# The Insurance Companies (Accounts and Statements) Regulations 1996, Paragraph 4: Currency


The value of any asset or the amount of any liability denominated in a currency other than sterling shall be expressed in sterling as if conversion had taken place at the closing middle rate on the last day for which the appropriate rate is available in the financial year to which the asset or liability relates.

---
Source: https://www.legislation.gov.uk/uksi/1996/943/schedule/1/paragraph/4 (the official version)
Page: https://openlegislation.uk/insurance-companies-accounts-and-statements-regulations-1996/schedule-1/paragraph-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.