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• Hyperinflationary economies - updated IPTF watch list available

• 22 Dec 2023

• IAS 29 'Financial Reporting in Hyperinflationary Economies' defines and provides general guidance for assessing whether a particular jurisdiction's economy is hyperinflationary. But the IASB does not identify specific jurisdictions. The International Practices Task Force (IPTF) of the Centre for Audit Quality (CAQ) monitors the status of 'highly inflationary' countries. While it monitors the status of highly inflationary countries for the purposes of applying US GAAP, its criteria for identifying such countries are similar to those for identifying 'hyperinflationary economies' under IAS 29.

• Hyperinflationary economies - updated IPTF watch list available

• 04 Jul 2023

• IAS 29 'Financial Reporting in Hyperinflationary Economies' defines and provides general guidance for assessing whether a particular jurisdiction's economy is hyperinflationary. But the IASB does not identify specific jurisdictions. The International Practices Task Force (IPTF) of the Centre for Audit Quality (CAQ) monitors the status of 'highly inflationary' countries. While it monitors the status of highly inflationary countries for the purposes of applying US GAAP, its criteria for identifying such countries are similar to those for identifying 'hyperinflationary economies' under IAS 29.

• Hyperinflationary economies - updated IPTF watch list available

• 09 Dec 2022

• IAS 29 'Financial Reporting in Hyperinflationary Economies' defines and provides general guidance for assessing whether a particular jurisdiction's economy is hyperinflationary. But the IASB does not identify specific jurisdictions. The International Practices Task Force (IPTF) of the Centre for Audit Quality (CAQ) monitors the status of 'highly inflationary' countries. While it monitors the status of highly inflationary countries for the purposes of applying US GAAP, its criteria for identifying such countries are similar to those for identifying 'hyperinflationary economies' under IAS 29.

• Hyperinflationary economies - updated IPTF watch list available

• 22 Jun 2022

• IAS 29 'Financial Reporting in Hyperinflationary Economies' defines and provides general guidance for assessing whether a particular jurisdiction's economy is hyperinflationary. But the IASB does not identify specific jurisdictions. The International Practices Task Force (IPTF) of the Centre for Audit Quality (CAQ) monitors the status of 'highly inflationary' countries. While it monitors the status of highly inflationary countries for the purposes of applying US GAAP, its criteria for identifying such countries are similar to those for identifying 'hyperinflationary economies' under IAS 29.

• Hyperinflationary economies - updated IPTF watch list available

• 10 Jan 2022

• IAS 29 'Financial Reporting in Hyperinflationary Economies' defines and provides general guidance for assessing whether a particular jurisdiction's economy is hyperinflationary. But the IASB does not identify specific jurisdictions. The International Practices Task Force (IPTF) of the Centre for Audit Quality (CAQ) monitors the status of 'highly inflationary' countries. While it monitors the status of highly inflationary countries for the purposes of applying US GAAP, its criteria for identifying such countries are similar to those for identifying 'hyperinflationary economies' under IAS 29.

• Hyperinflationary economies - updated IPTF watch list available

• 23 Aug 2021

• IAS 29 'Financial Reporting in Hyperinflationary Economies' defines and provides general guidance for assessing whether a particular jurisdiction's economy is hyperinflationary. But the IASB does not identify specific jurisdictions. The International Practices Task Force (IPTF) of the Centre for Audit Quality (CAQ) monitors the status of 'highly inflationary' countries. While it monitors the status of highly inflationary countries for the purposes of applying US GAAP, its criteria for identifying such countries are similar to those for identifying 'hyperinflationary economies' under IAS 29.

• Hyperinflationary economies - updated IPTF watch list available

• 06 Jan 2021

• IAS 29 'Financial Reporting in Hyperinflationary Economies' defines and provides general guidance for assessing whether a particular jurisdiction's economy is hyperinflationary. But the IASB does not identify specific jurisdictions. The International Practices Task Force (IPTF) of the Centre for Audit Quality (CAQ) monitors the status of 'highly inflationary' countries. While it monitors the status of highly inflationary countries for the purposes of applying US GAAP, its criteria for identifying such countries are similar to those for identifying 'hyperinflationary economies' under IAS 29.

• Accounting considerations in view of Venezuela's foreign exchange controls

• 13 Jan 2015

• Since 2010, Venezuela has been considered a highly inflationary economy and the Venezuelan government has instituted several mechanisms for foreign exchange control, including multiple exchange rates and capital control. In a "pre-clearance" issue the staff of the US Securities and Exchange Commission (SEC) has now signalled that it does not object to a registrant's conclusion to deconsolidate its Venezuelan operations due to an other-than-temporary lack of currency exchangeability and the existence of several government limitations on the registrant's ability to control the operations. The considerations would also apply in similar form under IFRS.

• Accounting considerations in view of Venezuela's state as a highly inflationary economy

• 10 Apr 2014

• Since 2010, Venezuela has been considered a highly inflationary economy. In November 2013 the International Practices Task Force (IPTF) of the AICPA's Centre for Audit Quality reported that the three-year cumulative inflation rate for Venezuela was 95% for 2012 and the three-year cumulative inflation rate at the end of 2013 was projected to be 124%. The Venezuelan government has instituted several mechanisms for establishing exchange rates between Venezuelan bolivar fuertes (BsF) and U.S. dollar (USD). This has led to accounting questions in an environment with multiple exchange rates.

• IFRS Foundation publishes jurisdiction profiles on the application of IFRSs

• 05 Jun 2013

• The IFRS Foundation has posted to its website a collection of 66 'jurisdiction profiles' detailing information about the adoption of International Financial Reporting Standards (IFRSs) and the IFRS for SMEs in all of the G20 jurisdictions and 46 other jurisdictions.

• IFRS for SMEs adopted in another three countries

• 10 Dec 2010

• The IFRS for SMEs, the first set of international accounting requirements developed specifically for small and medium-sized entities, has been adopted in three countries in Central and South America.

• Venezuela has adopted the IFRS for SMEs

• 05 Mar 2010

• The Federación de Colegios de Contadores Públicos de Venezuela (FCCPV, the professional accountancy organisation in Venezuela) has adopted the IFRS for SMEs for all SMEs in Venezuela.

• Adoption of IFRSs delayed in Venezuela

• 06 Jul 2004

• IFRS will be delayed in Venezuela to 2006 for listed companies and to 2007 for all other companies.

• Venezuela adopts International Financial Reporting Standards

• 21 Apr 2004

• The Board of the Venezuelan Federation of Certified Public Accountants has announced that it has decided to adopt International Financial Reporting Standards (including IASs, IFRSs, and related interpretations) without any modification whatsoever.