International Accounting Standard 29

• Issued: in 1989; re-formatted in 1994, followed by amendments
• Effective date: 1 January 2009
• What it does:
  • It prescribes rules for financial reporting of any entity whose functional currency is the currency of hyperinflationary economy.
  • It requires to state all the amounts in terms of measuring unit current at the end of the reporting period.
  • General price index shall be applied to restate the amounts stated in historical or transaction-date costs.
  • It provides further guidance on how to restate monetary and non-monetary assets and liabilities, equity components, profit or loss and other comprehensive income, cash flows and comparative information.
  • It prescribes the reporting rules when the economy stops being hyperinflationary and number of disclosures, too.

• Summary of IAS 29 Financial Reporting in Hyperinflationary Economies
• Monetary or non-monetary? In this article, you'll learn which items in the balance sheet are monetary and non-monetary, with a couple of examples.

• IFRS Kit - learn IFRS in 150+ videos, 150+ excel case studies, quizzes, certificates

CLICK HERE to see a complete catalogue of our courses.