Singapore legislation
Regulation 24
of Presidential Elections (Certificate of Eligibility) Regulations 2017
Regulation 24
Conversion to Singapore dollars
Subregulation 1
If the amount of shareholder equity a company has at a point in time must be converted to Singapore dollars under regulation 22(5), the conversion must be done in accordance with the Singapore Accounting Standards, as applied by the company for that point in time.
Subregulation 2
For the purposes of paragraph (1) —
the applicant must state the exchange rates used and how those rates were obtained; and
if the Committee considers that any exchange rate used by the applicant does not reasonably reflect the prevailing exchange rates at the relevant point in time, the Committee may substitute the exchange rate used by the applicant with the exchange rates published by the Monetary Authority of Singapore or any other rate that, in the opinion of the Committee, reasonably reflects the prevailing exchange rates at that point in time.