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Hyperinflationary countries for 31 December 2007 reporting

  • AICPA (American Institute of CPAs) (lt green) Image

18 Feb 2008

The International Practices Task Force (IPTF) of the AICPA's Centre for Audit Quality monitors the status of 'highly inflationary' countries.

The Task Force's criteria for identifying such countries are similar to those for identifying 'hyperinflationary economies' under IAS 29 Financial Reporting in Hyperinflationary Economies. The IPTF has issued a report of discusisons with SEC staff on the IPTF's recommendations of which countries should be considered highly inflationary through 31 December 2007. Those countries are Angola, Myanmar, and Zimbabwe. The Task Force agreed that Angola would come off highly inflationary status as of the first period beginning after 31 December 2007. The following countries are on the Task Force's inflation 'watch list': Eritrea, Guinea, Haiti, Venezuela, Iran, and Zambia. Click to Download the Report (PDF 31k).

 

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