{"id":3116,"date":"2020-12-29T01:14:01","date_gmt":"2020-12-29T01:14:01","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/?p=3116"},"modified":"2022-08-25T08:43:18","modified_gmt":"2022-08-25T08:43:18","slug":"choosing-the-right-functional-currency","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/choosing-the-right-functional-currency\/","title":{"rendered":"Choosing the Right Functional Currency"},"content":{"rendered":"<p><span style=\"color: #000000;\"><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; color: #000000;\">Choosing the correct functional currency is key to effective reporting. As markets are increasingly globalized, companies are more often engaged in international trade, cross-border alliances and joint ventures. Businesses are no longer confined to their origin countries.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; color: #000000;\">Companies conduct business in the international market for two main reasons:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000;\">To buy goods and services from overseas suppliers or sell them to overseas buyers.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000;\">To conduct business through overseas subsidiaries, branches and associates.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; color: #000000;\">In this article, we mainly focus on the first of these reasons. In these cases, transactions are often expressed in foreign currencies. This raises a few questions:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000;\">Which currency (functional currency) should these companies use when maintaining their accounting records?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000;\">Which currency should these companies use when preparing and reporting their financial statements?<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; color: #000000;\">In the 1990s and earlier, all companies in Singapore maintained their books in Singapore dollar (SGD). Now, companies across the country are asking accounting firms in Singapore for valuable advice on which currency is right for their needs.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><b>What is \u201cFunctional Currency\u201d?<\/b><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; color: #000000;\">Singapore Financial Reporting Standard 21 (FRS 21) defines Functional Currency as \u201cthe currency of the primary economic environment in which the entity operates; normally, that is, the currency of the environment in which an entity primarily generates and expends cash.\u201d<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; color: #000000;\">The currency in which a corporate entity normally generates and spends cash and in which transactions are normally denominated is called the Functional Currency. This is also the currency in which accounting records are recorded and financial statements are prepared. All transactions in currencies other than the functional currency (i.e. SGD) are treated as transactions in foreign currencies (i.e. USD). The company that provides you accounting services in Singapore can advise you further.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><b>Key terms used:<\/b><\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"color: #000000;\"><b>Exchange difference<\/b><\/span><\/td>\n<td><span style=\"font-weight: 400; color: #000000;\">The difference resulting from translating one currency (i.e. USD) into another currency (i.e. SGD) at a given exchange rate.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"color: #000000;\"><b>Functional currency<\/b><\/span><\/td>\n<td><span style=\"font-weight: 400; color: #000000;\">The currency of the primary economic environment in which the corporate entity operates.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"color: #000000;\"><b>Closing rate<\/b><\/span><\/td>\n<td><span style=\"font-weight: 400; color: #000000;\">The spot exchange rate at the balance sheet date.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"color: #000000;\"><b>Spot rate<\/b><\/span><\/td>\n<td><span style=\"font-weight: 400; color: #000000;\">The exchange rate quoted for immediate settlement on a currency.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"color: #000000;\"><b>Average rate<\/b><\/span><\/td>\n<td><span style=\"font-weight: 400; color: #000000;\">The average rate for the year, usually confined to income and expenditure items.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"color: #000000;\"><b>Presentation currency<\/b><\/span><\/td>\n<td><span style=\"font-weight: 400; color: #000000;\">The currency in which the financial statements are presented. It can be presented as either the functional currency or a desired currency.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><b><br \/>\nWhy is it Important to Determine the Right Functional Currency?<\/b><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; color: #000000;\">Different countries stipulate that businesses and corporate entities keep their books and accounting records in certain currencies. If an entity uses different currencies to buy and sell their goods or services, then the question might be raised, \u201cwhich currency should be used to record that entity\u2019s accounting records?\u201d\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; color: #000000;\">Any Singapore audit firm will tell you that choosing the right functional currency is crucial to business success.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; color: #000000;\">If a company uses the wrong functional currency to present financial records and financial statements, real problems can arise. Some of these problems include:<\/span><\/p>\n<ol style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000;\">The company is deemed to contravene the Financial Reporting Standards 21;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000;\">The company\u2019s financial statements are not reported on a \u201ctrue and fair\u201d basis;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000;\">Singapore audit firms will issue a qualified opinion on the entire financial statement;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000;\">The incorrect choice of functional currency may lead to endless complex reconciliations which can be tedious, time consuming and costly.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000;\">If there is an error in the functional currency, it should be applied from the date of error and accounted for retrospectively.<\/span><\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; color: #000000;\">Choosing the right functional currency greatly helps a company generate effective financial reporting. This is key when it comes to avoiding misstatements in financial accounting and determining a realistic performance summary. Any reputable bookkeeping service in Singapore can help you ensure that you are on the right track.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><b>Determination of Functional Currency<\/b><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; color: #000000;\">The functional currency should be determined by looking at several factors. These factors identify the currency in which the entity normally generates and spends cash, and in which transactions are normally denominated.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; color: #000000;\">All transactions in currencies other than the functional currency should be treated as transactions in foreign currency.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; color: #000000;\">Five key factors that determine an entity\u2019s functional currency. Three are primary and two are secondary considerations:\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><b>First level factors:<\/b><\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"color: #000000;\"><b>Primary indicator<\/b><\/span><\/td>\n<td><span style=\"font-weight: 400; color: #000000;\">Factors to be considered:<\/span><\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\"><span style=\"color: #000000;\"><b>Sales and cash inflow<\/b><\/span><\/td>\n<td><span style=\"font-weight: 400; color: #000000;\">This mainly influences the prices at which goods and services are sold. This will often be the currency in which sales prices for goods and services are denominated and settled.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400; color: #000000;\">The country whose competitive forces and regulations mainly influence the entity\u2019s price structure. Example: where government regulations determine that the local currency is the functional currency.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"color: #000000;\"><b>Expenses and cash outflow<\/b><\/span><\/td>\n<td><span style=\"font-weight: 400; color: #000000;\">The expenses and cash outflow that influence the cost of the entity. The currency that mainly influences purchases, materials, labour and other costs of providing goods and services<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><b><br \/>\nSecondary level factors:<\/b><span style=\"font-weight: 400;\"> designed to provide additional supporting evidence in the determination of an entity\u2019s functional currency.<\/span><\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"color: #000000;\"><b>Secondary indicator<\/b><\/span><\/td>\n<td><span style=\"font-weight: 400; color: #000000;\">Factors to be considered:<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"color: #000000;\"><b>Financing activities<\/b><\/span><\/td>\n<td><span style=\"font-weight: 400; color: #000000;\">The finance activities in which funds are generated. Example, where financing (issuing of debt and equity instruments) is raised and serviced by a currency type (i.e. SGD). This indicates that SGD is the functional currency in the absence of other indicators to the contrary.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"color: #000000;\"><b>Retention of operating income<\/b><\/span><\/td>\n<td><span style=\"font-weight: 400; color: #000000;\">In which receipts from operating activities are retained. This is the currency in which the entity maintains its excess working capital balances.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; color: #000000;\"><br \/>\nIn our opinion (and the opinion of reputable audit firms in Singapore), when it comes to deciding the functional currency of an entity, priority should be given to the primary factors. Secondary factors should also be considered if clear-cut decisions cannot be made based on just the primary factors.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Secondary factors should also be considered if clear-cut decisions cannot be made based on just the primary factors.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">In determining the functional currency, solid managerial judgment is required to determine the currency that most faithfully represents the economic effects of the underlying transactions and events. Are you confused or unsure? Consult with a reputable accounting firm in Singapore.<\/span><\/p>\n<p><span style=\"color: #000000;\"><b>Pointers to Note<\/b><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000;\">Review your foreign exchange gain or loss in income statement in order to see if it makes sense and is practical? A huge exchange balance could be an indicator of mismatched functional currency.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000;\">Regularly test foreign currency exchange rates used and whether the source from where such information is gathered is a reliable \/ accepted source in the eyes of the regulatory authority.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\"><b>Regular Assessment of Functional Currency<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">We suggest that your functional currency should be assessed and reviewed on a regular basis, especially when there are changes in the underlying nature of the transactions, changes in relevant conditions and other important events.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Where there is a change in the functional currency, it should be applied from the date of change and accounted for prospectively (not retrospectively).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For further guidance: accountants should refer to Financial Reporting Standard (FRS 21) &#8211; The Effects of Changes in Foreign Exchange Rates. For better understanding on proper currency reporting, accountants can visit <\/span><a href=\"https:\/\/www.isca.org.sg\/media\/3694\/jan-46-49-functional-currency-highlights-of-technical-clinic.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">ISCA&#8217;s Functional Currency Highlights of Technical Clinic<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you need professional guidance or expert support for <\/span><a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/our-services\/accounting\/\"><span style=\"font-weight: 400;\">accounting<\/span><\/a><span style=\"font-weight: 400;\"> or <\/span><a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/our-services\/bookkeeping\/\"><span style=\"font-weight: 400;\">bookkeeping<\/span><\/a><span style=\"font-weight: 400;\"> get in touch today for a free assessment.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Key to Effective Reporting<\/p>\n","protected":false},"author":7,"featured_media":3237,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[12],"class_list":["post-3116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insight","tag-articles"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Choosing the Right Functional Currency - S C Mohan PAC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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