# The Building Societies (Accounts and Related Provisions) Regulations 1992, Paragraph 17: Foreign Currency Translation


(1) Any difference between:
(a) the amount included in the consolidated balance sheet for the previous financial year with respect to the group’s interest in any undertaking included in the consolidation or in any associated undertaking, together with the amount of any transactions undertaken to cover any such interest; and
(b) the opening amount for the financial year in respect of the group’s interest in such undertakings and in respect of any such transactions
arising as a result of the application of paragraph 31 of Schedule 7 may be credited to (where (a) is less than (b)), or (as the case may be) deducted from (where (a) is greater than (b)), the consolidated general reserve.
(2) Any income and expenditure of subsidiary undertakings and associated undertakings in a foreign currency may be translated for the purposes of the consolidated income and expenditure account at the average rates of exchange prevailing during the financial year.

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Source: https://www.legislation.gov.uk/uksi/1992/359/schedule/4/paragraph/17 (the official version)
Page: https://openlegislation.uk/building-societies-accounts-and-related-provisions-regulations-1992/schedule-4/paragraph-17
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.