IFRIC 7 — Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
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Effective date: |
First effective as Canadian GAAP under Part I for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application of Part I was permitted. |
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Published by the IASB: |
November 2005 |
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Included in Part I of CPA Canada Handbook: |
January 2010 |
Overview
This Interpretation provides guidance on how to apply the requirements of IAS 29 Financial Reporting in Hyperinflationary Economies in a reporting period in which an entity identifies the existence of hyperinflation in the economy of its functional currency, when that economy was not hyperinflationary in the prior period, and the entity therefore restates its financial statements in accordance with IAS 29.
History of IFRIC 7
The following table shows the history of this standard subsequent to the adoption of IFRS in Canada.
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Date1 |
Development |
Comments |
Included in Part I of the CPA Canada Handbook2 |
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January 2010 |
Part I of the CPA Canada Handbook issued |
Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted. |
January 2010 |
Notes
- For further details of relevant developments prior to this, please refer to our Deloitte Global section.
- Newly issued, amended or revised IFRSs are part of Canadian GAAP only after they are approved by the Accounting Standards Board in accordance with its due process.
The above summary does not include details of consequential amendments made as the result of other projects.
Related IFRIC Agenda Rejection Notices
Amendments under consideration
- None