Prudential Regulation Authority Rulebook

1.

For the purposes of this Chapter, ‘reporting currency’ shall be:

1. (a) for individual disclosure, the currency used for the preparation of the firm’s financial statements;
2. (b) for group disclosure, the currency used for the preparation of the consolidated financial statements.

2.

Figures reflecting monetary amounts must be disclosed in the reporting currency. Any other currency than the reporting currency must be converted into the reporting currency.

3.

When expressing the value of any asset or liability denominated in a currency other than the reporting currency, the value must be converted in the reporting currency as if the conversion had taken place at the closing rate on the last day for which the appropriate rate is available in the reporting period to which the asset or liability relates.

4.

When expressing the value of any income or expense, the value must be converted in the reporting currency using such basis of conversion as that used for accounting purposes.

5.

The conversion into the reporting currency must be calculated by applying the exchange rate from the same source as used for the firm’s financial statements in the case of individual reporting or for the consolidated financial statements in the case of group reporting.