Newsletter on IASB proposal on severe hyperinflation
11 Oct, 2010
Deloitte's IFRS Global Office has published an IFRS in Focus Newsletter – IASB issues Exposure Draft on First-time Adoption of IFRSs after a period of Severe Hyperinflation.
This newsletter describes the recent IASB proposal on severe hyperinflation. The exposure draft proposes that when an entity's date of transition to IFRSs is on, or after, the functional currency normalisation date, the entity may elect to measure assets and liabilities at fair value on the date of transition to IFRSs and use that fair value as the deemed cost of those assets and liabilities in the opening IFRS statement of financial position.
Comments are due by 30 November 2010.
Click for:
- IFRS in Focus Newsletter – IASB issues Exposure Draft on First-time Adoption of IFRSs after a period of Severe Hyperinflation (PDF 65k)
- Past editions of IFRS in Focus
- Our project page on proposed amendments