IFRS 1 – Severe hyperinflation
This project considers a request for guidance on how an entity should resume presenting financial statements in accordance with IFRSs after a period of severe hyperinflation, during which it had been unable to comply with IAS 29 Financial Reporting in Hyperinflationary Economies.
Current status of the project
This project has been completed. The IASB issued Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters on 20 December 2010.
|September 2010||Added to the active agenda|
|30 September 2010||Exposure Draft ED/2010/12 Severe Hyperinflation – Proposed amendment to IFRS 1 published||Comment deadline 30 November 2010|
|20 December 2010||Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters issued||Effective for annual periods beginning on or after 1 July 2011|