(a) In this section -
"functional currency" means -
(i) in relation to a company resident in the State, the currency of the primary economic environment in which the company operates, and
(ii) in relation to a company not resident in the State, the currency of the primary economic environment in which the company carries on trading activities in the State,
but, where the profit and loss account of a company for any period of account has been prepared in terms of the currency of the State, that currency shall be the functional currency of the company for that period;
"profit and loss account" and "rate of exchange" have the same meanings respectively as in section 79;
"representative rate of exchange" means a rate of exchange of a currency for another currency equal to the mid-market rate at close of business recorded by the Central Bank of Ireland, or by a similar institution of another State, for those 2 currencies.
(b) For the purposes of this section, the currency of the primary
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