Singapore legislation
Regulation 9
Regulation 9
Conversion of amount in presentation currency into euros for comparison with euros amount
Subregulation 1
This regulation applies where, in order to compare an amount in the presentation currency (not being euros) to a figure expressed in the Act in euros, that amount has to be converted into euros pursuant to section 9(10)(b).
Subregulation 2
The amount is to be converted into euros using the average rate of exchange for the month of December of the calendar year immediately before the financial year for which the consolidated financial statements were prepared or which would have been prepared (as the case may be) using the presentation currency.
Subregulation 3
In paragraph (2), the average rate of exchange for the month of December for a calendar year is —
the average of the daily rates of exchange as quoted by the European Central Bank for that month;
in the absence of the rate in sub‑paragraph (a) — the average of the daily rates of exchange as made available by the Monetary Authority of Singapore for that month; and
in the absence of the rates in sub‑paragraphs (a) and (b) — the average of the daily rates of exchange as quoted or made available by the institution that manages the presentation currency for that month.