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Summary of significant accounting policies | 6 Months Ended
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Jun. 30, 2020
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Summary of significant accounting policies | 3. Summary of significant accounting policies The accounting policies applied are consistent with those applied in the annual consolidated financial statements ended 31 December 2019. (A) SUMMARY OF CHANGES IN ACCOUNTING POLICIES A number of new standards, amendment to standards and new interpretations became mandatory for the first time for the financial year beginning on 1 January 2020 and have not been listed in these unaudited condensed consolidated interim financial statements as they either do not apply or are immaterial to AB InBev’s consolidated financial statements. (B) FOREIGN CURRENCIES Foreign currency transactions Foreign currency transactions are accounted for at exchange rates prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates prevailing on the date of the balance sheet. Gains and losses resulting from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Non-monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rate prevailing at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to US dollar at foreign exchange rates prevailing at the dates the fair value was determined. Translation of the results and financial position of foreign operations Assets and liabilities of foreign operations are translated to US dollar at foreign exchange rates prevailing at the balance sheet date. Income statements of foreign operations, excluding foreign entities in hyperinflationary economies, are translated to US dollar at exchange rates for the year approximating the foreign exchange rates prevailing at the dates of the transactions. The components of shareholders’ equity are translated at historical rates. Exchange differences arising from the translation of shareholders’ equity to US dollar at period-end exchange rates are taken to other comprehensive income (translation reserves). Financial Reporting in hyperinflationary economies In May 2018, the Argentinean peso underwent a severe devaluation, causing Argentina’s three-year cumulative inflation to exceed 100% and thus, triggering the requirement to transition to hyperinflation accounting as prescribed by IAS 29 Financial Reporting in Hyperinflationary Economies . IAS 29 requires that the results of the company’s Argentinian operations be reported as if these were highly inflationary as of 1 January 2018. Under IAS 29, non-monetary assets and liabilities stated at historical cost, equity and income statements of subsidiaries operating in hyperinflationary economies are restated for changes in the general purchasing power of the local currency, applying a general price index. These re-measured accounts are used for conversion into US dollar at the period closing exchange rate. As a result, the balance sheet and net results of subsidiaries operating in hyperinflation economies are stated in terms of the measuring unit current at the end of the reporting period. Consequently, the company applied hyperinflation accounting for its Argentinean subsidiaries for the first time in the year-to-date September 2018 unaudited condensed interim financial statements, with effect as of 1 January 2018. The IAS 29 rules are applied as follows:
| • |  | Non-monetary assets and liabilities stated at historical cost (e.g. property plant and equipment, intangible assets, goodwill, etc.) and equity of Argentina were restated using an inflation index. The hyperinflation accounting impacts resulting from changes in the general purchasing power from 1 January 2018 are reported in the income statement in a dedicated account for hyperinflation monetary adjustments in the finance line (see also Note 8 Finance cost and income );
| • |  | The income statement is adjusted at the end of each reporting period using the change in the general price index. It is converted at the closing exchange rate of each period (rather than the year-to-date average rate which is used for non-hyperinflationary economies), thereby restating the year-to-date income statement account for both inflation index and currency conversion.
The results for the six-month period ended 30 June 2020, restated for purchasing power, were translated at the June 2020 closing rate of 70.454990 Argentinean pesos per US dollar (30 June 2019 results— at 42.448916 Argentinean pesos per US dollar). Exchange rates The most important exchange rates that have been used in preparing the financial statements are:
|  | Closing rate |  |  | Average rate |
1 US dollar equals: |  | 30 June 2020 |  |  | 31 December 2019 |  |  | 30 June 2020 |  |  | 30 June 2019 |
Argentinean peso |  |  | 70.454990 |  |  |  | 59.890668 |  |  |  | — |  |  |  | — |
Brazilian real |  |  | 5.476011 |  |  |  | 4.030696 |  |  |  | 4.683731 |  |  |  | 3.834084 |
Canadian dollar |  |  | 1.368460 |  |  |  | 1.299449 |  |  |  | 1.362592 |  |  |  | 1.339411 |
Colombian peso |  |  | 3 752.17 |  |  |  | 3 272.63 |  |  |  | 3 581.62 |  |  |  | 3 217.98 |
Chinese yuan |  |  | 7.074411 |  |  |  | 6.961461 |  |  |  | 7.052919 |  |  |  | 6.786388 |
Euro |  |  | 0.893017 |  |  |  | 0.890155 |  |  |  | 0.906152 |  |  |  | 0.884945 |
Mexican peso |  |  | 22.971498 |  |  |  | 18.845242 |  |  |  | 20.397344 |  |  |  | 19.218716 |
Pound sterling |  |  | 0.814816 |  |  |  | 0.757344 |  |  |  | 0.791317 |  |  |  | 0.771278 |
Peruvian nuevo sol |  |  | 3.544000 |  |  |  | 3.317006 |  |  |  | 3.377006 |  |  |  | 3.337727 |
South Korean won |  |  | 1 201.90 |  |  |  | 1 154.54 |  |  |  | 1 204.98 |  |  |  | 1 143.34 |
South African rand |  |  | 17.362387 |  |  |  | 14.044287 |  |  |  | 16.230856 |  |  |  | 14.176131 |
(C) RECENTLY ISSUED IFRS There are no new IFRS requirements that are not yet effective which have been early applied in preparing these unaudited condensed consolidated interim financial statements.

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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 2019-01-01 -Paragraph 117 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_117&doctype=Standard -URIDate 2019-03-27 + Details
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