Jasper21
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Where do I get the exchange rate?

Where do I get the exchange rate?

Ltd Co client has a USD bank account.  I'm preparing 2011 annual accounts per FRSSE 2008 and I need to translate the value of the USD bank account as at 31st December 2011.  There are no forward contracts in place.  Which rate do I use?  Where do I get it from?

Many thanks

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09th Mar 2012 13:56

Oanda.com

I use oanda.com to look up exchange rates.

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09th Mar 2012 14:01

I Concur

I'm with Mr Hound, I always use Oanda.com. You can look up historical exchange rates which is very useful for currency revaluations.

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09th Mar 2012 14:04

Fab...

Just been on the website and now sorted...big thanks!

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09th Mar 2012 14:23

That will be

Mrs Hound please!

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09th Mar 2012 14:25

The clue

... is the pink collar on the hound!

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By tonyc
09th Mar 2012 16:11

An alternative......

I get my historical exchange rate information from the Pacific Exchange Rate service:

http://fx.sauder.ubc.ca/ 

 

 

 

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09th Mar 2012 23:47

SSAP 20 Foreign currency

Technically you shouldn't use Oanda, as it doesn't match the definition in SSAP 20 para 41, in that you need the closing rate for spot transactions at the close of business on the day for which the rate is to be ascertained and Oanada doesn't do that.  So I'm afraid, it's either the Bank of England, as recommended by Old Grey Accountant, or the old newspaper favourite: The FT.  

http://markets.ft.com/research/Markets/Currencies

Scroll down to the bottom, select "currency summary" and you can get historical currency data going back to 2009.

How many remember the pile of pink newspapers in the cupboard for just this purpose?

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