Account balance or value Sample Clauses

Account balance or value. For Depository Accounts, the balance or value will be that shown on the 31 December, unless the account is closed prior to that date. For example, for a reportable Depository Account the balance or value to be reported will be the balance or value as of the 31 December 2014. This will be reported in 2015. For other Financial Accounts, the balance or value will either be that shown on 31 December of the year to be reported or where it is not possible to or usual to value an account at 31 December, the normal valuation point for the account that is nearest to 31 December is to be used. The account balance or value maybe reported in US dollars or in the currency in which the account is denominated. Example 1 - When a Specified Insurance Company has chosen to use the anniversary date of a policy for valuation purposes, if for example the policy was opened on 3 June 2013, it will be valued on 2 June 2014. If it exceeds the reporting threshold then it is the 2 June 2014 value that will be reported for the