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（iii）The functional and presentation currency of Aron is the dollar （$）.Aron has a wholly owned foreign subsidiary，Gao，whose functional currency is the zloti. Gao owns a debt instrument which is held for trading. In Gao’s financial statements for the year ended 31 May 2008，the debt instrument was carried at its fair value of 10 million zloti.
At 31 May 2009，the fair value of the debt instrument had increased to 12 million zloti. The exchange rates were：
Zloti to $1
31 May 2008 3
31 May 2009 2
Average rate for year to 31 May 2009 2·5
The company wishes to know how to account for this instrument in Gao’s entity financial statements and the consolidated financial statements of the group. （5 marks）
（iv） Aron granted interest free loans to its employees on 1 June 2008 of $10 million. The loans will be paid back on 31 May 2010 as a single payment by the employees. The market rate of interest for a two-year loan on both of the above dates is 6% per annum. The company is unsure how to account for the loan but wishes to classify the loans as ‘loans and receivables’ under IAS 39 ‘Financial Instruments：recognition and measurement’。 （4 marks）
Required：
Discuss，with relevant computations，how the above financial instruments should be accounted for in the financial statements for the year ended 31 May 2009.
Note. The mark allocation is shown against each of the transactions above.
Note. The following discount and annuity factors may be of use
Discount factors Annuity factors
6% 9% 9·38% 6% 9% 9·38%
1 year 0·9434 0·9174 0·9142 0·9434 0·9174 0·9174
2 years 0·8900 0·8417 0·8358 1·8334 1·7591 1·7500
3 years 0·8396 0·7722 0·7642 2·6730 2·5313 2·5142Professional marks will be awarded in question 2 for clarity and quality of discussion. （2 marks）
