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NOTE 2 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Foreign Currency Translation and Re-measurement (Policies) | 12 Months Ended
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Dec. 31, 2020
Policies |
Foreign Currency Translation and Re-measurement | Foreign Currency Translation and Re-measurement The Company translates its foreign operations to U.S. dollar in accordance with ASC 830, “Foreign Currency Matters”. The Company’s, Etelix’s, QGlobal’s and IoT Labs’ functional currency and reporting currency is the U.S. dollar, SwissLink’s functional currency is the Swiss Franc (“CHF”). The Company’s subsidiaries, whose functional currency is not the U.S. dollar, translate their records into U.S. dollar as follows: `·`Assets and liabilities at the rate of exchange in effect at the balance sheet date `·`Equities at historical rate `·`Revenue and expense items at the average rate of exchange prevailing during the period Adjustments arising from such translations are included in accumulated other comprehensive income in shareholders’ equity.
|  | December 31, |  | December 31,
|  | 2020 |  | 2019
Spot CHF: USD exchange rate | $ | 1.1304 | $ | 1.0333
Average CHF: USD exchange rate | $ | 1.0662 | $ | 1.0122

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- Definition Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -URI http://asc.fasb.org/topic&trid=2175825 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18780-107790 + Details
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