Exchange rates in Venezuela (III): Accounting of SICAD and SIMADI in accordance with IFRS (IAS 21)

As at December 31, 2014 there were three legal exchange rates in Venezuela that could be used for valuation and translation under IAS 21: CENCOEX, SICAD-I and SICAD-II. Currency exchange legislation in Venezuela was amended in February, 2015 to create a new mechanism (known as SIMADI), which permits buy-sell cash and securities in foreign currency. SIMADI allows both individuals and entities to buy and sell foreign currency with fewer restrictions than other mechanisms in Venezuela (CENCOEX and SICAD).