Page 109 - Suncorp_Review

Suncorp Group Limited Annual Report 2010/11 107

22. Reserves

CONSOLIDATED

General Assets Foreign reserve available- currency

for credit Hedging for-sale translation Total losses reserve reserve reserve reserves Note $m $m $m $m $m

Balance as at 30 June 2009 195 (254) 6 (70) (123) Transfer from retained profts 31 – – – 31 Amount recognised in equity – 191 23 – 214 Amount transferred from equity to proft or loss – 13 (10) – 3 Income tax 11.3.2 – (56) (4) – (60) Exchange differences on translation

of foreign operations – – – 9 9

Balance as at 30 June 2010 226 (106) 15 (61) 74 Transfer (to) retained profts (69) – – – (69) Amount recognised in equity – 46 50 – 96 Amount transferred from equity to proft or loss – 14 (19) – (5) Income tax 11.3.2 – (15) (9) – (24) Exchange differences on translation

of foreign operations – – – (39) (39) Balance as at 30 June 2011 157 (61) 37 (100) 33

General reserves for credit losses

The general reserve for credit losses represents the difference between the Suncorp Group’s specifc and collective provisions for impairment and the estimate of credit losses across the credit cycle based on guidance provided by APRA. Hedging reserve

The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash fow hedging instruments related to hedged transactions. Assets available-for-sale reserve

The assets available-for-sale reserve represents the cumulative net change in the fair value of available-for-sale assets until the asset is derecognised or impaired. Foreign currency translation reserve

The foreign currency translation reserve consists of all foreign exchange differences arising from the translation of the fnancial statements of foreign operations that have a functional currency other than Australian dollars.