6. Foreign Subsidiaries Westpac provides a wide range of banking and financial services to over 13 million consumers, businesses and institutions across the core markets of Australia and New Zealand while maintaining a presence in key markets in the United States, Asia and the Pacific. Westpac’s principal foreign subsidiaries offering a variety of services from private to commercial banking and other financial services include Westpac New Zealand, Westpac Asia, Westpac Pacific Banking, Westpac Institutional Bank, and etc (Westpac Our business, 2015). Transactions included in the financial statements of each of the Group’s subsidiaries are measured using the currency of the primary economic environment in which the entity operates, which is refers as the ‘functional currency’ (AASB 121 2012, para. 9). The consolidated …show more content…
The Group’s key position statements, policies, frameworks and perspectives which are guidances to the company’s response to risks, issues and opportunities with reference to sustainability are thoroughly highlited in the Westpac Group Annual Report 2015, the Annual Review & Sustanability Report 2015, as well as the Westpac Group Sustainability Performance Report 2015. The 2013-17 strategies with respect to being a sustainable financial corporation are discussed in the Group’s Annual Report 2015, which follow the mandatory standards of the Corporate Responsibility and Sustainable Development and the AA1000 Accountability Principles Standard 2008 (Westpac Annual Report 2015). Westpac’s commitment to adopt those sustainability strategies effectively is to continue to emphasise the importance of sustainability and the Group’s main priorities including embracing societal changes, providing practical environmental solutions and supporting better financial futures for customers, employees and