Month-end and year-end official exchange rates

Under IAS 21, monetary items use the closing rate at the reporting date. An average can approximate rates for income and expenses when rates do not move much. Choose the rate for the accounting purpose, then retrieve the relevant table.

• Monetary items use the closing rate at the reporting date under IAS 21.
• An average can approximate rates for income and expenses when rates do not move much.
• The IRS's published yearly average is not a required rate.

Distinguish the closing rate from an average

Under IAS 21, use the closing rate for monetary items at the reporting date. This applies to the reporting date you are preparing for, whether month-end or year-end.

An average can approximate rates for income and expenses when rates do not move much. It serves a different purpose from the closing rate.

Retrieve a monthly accounting pack

GET /v1/official/{country}/{type}/period/{YYYY-MM}?quotes= returns a calendar month's closing rate and average. Period packs require Pro.

Select the country and table type for the pack. Use quotes to select currencies.

The pack provides rates from the selected official table. Choose the rate that fits the accounting purpose.

Use a date lookup for the reporting date

GET /v1/official/{country}/{type}/rate/{base}/{quote}?date=YYYY-MM-DD returns the selected table's rate valid on your reporting date.

The response date is the publication's valid_from. Read it with valid_to to understand the publication's valid period. A null valid_to means valid until the next publication.

Past-date lookups require Basic or above. Add expand=source to retrieve the publication details and source document URL.

Keep yearly averages distinct

A published yearly average is distinct from a monthly pack's closing rate and average.

For US tax reporting, the API includes the IRS's published yearly averages. The IRS has no official exchange rate, and its published yearly average is not a required rate.

Use the table details and source document to identify the publication. We republish authorities' tables and are not affiliated with any authority.