Last Updated on 02/03/2020 by 75385885
IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
1 This Interpretation provides guidance on how to apply the requirements of IAS 29 in a reporting period in which an entity identifies the existence of hyperinflation in the economy of its functional currency, when that economy was not hyperinflationary in the prior period, and the entity therefore restates its financial statements in accordance with IAS 29.
2 The questions addressed in this Interpretation are:
- how should the requirement ‘… stated in terms of the measuring unit current at the end of the reporting period’