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Example of the cover method

Comtrek plc holds shares of 1 million Hong Kong dollars in its subsidiary, Comtrek HK Ltd. It also has a HK$1 million borrowing to hedge its investment. In a particular accounting period, there is an exchange gain of 拢115,000 on retranslation of the shares, and an exchange loss of 拢115,000 on retranslation of the borrowing. In accordance with SSAP20, the gain and loss are netted off in reserves. Nothing goes through profit and loss account.