Singapore legislation
Regulation 28
of Presidential Elections (Certificate of Eligibility) Regulations 2017
Regulation 28
Conversion to Singapore dollars
Subregulation 1
If a company’s profits after tax for a financial year or financial period must be converted to Singapore dollars under regulation 26(5), the conversion must be done in accordance with the Singapore Accounting Standards, as applied by the company for that financial year or financial period.
Subregulation 2
For the purposes of paragraph (1) —
the applicant must state the exchange rate 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 for the financial year or financial period, 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 for the financial year or financial period.