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Significant Accounting Policies | 6 Months Ended
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Jun. 30, 2019
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Significant Accounting Policies | Note 3. Significant Accounting Policies The accounting policies that were applied to these consolidated condensed interim financial statements as of June 30, 2019, except for those newly issued financial reporting standards effective January 1st, 2019, are the same as those applied by FEMSA in its audited annual consolidated financial statements as at and for the year ended December 31, 2018. The translation of assets and liabilities denominated in foreign currencies into Mexican pesos is for consolidation purposes and does not indicate that the Company could realize or settle the reported value of those assets and liabilities in Mexican pesos. Additionally, this does not indicate that the Company could return or distribute the reported Mexican peso value in equity to its shareholders.
|  |  |  | Exchange Rates of Local Currencies Translated to Mexican Pesos (1) |
|  | Functional / |  | Average Exchange Rate as of June 30, |  |  | Exchange Rate as of December |
Country or Zone |  | Recording Currency |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Guatemala |  | Quetzal |  |  | 2.49 |  |  |  | 2.56 |  |  |  | 2.49 |  |  |  | 2.54 |
Costa Rica |  | Colon |  |  | 0.03 |  |  |  | 0.03 |  |  |  | 0.03 |  |  |  | 0.03 |
Panama |  | U.S. dollar |  |  | 19.17 |  |  |  | 19.24 |  |  |  | 19.17 |  |  |  | 19.68 |
Colombia |  | Colombian peso |  |  | 0.01 |  |  |  | 0.01 |  |  |  | 0.01 |  |  |  | 0.01 |
Nicaragua |  | Cordoba |  |  | 0.59 |  |  |  | 0.62 |  |  |  | 0.58 |  |  |  | 0.61 |
Argentina |  | Argentine peso |  |  | 0.46 |  |  |  | 0.73 |  |  |  | 0.45 |  |  |  | 0.52 |
Brazil |  | Reais |  |  | 4.99 |  |  |  | 5.29 |  |  |  | 5.00 |  |  |  | 5.08 |
Chile |  | Chilean peso |  |  | 0.03 |  |  |  | 0.03 |  |  |  | 0.03 |  |  |  | 0.03 |
Euro Zone |  | Euro (€) |  |  | 21.66 |  |  |  | 22.71 |  |  |  | 21.86 |  |  |  | 22.54 |
Peru |  | Nuevo Sol |  |  | 5.77 |  |  |  | 5.85 |  |  |  | 5.83 |  |  |  | 5.83 |
Ecuador |  | U.S. dollar |  |  | 19.17 |  |  |  | 19.24 |  |  |  | 19.17 |  |  |  | 19.68 |
Philippines |  | Philippine peso |  |  | — |  |  |  | 0.37 |  |  |  | — |  |  |  | 0.37 |
Uruguay |  | Uruguayan peso |  |  | 0.57 |  |  |  | 0.63 |  |  |  | 0.54 |  |  |  | 0.61 |
(1) | Exchange rates published by the Central Bank of each country where the Company operates.
3.1 Recognition of the effects of inflation in countries with hyperinflationary economic environments The Company recognizes the effects of inflation on the financial information of its subsidiaries that operates in hyperinflationary economic environments (when cumulative inflation of the three preceding years is approaching, or exceeds, 100% or more in addition to other qualitative factors). As of June 30, 2019 and December 31, 2018, the operations of the Company are classified as follows:
Country |  | Cumulative Inflation 2017-2019 |  |  | Type of Economy |  |  | Cumulative Inflation 2016-2018 |  |  | Type of Economy |
Mexico |  |  | 15.9 | % |  |  | Non-hyperinflationary |  |  |  | 15.7 | % |  |  | Non-hyperinflationary |
Guatemala |  |  | 12.9 | % |  |  | Non-hyperinflationary |  |  |  | 12.2 | % |  |  | Non-hyperinflationary |
Costa Rica |  |  | 6.1 | % |  |  | Non-hyperinflationary |  |  |  | 5.7 | % |  |  | Non-hyperinflationary |
Panama |  |  | 1.4 | % |  |  | Non-hyperinflationary |  |  |  | 2.1 | % |  |  | Non-hyperinflationary |
Colombia |  |  | 11.0 | % |  |  | Non-hyperinflationary |  |  |  | 13.4 | % |  |  | Non-hyperinflationary |
Nicaragua |  |  | 15.0 | % |  |  | Non-hyperinflationary |  |  |  | 13.1 | % |  |  | Non-hyperinflationary |
Argentina |  |  | 145.0 | % |  |  | Hyperinflationary |  |  |  | 158.4 | % |  |  | Non-hyperinflationary |
Brazil |  |  | 10.8 | % |  |  | Non-hyperinflationary |  |  |  | 25.0 | % |  |  | Non-hyperinflationary |
Philippines |  |  | — |  |  |  | Non-hyperinflationary |  |  |  | 11.9 | % |  |  | Non-hyperinflationary |
Euro Zone |  |  | 4.5 | % |  |  | Non-hyperinflationary |  |  |  | 2.7 | % |  |  | Non-hyperinflationary |
Chile |  |  | 7.9 | % |  |  | Non-hyperinflationary |  |  |  | 9.7 | % |  |  | Non-hyperinflationary |
Country |  | Cumulative Inflation 2017-2019 |  |  | Type of Economy |  |  | Cumulative Inflation 2016-2018 |  |  | Type of Economy |
Peru |  |  | 6.8 | % |  |  | Non-hyperinflationary |  |  |  | 9.3 | % |  |  | Non-hyperinflationary |
Ecuador |  |  | 0.6 | % |  |  | Non-hyperinflationary |  |  |  | 30.3 | % |  |  | Non-hyperinflationary |
Uruguay |  |  | 21.9 | % |  |  | Non-hyperinflationary |  |  |  | 25.3 | % |  |  | Non-hyperinflationary |

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- Definition The entire disclosure for significant accounting policies applied by the entity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 1 -IssueDate 2018-01-01 -Paragraph 117 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2018-03-01&anchor=para_117&doctype=Standard -URIDate 2018-03-16 + Details
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