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IFRIC 7 on hyperinflation

  • IFRIC (International Financial Reporting Interpretations Committee) (blue) Image

24 Nov 2005

The International Financial Reporting Interpretations Committee has 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. Click for:

 

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