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Deloitte comment letter on tentative agenda decision on IAS 21 and IAS 29 — Presenting comparative amounts when a foreign operation first becomes hyperinflationary

Published on: 25 Nov 2019

We have commented on the IFRS Interpretations Committee's publication in the September 2019 IFRIC Update of the tentative decision not to take onto the Committee's agenda the request for clarification on whether the entity restates comparative amounts presented for the foreign operation in its annual financial statements for the period in which the foreign operation becomes hyperinflationary and its interim financial statements in the year after the foreign operation becomes hyperinflationary, if the foreign operation was not hyperinflationary during the comparative interim period.

We agree with the IFRS In­ter­pre­ta­tions Committee’s decision not to add this item onto its agenda for the reasons set out in the tentative agenda decision and believe it would be useful if the agenda decision confirmed how the requirements of IAS 21 paragraph 42(b) apply to comparative amounts in interim and annual financial statements when the entity has a foreign operation that becomes hyperinflationary and the entity’s financial statements are presented in the currency of a non-hyperinflationary economy.

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