(k) Foreign currency translation
Amounts recorded in foreign currency are translated into Canadian dollars as follows:
(i) Monetary assets and liabilities, at the rate of exchange in effect as at the balance sheet date;
(ii) Non-monetary assets and liabilities, at the exchange rates prevailing at the time of the acquisition of the assets or assumption of the liabilities; and
(iii) Revenues and expenses (excluding amortization, which is translated at the same rate as the related asset), at the rate of exchange on the transaction date.
Exchange differences are recognized in profit or loss in the period which they arise.