Record Number of Companies Apply to Change Currency of Financial Statements into Euros Skip to content

Record Number of Companies Apply to Change Currency of Financial Statements into Euros

More Icelandic companies than ever have requested permission from the Financial Statement Registry at the Commission of Inland Revenue (RSK) to change the currency of their annual accounts into to euros. The currency is becoming more popular than the US dollar.

Director of the Financial Statement Registry Gudmundur Gudbjarnason said that out of the 53 unprocessed applications requesting permission to prepare their financial statements in a foreign currency, 45 applications request euros and eight a different foreign currency, Markadurinn, a weekly business supplement in Fréttabladid, reports.

“The euro has become very prominent […]; the dollar used to be more popular,” Gudbjarnason said. In 2006 one third of applicants requested stocktaking in euros and in 2005 a quarter requested euros, while the dollar was the currency of choice for most companies.

By the end of last year, 167 Icelandic companies had permissions to prepare their statements in a foreign currency, which is expected to increase to 249 by the end of this year.

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