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IAS Plus newsletter — Special Global Edition – IFRIC 7 on Applying the Restatement Approach under IAS 29

Published on: 22 Dec 2005

IFRIC 7 on Applying the Restatement Approach under IAS 29 On 24 November, the International Financial Reporting Interpretations Committee (IFRIC) issued IFRIC 7 in Hyperinflationary Economies reporting period in which an entity starts to apply IAS 29 regarding:

• how comparative amounts in financial statements should be restated; and

• how deferred tax items in the opening balance sheet should be restated.

Applying the Restatement Approach under IAS 29, Financial Reporting. The Interpretation clarifies the requirements in the


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