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International Accounting Standard (IAS) 29
Financial Reporting in Hyperinflationary Economies

International Financial Reporting Standards (IFRS)
International Accounting Standards (IAS)
U.S. GAAP by Topic
 
International Accounting Standard (IAS) 29
  
IAS 29
Financial Reporting in Hyperinflationary Economies
Issued in July 1989
Reformatted in 1994
Recent amendment: by IAS 1 revised in September 2007
  
If an entity's functional currency is
   --> the currency of a hyperinflationary economy,
 
   --> financial statements are stated
   --> in terms of the measuring unit
   --> current at the end of reporting period
  
Statement of comprehensive income
   --> all amounts are restated
   --> to reflect the change in general price index
   --> from the recognition dates of income and expenses
  
Statement of financial position
   --> amounts
   --> that are not already expressed
         in terms of the measuring unit
         current at the end of reporting period
   --> are restated
 
   --> monetary items are not restated
   --> items stated at current cost are not restated
  
Gain or loss on the net monetary position
   --> included in profit or loss
  
  




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