5(1)  This regulation applies in relation to any election made by a company for the purpose of determining what currency (if any) may be specified in the election.

5(2)  A currency may be specified in an election as a local currency if, but only if–

(a)it is the currency of the primary economic environment in which the trade or part of the trade is carried on, and

(b)one of the conditions set out in paragraphs (3), (4), (5) and (6) below is satisfied.

5(3)  A currency may be specified in any election as a local currency if the accounts are prepared in that currency in accordance with normal accountancy practice.

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.