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FREQUENTLY ASKED QUESTIONS

6. COSTS
- Cost statements -
 
Currency
QUESTION
Following the adoption of the Euro by member countries I am unsure how to advise our EC partners how to complete their Cost Statements when part of their costs incurred during the period claimed were incurred in their old national currency and part incurred in euro.

Do you have any guidance available covering this situation.

ANSWER
Your question is relating to the justification of costs of legal entities from the 12 countries which are in the EURO zone : on the 31st of December 1998 and on the 31st of December 2000, the definitive conversion rates in EURO of the national currencies of these 12 countries have been set (see annex I).

Even if a legal entity of one of these countries, participating in an indirect action of the EC FP5, has recorded its incurred costs in its accounting system, partly in its old national currency and partly in EURO for a specific period of costs statements, it is nevertheless quite easy for this legal entity to calculate the global amount of its periodic incurred costs, due to the fact that a definitive conversion rate in EURO of its old national currency has been set.

Therefore:

  • For periods of justification beginning before the 1st of January 2002, this kind of legal entity has to provide a cost statement in its old national currency and in EURO for the total amount of its periodic involvement, unless the accounts were already made on Euro.
  • For periods of justification beginning after the 1st of January 2002, the cost statements of the legal entities of these 12 countries will be only in EURO.
Annex I

On the 31st of December 1998 the definitive conversion rates in EURO of 11 Members States currencies have been set.

* Schilling (ATS - Austria) - 1 euro = 13,7603 ATS
* Belgian Franc (BEF - Belgium) - 1 euro = 40,3399 BEF
* German Mark (DEM - Germany) - 1 euro = 1,95583 DEM
* Spanish Peseta (ESP - Spain)- 1 euro = 166,386 ESP
* Finnish Mark (FIM - Suomi Finland) - 1 euro = 5,94573 FIM
* French Franc (FRF - France) - 1 euro = 6,55957 FRF
* Irish Pound (IEP - Ireland) - 1 euro = 0,787564 IEP
* Italian Lire (ITL - Italy) - 1 euro = 1936,27 ITL
* Luxembourg Franc (LUF - Luxembourg) - 1 euro = 40,3399 LUF
* Dutch Guilder (NLG - Netherlands) - 1 euro = 2,20371 NLG
* Portugese Escudo (PTE - Portugal) - 1 euro = 200,482 PTE

Moreover, on the 31st of December 2000 the definitive conversion rate in Euro of the Greek currency (Drachma) has been set (1 euro = 340,75 GRD)

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