IAS 29 – First-time adoption of IAS 29
Background
While this IFRIC project started out focusing on the calculation of the comparative amount of deferred taxes when an entity in a hyperinflationary economy restates its financial statements for the first time under IAS 29 Financial Reporting in Hyperinflationary Economies, it has evolved to address more broadly the issues of restatements when applying IAS 29 for the first time.
Current status of the project
This project has been completed. IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies was issued on 24 November 2005.
Project milestones
| Date | Development | Comments |
|---|---|---|
| 11 March 2004 | IFRIC D5 Applying IAS 29 Financial Reporting in Hyperinflationary Economies for the First Time published | Comment deadline 14 May 2004 |
| 24 November 2005 | IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies issued | Effective for annual periods beginning on or after 1 March 2006 |