Management report exchange rates should be checked against the report’s purpose before an apparent old rate is replaced. A report may use budget rates, a constant-currency comparison or accounting translation rates. Establish the basis and label it accurately so directors understand what the figures represent.

Accounting records, calculator and glasses on a desk
Illustrative photograph by Cht Gsml.

Identify the report and source

Keep the report version, reporting month, functional and presentation currencies where relevant, and underlying ledger extract. Ask which fields were translated and where the rate table came from.

Record whether the report was refreshed after the latest month-end processing. A new date on the cover does not prove that a linked spreadsheet or embedded query used new inputs.

Separate comparison from accounting treatment

Ask the accountant whether the report is intended to reproduce the financial records or present a management comparison. Retain a bridge where a deliberate comparison basis differs from the accounting figures.

Do not apply one convenient spot rate to every balance without checking the appropriate accounting requirements. This guide does not prescribe a universal exchange-rate policy.

Example: the table retained last month’s input

The report heading updates automatically but a rate cell remains unchanged. Trace the formulas and identify every affected output. Keep the original report and an explained revision rather than overwriting the evidence of what directors previously received.

Review the corrected output

Reconcile the accepted report to its stated basis and check comparative columns. Record the source, date and reviewer. Use clear labels for any constant-currency view, and provide the accounting reconciliation separately so a useful management comparison is not mistaken for the statutory financial result.

Related practical guidance

For the surrounding records and responsibilities, see bookkeeping basics, company records to keep, bookkeeping and accounting.

Official guidance: IRAS official guidance.

Help with your company records

For accounting, bookkeeping and related compliance support, contact Raffles Corporate Services at [email protected] or WhatsApp +65 8501 7133. Tell us which records or process need attention so we can discuss the relevant next steps.