Money and currencies

Currency abbreviations

If more than one currency is used in a document, use the corresponding currency abbreviation with each amount in the text. In a table, include the currency abbreviation in the title or heading. If the symbols is not well-known, use its three-letter currency code.

If more than one currency is used in a document and any one needs to be defined by its three-letter currency code, then use codes instead of symbols with all currencies—that is, AUD2,000 instead of A$2,000). A full list of currency codes can be found at http://www.xe.com. The standard symbols and codes for some frequently used currencies are given in the following table.

Note

The Reserve Bank of Australia recommends the use of A$.

Define all abbreviations and their symbols on first use and in the front matter of the report.

Amount, sum, or quantity?

Use “amount” or “sum” when describing an amount of money. Do not use “quantity” for amounts of money. Otherwise, use “value” for parameters, “number” when the items are countable, and “quantity” when it is a mass or flow.

Correct

The amount reflects the cost of rehabilitation.

The [discount rate] value applied is considered to be appropriate.

There are a small number of trucks available.

There is a large quantity of waste above the bench.

Consistency within a category

Consistency within a category overrides the guidelines that follow. In particular, if the format $27 million has been used, then use the same format for all numbers in the same category—for example, $1,800 million and $0.34 million, not the otherwise preferred formats of $1.8 billion nor $340 thousand. This is especially important in tables when comparing the same category—that is, if revenue is shown in millions in the first table, then revenue must be shown in millions in all tables that follow.

Rounding currency

When quoting numbers from another source, do not round unless the number is intended to be generalized. Otherwise, if the exact number is not material, round to two or fewer significant figures after the decimal point. Always round numbers to the same precision within the same category.

Numerals vs words

In general, use numbers with symbols to show amounts of money. Use words when expressing approximations, such as, “This approach will save thousands of dollars.” When spelled out, do not capitalize the currency (dollars, euros, yen).

Incorrect

76 thousand dollars

Thousands, millions, and billions

Thousands, millions, and billions of currency can be shown in several formats but be consistent within the same category.

Rounded amounts

$76 thousand; $2.7 million; $5.12 billion

Use this format when the number has (or is rounded to) two or fewer significant figures after the decimal point. Do not use thousands for numbers of less than $10 thousand, instead write out the number in full—for example, $7,700 not $7.7 thousand.

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Precise amounts

$2,700; $75,734; $2,683,000; $5,122,299,800

Use this format when showing the precise (unrounded) number or when there are more than two significant figures after the decimal point and for numbers of less than $10 thousand.

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Numerical abbreviations

$76k, $2.7m, $5.12b

The suffixes k, m, and b are abbreviations for thousand, million, and billion. Numerical abbreviations should only be used informally or when space is a consideration. Unlike an SI symbol, there is no space between the number and its suffix. In general, limit the figures after the decimal point to two or fewer. Take care not to confuse these abbreviations with the SI symbol m (metre) and the SI prefixes k, M, and G. For example, 10m is the abbreviation for 10 million, but 10 m is 10 metres, but the SI prefix for million (mega-) is M, as in 10 MJ. Whereas, 5k is the abbreviation for 5,000, and the k in 5 kW is also the SI prefix for 1,000.

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Tables headings

$ thousand, $ million, $ billion

Use abbreviations in this format in table headings, or, if space is a consideration, their abbreviated forms $k (A$k, AUD k), $m (US$m, USD m), and $b (C$b, CAD b). Do not use $’000.

Incorrect

$76K, $2.7M, $5B

$2.7 thousand

$8.345b

3 million dollars

$000’s $’000s $’000

$1000s

Rates of cost and revenue

Treat the currency abbreviation as a symbol when expressing rates of cost, for example, 2.91 $/t, otherwise spell out the entire expression. If any one term is not a unit of measure, spell out the entire expression. Do not combine numbers or words with SI symbols in an expression.

If space is a consideration (in tables, for example), define an abbreviation in the text that introduces the table—for example, dollars per megawatt hour per station per day ($/MW·h pspd), but ensure that the abbreviation is properly defined.

Rates of time are often clearer if spelled out but can be abbreviated in the form pd, pm, or pa, if space is a consideration. In general, for units of time less than one day, use the appropriate SI symbol (h, min, s). For example, the units in the “Rate” column of a costing table can be shown as A$/d, A$ pd, or A$ per day.

Where a table contains multiple units, such as a quotation or financial summary, use separate columns for unit cost and units, for example:

Correct

27 $/t or $27 per tonne

0.035 $/GJ or $0.035 per gigajoule

3.40 $/kg or $3.40 per kilogram

$250 per year (or, if space is a consideration, $250 pa or 250 $/y)

$3.25 per hour (or, if space is a consideration, 3.25 $/h)

$0.0047 per kilowatt hour per customer per month (or, if space is a consideration, 0.0047 $/kW·h pcpm, where pcpm has been defined as an abbreviation in your document)

Incorrect

$27/t

$0.035/GJ

0.0047 $/kW·h/customer/month

Exchange rates

When showing a conversion rate, place the currency or abbreviation after the number. Make sure that the direction of the conversion is clear, and always show the unit, reference currency. In general, show the conversion rate to three significant figures. If the conversion rate is less than 0.01, multiply the unit reference by 100, 1000, or as required to give a rate above 0.01.

A full list of exchange rates can be found at http://www.xe.com.

Incorrect

USD/AUD = 0.92 (ambiguous)

A$1.00 = US$1.0345

1.00 INR = 0.000733 AUD

Correct

1.00 US dollars equals 0.923 Australian dollars

Or, if space is a consideration,

1.00 $US = 0.923 $A

1.00 AUD = 6.34 CNY

1,000 INR = 0.733 AUD

In tables, use column or row headings that make it clear which is the unit, reference currency. For example: