In order to simplify the financial reporting the Managing Authority adopted a revised rule on how to use the InforEuro exchange rate in the interim and final financial reports.
According to the revised rule, the cost is incurred when the cost is recorded in the project’s accounting records. Therefore, in the financial report the InforEuro exchange rate for the cost incurred in other currency than euro is selected based on the date of the cost recorded in the project’s accounting records.
Read the Explanatory note.
Adviser Auli Cannizzaro (auli.cannizzaro[at]kareliacbc.info) and Financing Controller Ossi Tornberg (ossi.tornberg[at]kareliacbc.info)