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What is the closing rate as per IAS 21? Is it the exchange rate as at the balance sheet date? Our balance sheet date falls on a Sunday where we do not get an exchange rate as it is bank holiday on Sunday. Can I use the exchange rate on immediately preceding Friday?
in IAS 21 - The Effects of Changes in Foreign Exchange Rates by

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Closing rate is the spot exchange rate at the end of the reporting period. If your accounting period ends on 31 December then the exchange rate on 31 December will be the closing rate. I don't think that it will be an issue to use the latest available closing rate & it should be okay to use a rate of preceding Friday.