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IFRS 1 – Severe hyperinflation

Background

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.

 

Project milestones

DateDevelopmentComments
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

Related Discussions

  • IFRS 1 – Severe hyperinflation

  • Dec 13, 2010

  • The IASB considered an analysis of comment letters received on the exposure draft 'Severe Hyperinflation'. Matters discussed included the scope of the amendment, whether it would be appropriate for an entity to have a short comparative period when the functional currency normalisation date falls within the comparative period, and other comments.

  • Presenting IFRS financial statements after a period of severe hyperinflation

  • Sep 14, 2010

  • The Board re-discussed the issue related to the recommendation of the IFRS Interpretation Committee to amend IAS 29 'Financial Reporting in Hyperinflationary Economies' to clarify how an entity should resume presenting financial statements in accordance with IFRSs after a period of severe hyperinflation, agreeing to issue an Exposure Draft proposing a limited amendment to IFRS 1.

  • IAS 29 - Reporting in accordance with IFRS after a period of chronic hyperinflation

  • Jul 22, 2010

  • The IASB discussed the IFRS Interpretations Committee's request to consider clarifying 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'.

  • IAS 29 — Reporting in accordance with IFRS after a period of chronic hyperinflation

  • Jul 08, 2010

  • The IFRS Interpretations Committee discussed issues related to: (1) the preparation of the separate financial statements of an entity with a functional currency that is no longer the currency of a hyperinflationary economy (2) the preparation and presentation of consolidated financial statements of a parent with an interest in an entity that ceases to have a functional currency that is the currency of a hyperinflationary economy

All Related