A PROJECT REPORT ON

FOREIGN CURRENCY CONVERSION

SUBMITTED
TO THE UNIVERSITY OF MUMBAI
AS A PARTIAL REQUIREMENT FOR COMPLETING THE DEGREE
OF
M.COM (ACCOUNTS) SEMESTER I
SUBJECT: ADVANCED FINANCIAL ACCOUNTING
SUBMITTED BY:

SAKSHI CHAWLA
ROLL NO.: 37

UNDER THE GUIDANCE OF

PROF. DHANABALU R. NAIKAR

Page | 1

SIES COLLEGE OF COMMERCE AND ECONOMICS,

PLOT NO. 71/72, SION MATUNGA ESTATE
T.V. CHIDAMBARAM MARG,
SION (EAST), MUMBAI 400022.

CERTIFICATE
This is to certify that Sakshi Chawla of M.Com (Accounts) Semester I (academic
year 2015-2016) has successfully completed the project on
FOREIGN CURRENCY CONVERSION
under the Guidance of Prof. Dhanabalu R. Naikar

_________________

_________________

(Prof. Dhanabalu R. Naikar)

(Payal Samwani)

__________________

__________________

(External Examiner)

(Nina Roy Choudhury)

Place: _____________
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Date: ___________

DECLARATION

I, Sakshi Chawla Student M.Com (Accounts) Semester I (academic year

2015-16) hereby declare that, I have completed the project on

FOREIGN CURRENCY CONVERSION

The information presented in this project is true and original to the best of
my knowledge.

___________________
Sakshi Chawla
Roll No.: 37

Place: _____________
Date: _____________

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ACKNOWLEDGEMENT
I would like to thank the University of Mumbai, for introducing M.Com(Accounts)
course, thereby giving its students a platform to be abreast with changing business
scenario, with the help of theory as a base and practical as a solution.

I am indebted to the reviewer of the project Prof. Dhanabalu R. Naikar, my project

guide for his support and guidance. I would sincerely like to thank him for all his
efforts.

Last but not the least; I would like to thank my parents for giving the best
education and for their support and contribution without which this project would
not have been possible.

______________________

Sakshi Chawla
Roll no.: 37

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Index
Introduction
AS-11: The Effect of Exchange Difference
Terminology
Accounting Treatment
Classification of Foreign Operations
Translation of Financial Statements
Disposal of Non-Integral Operations
Disclosures
Forward Exchange Contracts
Example of an Indian Company with operations
overseas
Ranbaxy Laboratories Limited
Illustration
Solution
Example of a Foreign Company with operations in
India
The Coca-Cola Company
Illustration
Solution
Conclusion
Bibliography
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Page | 6

Introduction
A multinational corporation (MNC) or multinational enterprise is an
organization that owns or controls production of goods or services in one or more
countries other than their home country. It can also be referred as an international
corporation, a "transnational corporation", or a stateless corporation.

A multinational corporation is usually a large corporation which produces or sells

goods or services in various countries.

Importing and exporting goods and services

Making significant investments in a foreign country

Buying and selling licenses in foreign markets

Engaging in contract manufacturingpermitting a local manufacturer in a

foreign country to produce their products

Opening manufacturing facilities or assembly operations in foreign countries

A foreign currency transaction is a transaction which is denominated in or

requires settlement in a foreign currency, including transactions arising when an
enterprise either:

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 Buys or sells good or services whose price is denominated in a foreign

currency
Borrows or lends funds when the amounts payable or receivable are
denominated in a foreign currency
Becomes a party to an unperformed forward exchange contract; or
Otherwise acquires or disposes off assets, or incurs or settles liabilities,
denominated in a foreign currency

In India, these foreign currency transactions and their treatment is governed by the
Accounting Standard 11 The Effects of Exchange Differences.

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AS 11: The Effects of Exchange

Differences
Objective
An enterprise may carry on activities involving foreign exchange in two ways. It
may have transactions in foreign currencies or it may have foreign operations. In
order to include foreign currency transactions and foreign operations in the
financial statements of an enterprise, transactions must be expressed in the
enterprises reporting currency and the financial statements of foreign operations
must be translated into the enterprises reporting currency.
The principal issues in accounting for foreign currency transactions and foreign
operations are to decide which exchange rate to use and how to recognize in the
financial statements the financial effect of changes in exchange rates.

Scope
1. This Standard should be applied:
(a) in accounting for transactions in foreign currencies; and
(b) in translating the financial statements of foreign operations.
2. This Standard also deals with accounting for foreign currency
transactions in the nature of forward exchange contracts.

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3. This Standard does not specify the currency in which an enterprise

presents its financial statements. However, an enterprise normally
uses the currency of the country in which it is domiciled. If it uses a
different currency, this Standard requires disclosure of the reason for
using that currency. This Standard also requires disclosure of the
reason for any change in the reporting currency.
4. This Standard does not deal with the restatement of an enterprises
financial statements from its reporting currency into another currency
for the convenience of users accustomed to that currency or for
similar purposes.
5. This Standard does not deal with the presentation in a cash flow
statement of cash flows arising from transactions in a foreign currency
and the translation of cash flows of a foreign operation (see AS 3,
Cash Flow Statements).
6. This Standard does not deal with exchange differences arising from
foreign currency borrowings to the extent that they are regarded as an
adjustment to interest costs (see paragraph 4(e) of AS 16, Borrowing
Costs).

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Terminology
The following terms are used in Accounting Standard 11 with the meanings
specified:

1. Average rate is the mean of the exchange rates in force during a period.
2. Closing rate is the exchange rate at the balance sheet date.
3. Exchange difference is the difference resulting from reporting the same
number of units of a foreign currency in the reporting currency at different

4.
5.

exchange rates.
Exchange rate is the ratio for exchange of two currencies.
Fair value is the amount for which an asset could be exchanged, or a
liability settled, between knowledgeable, willing parties in an arms length

6.

transaction.
Foreign currency is a currency other than the reporting currency of an

7.

enterprise.
Foreign operation is a subsidiary, associate, joint venture or branch of the
reporting enterprise, the activities of which are based or conducted in a

8.

country other than the country of the reporting enterprise.

Forward exchange contract means an agreement to exchange different

9.

currencies at a forward rate.

Forward rate is the specified exchange rate for exchange of two currencies

at a specified future date.

10.
Integral foreign operation is a foreign operation, the activities of
which are an integral part of those of the reporting enterprise.
11.
Monetary items are money held and assets and liabilities to be
received or paid in fixed or determinable amounts of money.
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12.

Net investment in a non-integral foreign operation is the reporting

enterprises share in the net assets of that operation.

13.
Non-integral foreign operation is a foreign operation that is not an
integral foreign operation. As defined in AS 21, Consolidated Financial
Statements. As defined in AS 23, Accounting for Investments in Associates
in Consolidated Financial Statements. As defined in AS 27, Financial
Reporting of Interests in Joint Ventures. The Effects of Changes in Foreign
Exchange Rates 113
14.
Non-monetary items are assets and liabilities other than monetary
items.

15.

Reporting currency is the currency used in presenting the financial

statements.

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Accounting Treatment
Initial Recognition
A foreign currency transaction should be recorded, on initial recognition in the
reporting currency, by applying to the foreign currency amount the exchange rate
between the reporting currency and the foreign currency at the date of the
transaction.

F o r e ig n
C u rre n c
y
Am ount

E x c h a n g e R a te
a t th e d a te o f
t r a n s a c t io n

A m o u n t in
R e p o r t in g
C u u re n c y

For practical reasons, a rate that approximates the actual rate at the date of the
transaction is often used, for example, an average rate for a week or a month might
be used for all transactions in each foreign currency occurring during that period.
However, if exchange rates fluctuate significantly, the use of the average rate for a
period is unreliable.

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Reporting at Subsequent Balance Sheet Date

Attention needs to be paid while reporting items at the Balance Sheet date.
The treatment is different for Monetary items (e.g. Cash, receivables, payables)
and Non-Monetary items (e.g. Fixed assets, inventory, investments).
The carrying amount of an item is determined in accordance with the
relevant Accounting Standards. For example, certain assets may be measured at
fair value or other similar valuation (e.g., net realizable value) or at historical cost.
Whether the carrying amount is determined based on fair value or other
similar valuation or at historical cost, the amounts so determined for foreign
currency items are then reported in the reporting currency in accordance with this
Standard.
The contingent liability denominated in foreign currency at the balance sheet
date is disclosed by using the closing rate.

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Recognition of Exchange Differences

An exchange difference results when there is a change in the exchange rate
between the transaction date and the date of settlement of any monetary items
arising from a foreign currency transaction. When the transaction is settled within
the same accounting period as that in which it occurred, all the exchange difference
is recognized in that period. However, when the transaction is settled in a
subsequent accounting period, the exchange difference recognized in each
intervening period up to the period of settlement is determined by the change in
exchange rates during that period.
Exchange differences arising on the settlement of monetary items or on
reporting an enterprises monetary items at rates different from those at which they
were initially recorded during the period, or reported in previous financial
statements, should be recognized as income or as expenses in the period in
which they arise, with the exception of exchange differences dealt with in
accordance with Net Investment in a Non-integral Foreign Operation.

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Net Investment in a Non-integral Foreign Operation

Exchange differences arising on a monetary item that, in substance, forms
part of an enterprises net investment in a non-integral foreign operation should be
accumulated in a foreign currency translation reserve in the enterprises financial
statements until the disposal of the net investment, at which time they should be
recognized as income or as expenses.
An enterprise may have a monetary item that is receivable from, or payable
to, a non-integral foreign operation. An item for which settlement is neither
planned nor likely to occur in the foreseeable future is, in substance, an extension
to, or deduction from, the enterprises net investment in that non-integral foreign
operation. Such monetary items may include long-term receivables or loans but do
not include trade receivables or trade payables.

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Classification of Foreign Operations

The method used to translate the financial statements of a foreign operation
depends on the way in which it is financed and operates in relation to the reporting
enterprise.

For this purpose, foreign operations are classified as:

a) Integral Foreign Operations
b) Non-integral Foreign Operations

Integral Foreign Operations

It carries on the business as if it were an extension of the reporting enterprises
operations. Such a foreign operation might only sell goods imported from the
reporting enterprise and remits the proceeds to the reporting enterprise. In such
cases, a change in the exchange rate between the reporting currency and the
currency in the country of foreign operation has an almost immediate effect on the
reporting enterprises cash flow from operations. Therefore, the change in the
exchange rate affects the individual monetary items held by the foreign operation
rather than the reporting enterprises net investment in that operation.

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Non-Integral Foreign Operations

In contrast, a non-integral foreign operation accumulates cash and other monetary
items, incurs expenses, generates income and perhaps arranges borrowings, all
substantially in its local currency. It may also enter into transactions in foreign
currencies, including transactions in the reporting currency. When there is a change
in the exchange rate between the reporting currency and the local currency, there is
little or no direct effect on the present and future cash flows from operations of
either the non-integral foreign operation or the reporting enterprise. The change in
the exchange rate affects the reporting enterprises net investment in the nonintegral foreign operation rather than the individual monetary and non-monetary
items held by the non-integral foreign operation.

Determination of a Non-integral Foreign Operation

The following are indications that a foreign operation is a non-integral foreign
operation rather than an integral one:
1. While the reporting enterprise may control the foreign operation, the
activities of the foreign operation are carried out with a significant degree
of autonomy from those of the reporting enterprise;
2. Transactions with the reporting enterprise are not a high proportion of the
foreign operations activities;
3. The activities of the foreign operation are financed mainly from its own
operations or local borrowings rather than from the reporting enterprise;

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4. Costs of labour, material and other components of the foreign operations

products or services are primarily paid or settled in the local currency
rather than in the reporting currency;
5. The foreign operations sales are mainly in currencies other than the
reporting currency;
6. Cash flows of the reporting enterprise are insulated from the day-to-day
activities of the foreign operation rather than being directly affected by the
activities of the foreign operation;
7. Sales prices for the foreign operations products are not primarily
responsive on a short-term basis to changes in exchange rates but are
determined more by local competition or local government regulation; and
8. There is an active local sales market for the foreign operations products,
although there also might be significant amounts of exports.

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Translation of Financial Statements

Integral Foreign Operations
Translation of Integral Foreign Operation should be done as if the transactions had
been those of the reporting enterprise itself.
Tangible Fixed Assets (Cost and Depreciation)
Translated using the exchange rate at the date of purchase of the asset
or, if the asset is carried at fair value or other similar valuation, using
the rate that existed on the date of such valuation.
Inventories
Translated using the exchange rates that existed when the costs were
incurred. The recoverable amount (or realizable value) of an asset is
translated using the exchange rate that existed when such an amount
was determined.

Non-Integral Foreign Operations

In translating the financial statements of a non-integral foreign operation for
incorporation in its financial statements, the reporting enterprise should use the
following procedures:

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(a) The assets and liabilities, both monetary and non-monetary, of the nonintegral foreign operation should be translated at the closing rate;
(b) Income and expense items of the non-integral foreign operation should
be translated at exchange rates at the dates of the transactions; and
(c) All resulting exchange differences should be accumulated in a foreign
currency translation reserve until the disposal of the net investment.

Any goodwill or capital reserve arising on the acquisition of a non-integral foreign

operation is translated at the closing rate. A contingent liability disclosed in the
financial statements of a non-integral foreign operation is translated at the closing
rate for its disclosure in the financial statements of the reporting enterprise.

Exchange Differences
The translation of the financial statements of a non-integral foreign operation
results in the recognition of exchange differences arising from:
(a) Translating income and expense items at the exchange rates at the dates
of transactions and assets and liabilities at the closing rate;
(b) Translating the opening net investment in the non-integral foreign
operation at an exchange rate different from that at which it was previously
reported; and
(c) Other changes to equity in the non-integral foreign operation.

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These exchange differences are not recognized as income or expenses for the
period because the changes in the exchange rates have little or no direct effect on
the present and future cash flows from operations of either the non-integral foreign
operation or the reporting enterprise.

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Disposal of Non-Integral Foreign

Operations
An enterprise may dispose of its interest in a non-integral foreign operation
through sale, liquidation, repayment of share capital, or abandonment of all, or part
of, that operation.

On the disposal of a non-integral foreign operation, the cumulative amount of the

exchange differences which have been deferred and which relate to that operation
should be recognized as income or as expenses

The payment of a dividend forms part of a disposal only when it constitutes a

return of the investment. In the case of a partial disposal, only the proportionate
share of the related accumulated exchange differences is included in the gain or
loss. A write-down of the carrying amount of a non-integral foreign operation does
not constitute a partial disposal. Accordingly, no part of the deferred foreign
exchange gain or loss is recognized at the time of a write-down.

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Disclosures
An enterprise should disclose:
(a) The amount of exchange differences included in the net profit or loss for
the period; and
(b) Net exchange differences accumulated in foreign currency translation
reserve as a separate component of shareholders funds, and a reconciliation
of the amount of such exchange differences at the beginning and end of the
period.

When the reporting currency is different from the currency of the country in which
the enterprise is domiciled, the reason for using a different currency should be
disclosed. The reason for any change in the reporting currency should also be
disclosed.

When there is a change in the classification of a significant foreign operation, an

enterprise should disclose:
(a) The nature of the change in classification;
(b) The reason for the change;
(c) The impact of the change in classification on shareholders funds; and

Page | 25

(d) The impact on net profit or loss for each prior period presented had the
change in classification occurred at the beginning of the earliest period presented.

The effect on foreign currency monetary items or on the financial statements of a

foreign operation of a change in exchange rates occurring after the balance sheet
date is disclosed in accordance with AS 4, Contingencies and Events Occurring
after the Balance Sheet Date.

Disclosure is also encouraged of an enterprises foreign currency risk management

policy.

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Forward Exchange Contracts

Non Speculative
An enterprise may enter into a forward exchange contract or another financial
instrument that is in substance of a forward exchange contract, which is not
intended for trading on speculation purposes, to establish the amount of the
reporting currency required or available at the settlement date of a transaction.

Premium/discount (difference between exchange rate at the date of inception of

forward exchange contract and forward rate specified in the contract) to be
amortized over life of the contract.

Exchange differences on such contract to be recognized in Profit and Loss

statement in the reporting period in which the exchange rates change.
Any profit or loss arising on cancellation should be recognized as income or
expense of that period.

Page | 27

Speculative
In recording a forward exchange contract intended for trading or speculation
purposes, the premium or discount on the contract is ignored.

The value of the contract is marked to its current market value at each balance
sheet date, and the gain or loss on the contract is recognized.

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Example of an Indian company with

operations overseas:
Ranbaxy Laboratories Limited

Headquarters: Gurgaon, Haryana, India

Branches: Ground Operations in 43 countries; and Manufacturing facilities in 8

Ranbaxy Laboratories Limited is an Indian multinational pharmaceutical company

that was incorporated in India in 1961. The company went public in 1973 and
Japanese pharmaceutical company Daiichi Sankyo acquired a controlling share in
2008. In 2014, Sun Pharma acquired the entire 63.4% share of Ranbaxy making
the conglomerate worlds fifth largest specialty generic pharma company. Ranbaxy
exports its products to 125 countries.

In the Brand Trust Report 2014, Ranbaxy was ranked 184th among India's most
trusted brands according to the Brand Trust Report 2014, a study conducted by
Trust Research Advisory, a brand analytics company.

Ranbaxy was started by Ranbir Singh and Gurbax Singh in 1937 as a distributor
for a Japanese company Shionogi. The name Ranbaxy is a portmanteau of the
Page | 29

names of its first owners Ranbir and Gurbax. Bhai Mohan Singh bought the
company in 1952 from his cousins Ranbir and Gurbax. After Bhai Mohan Singh's
son Parvinder Singh joined the company in 1967, the company saw an increase in
scale.

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Illustration Question

XYZ Ltd. has a branch in New Jersey, USA. On December 31, 2013, the Trial
Balance of the branch was as follows:

Particulars
Goods from Head Office
Stock as on 01.01.13
Furniture and Fixtures
Cash in hand
Cash at bank
Salaries
Taxes and Insurance
Rent
Debtors

Dr. ($)
45,000
7,500
10,000
1,050
950
13,000
250
1,000
12,250

Particulars
Head Office account
Sales
Owing for expenses

91,000

Cr. ($)
9,000
81,000
1,000

91,000

The Branch account in the head office showed a debit balance of Rs. 1,12,500 and
Goods sent to Branch account showed a credit balance of Rs. 8,07,500.
Furniture and Fixtures are acquired on 01.01.10, when $1 = Rs.15
Provide for depreciation @10% per annum.
Stock at the branch as on 31.12.13 was valued at $4500.
Exchange rates:
01.01.13

$1 = Rs. 17.50
Page | 31

01.12.13

$1 = Rs. 18.50

Average

$1 = Rs. 18.00

Prepare:
1) Trading and Profit and Loss A/c
2) Balance Sheet of New Jersey Branch

Page | 32

Illustration Solution
Dr.
Particulars
Goods from HO
Stock
Furniture and Fix
Cash in Hand
Cash at Bank
Salaries
Tax & Insurance
Rent
Debtors

Converted Trial Balance as on 31.12.13

$
45000
7500
10000
1050
950
13000
250
1000
12250

Rate
given
17.50
15
18.50
18.50
18
18
18
18.50

Rs.
807500
131250
150000
19425
17575
234000
4500
18000
226625
1608875

Particulars
HO A/c
Sales
Owing for expenses
Exchange difference

$
9000
81000
1000

Cr.
Rate
given
18
18.50

Rs.
112500
1458000
18500
19875

1608875

Page | 33

Dr.

Trading and Profit and Loss A/c for the year ended 31.12.13

Particulars
To, Opening Stock
To, Goods from HO
To, Gross Profit c/d
To, Salaries
To, Depreciation
To, Tax and Insurance
To, Rent
To, Net Profit

Rs.
131250
807500
602500
1541250

Particulars
By, Sales
By, Closing Stock ($4500 x Rs.18.5)

234000
15000
4500
18000
350875
622375

By, Gross Profit b/d

By, Exchange Difference

Cr.
Rs.
1458000
83250
1541250
602500
19875

622375

Balance Sheet as on 31.12.13

Liabilities
HO A/c
(+) Net Profit
Outstanding expenses

Rs.
112500
350875

Rs.
463375
18500

481875

Assets
Furniture and Fixture
(-) Depreciation @ 10%
Cash in hand
Cash at bank
Debtors
Closing Stock

Rs.
150000
15000

Rs.
135000
19425
17575
226625
83250
481875

Page | 34

Example of a foreign company with

operations in India:
The Coca-Cola Company

Headquarters: Atlanta, Georgia

Branches: 900 plants across the world

The Coca-Cola Company is the worlds largest beverage company. The companys
best known product Coca Cola was invented by John Stith Pemberton in 1886. The
Coca-Cola formula and brand was bought in 1889 by Asa Candler who
incorporated The Coca-Cola Company in 1892.

Coca-Cola currently offers nearly 400 brands in over 200 countries or territories
and serves 1.5 billion servings each day.

With the acquisitions of major brands in India it went on to be known as The

Hindustan Coca Cola Beverages Pvt. Ltd. The company is a 100% company owned
Bottler. It has 3 business regions and operates out of 22 locations across India.

Page | 35

Coca-Cola acquired most of the local Indian brands including Thums Up, Limca,
Maaza, Citra and Gold Spot.

The Coca-Cola System in India has:

24 company-owned bottling operations

25 franchisee-owned bottling operations
Approximately 8000 locals as employees
Created employment indirectly for more than 1,50,000 people

The country wide marketing office is located at Gurgaon, Haryana. The company
has 3 more regional offices in Mumbai, Hyderabad, and Kolkata. It also has over
50 manufacturing locations in the country.

Page | 36

Illustration Question

A Canadian firm has a branch in Mumbai, India. On December 31, 2009, the Trial
Balance of the branch was as follows:
Particulars
Stock on 01.01.09
Purchases/Sales
Debtors/Creditors
Bills Receivable/Payable
Wages and Salaries
Rents, Rates, Taxes
Head Office balance
Miscellaneous Expenses
Furniture
Cash at Bank

Dr. (Rs)
37800
225000
117000
31200
14400
10800

Cr. (Rs)
337500
78000
27300
103500

4500
14730
90870
546300

546300

Stock as on 31.12.09 was Rs. 65000

Mumbai Branch A/c in the books of the Canada Head Office showed a
debit balance of $1080.
The Furniture and fittings were purchased from a remittance of $125
received from the Head Office.
Exchange rates:
31.12.08

$1 = Rs. 67.50
Page | 37

31.12.09

$1 = Rs. 68.50

Average

$1 = Rs. 68.00

Page | 38

Illustration Solution
Dr.
Particulars
Stock (01.01.09)
Debtors
Bills Receivable
Purchases
Wages and Salaries
Rents, Rates, Taxes
Miscellaneous Exp
Furniture and Fix
Cash at bank

Converted Trial Balance as on 31.12.09

Rs.
37800
117000
31200
225000
14400
10800
4500
14730
90870

Rate
67.50
68.50
68.50
68
68
68
68
Given
68.50

$
560
1708
455
3309
212
159
66
125
1327
7921

Particulars
Sales
Creditors
Bills Payable
HO Balance
Exchange Difference

Rs.
337500
78000
27300
103500

Cr.
Rate
68
68.50
68.50
Given

$
4963
1139
399
1080
340

7921

Page | 39

Dr.

Trading and Profit and Loss A/c for the year ended 31.12.09

Particulars
To, Opening Stock
To, Purchases
To, Wages and Salaries
To, Gross Profit c/d
To, Rents, Rates, Taxes
To, Miscellaneous Expenses
To, Net Profit

Cr.

$
560
3309
212
1831
5912

Particulars
By, Sales
By, Closing Stock (Rs.65000 $68.50)

159
66
1946

By, Gross Profit b/d

By, Exchange Difference

$
4963
949
5912
1831
340

2171

2171

Balance Sheet as on 31.12.09

Liabilities
HO A/c
(+) Net Profit
Creditors
Bills Payable

$
1080
1946

$
3026
1139
399
4564

Assets
Furniture and Fixture
Bills Receivable
Cash at bank
Debtors
Closing Stock

$
125
455
1327
1708
949
4564

Page | 40

Conclusion

International corporations have their operations in more than one country. Since
every country has its own currency, the consolidation of all of the operations
becomes a little tricky. That is where the Accounting Standard comes into the
picture.
Accounting standards facilities uniform preparation and reporting of general
purpose financial statements published annually for the benefit of shareholders,
creditors, employee and public at large. They are very useful to the investors and
other external groups in assessing the progress and prospects of alternative
investments in different companies in different countries.
Depending on which country the Head Office of a firm is located, the reporting
currency changes, as it is usually the currency of the origin of the organization.
If the HO is in India, the figures of the branch will have to be converted to Indian
Rupees. While, if the HO is located outside of India, the figures of the Indian
Branch will have to be converted to the required currency of the HO.
Without bringing in such uniformity, it would have become difficult to assess and
analyze the overall progress and evaluate the performance of various branches.

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Bibliography

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