Skip to Main Content
Wiley Interpretation and Application of IFRS Standards
book

Wiley Interpretation and Application of IFRS Standards

by PKF International Ltd
May 2018
Intermediate to advanced content levelIntermediate to advanced
1016 pages
38h 56m
English
Wiley
Content preview from Wiley Interpretation and Application of IFRS Standards

35Hyperinflation

  1. Introduction
  2. Financial Reporting in Hyperinflationary Economies
    1. Severe Hyperinflation According to IFRS 1
    2. Restating Historical Cost Financial Statements under Hyperinflation Conditions
    3. Restating Current Cost Financial Statements under Hyperinflation Conditions
    4. Comparative Financial Statements
    5. Consolidated Financial Statements
    6. Other Disclosure Issues
    7. Economies which Cease Being Hyperinflationary
    8. Guidance on Applying the Restatement Approach
  3. US GAAP Comparison
  4. Appendix: Monetary vs. Non-Monetary Items

Introduction

IAS 29 addresses financial reporting in hyperinflationary economies. While, in general, this applies the same principles as are employed when using general price level accounting, the objective is to convert the financial statements of entities operating under conditions that render unadjusted financial statements of little or no value into meaningful measures of financial position and performance.

Financial Reporting in Hyperinflationary Economies

Hyperinflation is a condition that is difficult to define precisely, as there is not a clear demarcation between merely rampant inflation and true hyperinflation. However, in any given economic system, when the general population has lost faith in the stability of the local economy, that business transactions are commonly either denominated in a stable reference currency of another country, or are structured to incorporate an indexing feature intended ...

Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Start your free trial

You might also like

Wiley Interpretation and Application of IFRS Standards

Wiley Interpretation and Application of IFRS Standards

PKF International Ltd
Wiley IFRS 2014: Interpretation and Application of International Financial Reporting Standards

Wiley IFRS 2014: Interpretation and Application of International Financial Reporting Standards

Bruce Mackenzie, Danie Coetsee, Tapiwa Njikizana, Edwin Selbst, Raymond Chamboko, Blaise Colyvas, Brandon Hanekom

Publisher Resources

ISBN: 9781119461500