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3) Summary of Significant Accounting Policies: Foreign Currency Translation (Policies)
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12 Months Ended |
|---|---|
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Dec. 31, 2012
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| Policies | |
| Foreign Currency Translation | Foreign Currency Translation
Assets and liabilities related to the Company’s foreign subsidiary’s operations are calculated using the Chilean Peso and are translated at end-of-period exchange rates while the related revenues and expenses are translated at average exchange rates prevailing during the period. Translation adjustments are recorded as a separate component of stockholders’ equity. Transaction gains and losses were immaterial from the years ended December 31, 2012 and 2011. |