Hubbell Policies

FOREIGN CURRENCY EXCHANGE POLICY

English

Owner : Vice President, Controller

Last Review: 2014.08.10

FIN – 25

Department: Finance

POLICY This policy requires that only the Corporate published foreign currency exchange ("FX") rates are to be used in the remeasurement of transactions recorded in monetary accounts that are not denominated in the entity's functional currency and the translation of U.S. GAAP financial statements. SCOPE This policy applies to all Hubbell business units. PURPOSE The objective is to ensure compliance with United States Generally Accepted Accounting Principles (GAAP) and ensure accounting and reporting for foreign currency exchange is applied consistency across all Hubbell business units. PROCEDURE See procedures contained in the following policies: • Financial Statement Translation Policy • Foreign Currency Exchange Policy ADMINISTRATION Roles and Responsibilities. None ACCOUNTING AND DISCLOSURE None REPORTING None DEFINITIONS Corporate published foreign currency exchange rates shall mean foreign exchange rates sent via e-mail at the end of each month by the Corporate Finance group. Functional Currency shall mean an entity's functional currency is the currency of the primary economic environment in which the entity operates; normally, that is the currency of the environment in which an entity primarily generates and expends cash. This assessment and determination is made by the Corporate office. Monitoring, Evaluation and Review. None Exceptions. None

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