EIOPA · 941
941
- Regulation
- (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities
- Article
- 35
- Submitted
- 2016-12-08
- Answered
- 2019-09-20
Question
It is our understanding that in the S.06.02.01 template, the "Acquisition Value" needs to be reported in the filing entitie's reporting currency. Our question surrounds determining the appropriate FX Rate to use to make this conversion:
1) Should the conversion from Original Currency to Reporting Currency be carried out using the closing FX Rate as of the reporting date (i.e. 31/12/2016)?; or2) Should the conversion from Original Currency to Reporting Currency be carried out using the FX Rate as of the actual acquisition date of the asset?
Answer
According to the Article 3 (4) of the Commission Implementing Regulation (EU) 2015/2452 when expressing the value of any income or expense, the value shall be converted into the reporting currency using such basis of conversion as that used for accounting purposes.
Although this is the value of an asset, it is not the value in the balance-sheet but the value actually paid in the acquisition.
This Q&A is published by European Insurance and Occupational Pensions Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.
Similar Q&As
📋 Track EU financial regulation continuously
Forseti monitors EU financial regulation and delivers personalised alerts anchored to verified official sources.
14-day free trial. No credit card required.