Special IAS Plus newsletter on IFRIC 7

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22 Dec 2005

In November 2005, the International Financial Reporting Interpretations Committee issued Interpretation 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies.

IFRIC 7 contains guidance on how an entity would restate its financial statements pursuant to IAS 29 in the first year it identifies the existence of hyperinflation in the economy of its functional currency. The Interpretation is effective for annual periods beginning on or after 1 March 2006. Earlier application is encouraged. Deloitte has published a (PDF 51k) explaining IFRIC 7. You will find links to all past IAS Plus newsletters Here.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.