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