IFRIC 7 on hyperinflation
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:
- Summary of the Main Requirements of IFRIC 7.
- Press Release (PDF 68k).
