IAS 29 Financial Reporting in Hyperinflationary Economies

International Accounting Standard 29

Overview of IAS 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.

Articles about IAS 29

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