102560 – Due Diligence: General Requirements: Date for Determining Balance or Value

The balance or value of a Reportable Account is part of the reportable information that is to be automatically exchanged. It is also relevant for other purposes such as the due diligence procedures for pre-existing entity accounts and the account aggregation rules.

The balance or value of the Reportable Account is to be determined as of the last day of the appropriate reporting period. If the balance or value of the account requires conversion from one currency to another the guidance at should be considered.

If the balance or value of the account is negative it should be reported as a zero balance or value.