paid/declared Translated at the spot rate when paid/declared

34-28
ACCOUNTANCY REVIEW
Translation of a foreign operation’s financial statements from
a functional currency into a
presentation currency
On 1 July 2014 Bruce Ltd, an Australian company, acquires all the
issued shares in Nigel plc, a company incorporated in England.
Exchange rates for the year ending 30 June 2015 are as follows:
A S A
01 July 2014 £1.00 = A$2.00

Average rate for year £1.00 = A$2.10
C P A
Ending inventory acquired (before year end) £1.00 = A$2.20

30 June 2015 £1.00 = A$2.30
The statement of comprehensive income and statement of financial

position of Nigel plc are shown on the next slides. The accounts are
stated in UK£, which is Nigel plc’s functional currency.

34-29
ACCOUNTANCY REVIEW
Worked Example 34.2—Translation of a foreign operation’s
financial statements from a functional currency into a
Abbreviated statement of comprehensive income for Nigel plc
for the year ending 30 June 2015 and details of closing retained
earnings
A S A
UK£
Sales 2 500
Cost of sales
Inventory—01 July 2014 (500 )
C P A
Purchases (2 000 )
Inventory—30 June 2015 450
Administration expense (75 )
Depreciation expense (100 )
Profit 275
Income tax expense (125 )
Profit after tax 150
Retained earnings—01 July 2014 150
Retained earnings—30 June 2015 300

34-30
ACCOUNTANCY REVIEW
Worked Example 34.2—Translation of a foreign operation’s
financial statements from a functional currency into a
Statement of financial position for Nigel plc as at 30 June 2015
01 July 2014 30 June 2015
(UK£) (UK£)
Assets
A S A
Plant and equipment 1 050 950

Cash and debtors 100 800
Inventory 500 450
Liabilities
Bank loan 1 000 1 000
C P A
Trade creditors – 400

Net assets 650 800
Represented by:
Shareholders’ funds
Share capital 500 500
650 800
REQUIRED
Translate the financial statements of the foreign operation from the functional currency of the
subsidiary into the presentation currency of the group.

34-31
ACCOUNTANCY REVIEW
—Solution
Statement of comprehensive income and reconciliation of retained
earnings, for Nigel plc for the year ending 30 June 2015
(UK£) (Rate) (A$)

A S A
Sales 2 500 2.10 5 250

Cost of sales
Inventory—01 July 2014 (500 ) 2.00 (1 000 )
Purchases (2 000 ) 2.10 (4 200 )
Inventory—30 June 2015 450 2.20 990
C P A
Administration expense (75 ) 2.10 (157.5 )

Depreciation expense (100 ) 2.10 (210 )
Profit 275 672.5
Income tax expense (125 ) 2.10 (262.5 )
Profit after tax 150 410
Retained earnings—01 July 2014 150 2.00 300
Retained earnings—30 June 2015 300 710

34-32
ACCOUNTANCY REVIEW
—Solution (cont.)
Statement of financial position for Nigel plc as at 30 June 2015
01 July 2014 30 June 2015
(UK£) (UK£) (Rate) (A$)
Assets
Plant and equipment 1 050 950 2.30 2 185
A S A
Cash and debtors 100 800 2.30 1 840

Inventory 500 450 2.30 1 035
1 650 2 200 5 060
Liabilities
Bank loan 1 000 1 000 2.30 2 300
Trade creditors – 400 2.30 920
C P A
1 000 1 400 3 220

Net assets 650 800 1 840
Represented by:
Shareholders’ funds
Share capital 500 500 2.00 1 000
Foreign currency translation reserve 130 *
Retained earnings 150 300 710 **
650 800 1 840
*See calculation provided overleaf
**See statement of comprehensive income

34-33
ACCOUNTANCY REVIEW
—Solution (cont.)
Foreign currency translation reserve
All assets and liabilities of the foreign subsidiary are

translated at the reporting date spot rate. Because we
A S A
know that assets less liabilities equals owners’ equity, it

follows that in effect the total of owners’ equity is
translated at the reporting date spot rate.
However, the individual components of owners’ equity will
C P A
be translated differently. The share capital will be

translated using the rate in place when the investment
was acquired.
Retained earnings will be the balance provided from the
statement of comprehensive income (which might use a
variety of rates). The translation gain, which does not go
to the statement of comprehensive income but remains
part of equity, is in effect the balancing item.

34-34
ACCOUNTANCY REVIEW
Worked Example 34.2—Solution (cont.)
Foreign currency translation reserve (cont.)
When the foreign operation is ultimately disposed of, the
amount accumulated in equity as the foreign currency
translation reserve will be treated as part of profits.
A S A
The transfer to the foreign currency translation reserve is

determined as follows:
C P A
Net assets at 30 June 2015 at closing rate (800 × $2.30)

$1 840
less Components of net assets at their historical rates
– Share capital 500 × $2.00 ($1 000 )
– Retained earnings from statement of comprehensive
income ($710 )
Translation gain—to foreign currency translation reserve
$130

34-35
ACCOUNTANCY REVIEW
Consolidation subsequent
to translation
• After translation of foreign subsidiary’s financial statements,
consolidation takes place according to normal principles
A S A
– Cost of investment eliminated against pre-acquisition

capital and reserves of controlled entities, with resultant
goodwill or gain on bargain purchase being recognised
C P A
– Pre-acquisition capital and reserves are translated at the

rates in place when the investment was acquired, i.e. same
rates used each year so the goodwill or discount
recognised on consolidation does not fluctuate

34-36
ACCOUNTANCY REVIEW
Consolidation subsequent
to translation (cont.)
– Non-controlling interests will be determined following
translation of accounts
A S A
– foreign currency translation reserve will reside in the

subsidiaries’ statement of financial position before the
consolidation adjustments and the non-controlling
C P A
interests will be allocated a proportion of this reserve

34-37
ACCOUNTANCY REVIEW

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A S A

LYCEUM OF THE PHILIPPINES UNIVERSITY

• Be able to translate the financial statements of a foreign

LYCEUM OF THE PHILIPPINES UNIVERSITY

entities (that is, its subsidiaries)

• If some of the controlled entities are foreign entities

currencies, there is a need to translate these accounts

• Accounting standard relating to the translation of

LYCEUM OF THE PHILIPPINES UNIVERSITY

• A single method of translation is to be used to translate the

LYCEUM OF THE PHILIPPINES UNIVERSITY

• Functional currency: IAS 21, paragraph 8, defines

LYCEUM OF THE PHILIPPINES UNIVERSITY

– Then, we will consider how to translate the financial

• If the functional currency is the same as the local currency, then

LYCEUM OF THE PHILIPPINES UNIVERSITY

which the entity operates’

currency that most faithfully represents the economic

LYCEUM OF THE PHILIPPINES UNIVERSITY

currency of the overseas subsidiary

New Zealand dollars

LYCEUM OF THE PHILIPPINES UNIVERSITY

• By contrast, if the subsidiary operates quite independently

be New Zealand dollars and there would be no need to

LYCEUM OF THE PHILIPPINES UNIVERSITY

comprehensive income, paragraph 21 states:

the functional currency and the foreign currency at the

• There is a general requirement that each item of expense

LYCEUM OF THE PHILIPPINES UNIVERSITY

between the local currency and the functional currency for

For practical reasons, a rate that approximates the actual

LYCEUM OF THE PHILIPPINES UNIVERSITY

The above requirements relate to accounts contained within the

would generally be presented within the statement of financial

the closing rate

LYCEUM OF THE PHILIPPINES UNIVERSITY

• In relation to non-monetary assets, such as plant and

recognised by the subsidiary

LYCEUM OF THE PHILIPPINES UNIVERSITY

• Applying the requirements of IAS 21 as they relate to

accounts, after translation, will reflect amounts that would

LYCEUM OF THE PHILIPPINES UNIVERSITY

historical cost subsidiary

Non-monetary—fair Translate at the exchange rate at the date of valuation

Non-monetary Translate at the exchange rate at the date of valuation

Reserves—at acquisition Translated at the rate when the investment acquired

Retained earnings—at Translated at the rate when the investment acquired

LYCEUM OF THE PHILIPPINES UNIVERSITY

Revenues and expenses Translated at the rate in place at the

date of the transaction. For practical

depreciation the related non-monetary item

Dividends paid Translated at the current rate at the date

Dividends declared Translated at the current rate at the date

LYCEUM OF THE PHILIPPINES UNIVERSITY

• The exchange rates for the reporting period ending 30 June

1 July 2014 UK£1 = NZ$3.00

LYCEUM OF THE PHILIPPINES UNIVERSITY

Inventory—30 June 2015 450

LYCEUM OF THE PHILIPPINES UNIVERSITY

Property, plant and equipment 1 050 950

Bank loan 1 000 1 000

LYCEUM OF THE PHILIPPINES UNIVERSITY

Administration expenses (75) 3.10 (232.5)

LYCEUM OF THE PHILIPPINES UNIVERSITY