8 The following terms are used in this Standard with the meanings specified:

"Closing rate" is the spot exchange rate at the end of the reporting period.

 A currency is "exchangeable" into another currency when an entity is able to obtain the other currency within a time frame that allows for a normal administrative delay and through a market or exchange mechanism in which an exchange transaction would create enforceable rights and obligations.

"Exchange difference" is the difference resulting from translating a given number of units of one currency into another currency at different exchange rates.

"Exchange rate" is the ratio of exchange for two currencies.

"Fair value" is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See IFRS 13 Fair Value Measurement.).

"Foreign currency" is a currency other than the functional currency of the entity.