International Accounting Standard 29 Financial Reporting in Hyperinflationary Economies (IAS 29) is set out in paragraphs 1–41. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB.

IAS 29 applies to any entity whose functional currency is the currency of a hyperinflationary economy. Hyperinflation is indicated by factors such as prices, interest and wages linked to a price index, and cumulative inflation over three years of around 100 per cent or more.

Dec 4, 2024 · Management need to keep track of all economies that are hyperinflationary and apply IAS 29 when necessary. Based on our assessment under IAS 29, we currently consider the following economies to be hyperinflationary.

IAS 29 covers financial reporting in hyperinflationary economies, including indicators of hyperinflation, restatement procedures, and impact on financial statements.

IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ requires the financial statements of any entity whose functional currency is the currency of a hyperinflationary economy to be restated for changes in the general purchasing power of that currency so that the financial information provided is more meaningful.

IAS 29 Financial Reporting in Hyperinflationary Economies sets out the requirements for financial statements, including the consolidated financial statements, of any entity whose functional currency is the currency of a hyperinflationary economy.

IAS 29 is applied to the individual financial statements, and the consolidated financial. The cumulative inflation rate over three years is approaching, or exceeds, 100%.

Hyperinflationary accounting under IAS 29 – Financial Reporting in Hyperinflationary Economies – applies to a number of entities for the interim and annual reporting periods ending on or after 31 December 2022. In times of economic uncertainty, many economies experience increased levels of inflation – and in some cases, hyperinflation.

International Accounting Standard 29 Financial Reporting in Hyperinflationary Economies (IAS 29) is set out in paragraphs 1–41. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB.

IAS 29 does not establish an absolute rate at which hyperinflation is deemed to arise; it is a matter of judgement when restatement of financial statements in accordance with IAS 29 becomes necessary. Hyperinflation is indicated by characteristics of the economic environment of a country which include, but are not limited to, the following: a.