Non-current assets revaluation in foreign entities

Dear tutor

Q1 of June 2009 paper?
in the “Clarity” valuation, the examer’s answer working 4 showing that “no impairment loss is recognised in the year ended 31 May 2008 as there is no loss in the reporting currency ($)”
From my understanding, on 31 May 2008, the fair value of the financial instrument in million dinars decrease from 11 to 10, so a impairment loss of 1 million dinars should be recognised in profit or loss of the year. Therefore, the fair value change of $1.5m encompass two parts:

Average rate for year 2007 = (4.5+5.1)/2=4.8
Impairment loss= (11 million dinars – 10 million dinars)/4.8= $0.2m
Exchange gain= $51m- ($49.5m- $0.2m)=$1.7m

Dr. Profit or loss of the year $0.2m
Dr. Financial instrument $0.2m

Dr. Financial instrument $ 1.7m
Cr. Other conponent of equity $ 1.7m

On 31 May 2009, the fair value of the financial instrument decreased from 10 million dinars to 7 million dinars, the impairment loss is 3 million dinars. The calculation should be:
Average rate for year 2008 = (5.1+4.8) /2=4.95
Impairment loss= (10 million dinars – 7 million dinars)/4.95= $0.6m
Exchange loss=($51m- $0.6m)- $33.6m=$16.8m.

Dr. Profit or loss of the year $0.6m
Dr. Financial instrument $0.6m

Dr. Other conponent of equity $ 16.8 m
Cr. Financial instrument $ 16.8m

Therefore, in consolidated SOFP the financial instrument should = $33.6m;
Retained earning should be reduced = $0.2m +$0.6m=$0.8m
Other component of equity should be reduced = $16.8m-$1.7m= $15.1m

Is my working correct?