IFRS in Focus — IASB issues amendments to IFRS 1 on first-time adoption of IFRSs after period of severe hyperinflation

Published on: 06 Jan 2011

The International Accounting Standards Board (IASB) issued Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters on 20 December 2010, making a limited amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards to provide guidance on how an entity should resume presenting financial statements in accordance with IFRS after a period when the entity was unable to comply with IFRS because its functional currency was subject to severe hyperinflation.

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