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International Accounting Standards (IAS)
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| U.S. GAAP | IFRS, IAS | Accounting Topics |
International Accounting Standard (IAS) 29
Financial Reporting in Hyperinflationary Economies
International Financial
Reporting Standards (IFRS) |
|
International Accounting
Standards (IAS) |
|
U.S. GAAP by Topic,
Securities Law Library,
U.S. Tax Code by Section |
| International Accounting Standard (IAS) 29 |
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IAS 29
Financial Reporting in Hyperinflationary Economies Issued in
July 1989
Reformatted in 1994 Recent amendment:
by IAS 1 revised in September 2007 |
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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 |
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Statement
of comprehensive income --> all amounts are restated --> to reflect the change in general price index --> from the recognition dates of income and expenses |
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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 |
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Gain or
loss on the net monetary position --> included in profit or loss |
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IAS
29 Technical Notes |
