IAS 29, Financial Reporting in Hyperinflationary Economies-A Closer Look

Abstract

International Accounting Standard (IAS) 29, Financial Reporting in Hyperinflationary Economies, establishes the requirements for restating the financial statements of any entity whose functional currency is the currency of a hyperinflationary economy. In November 1987, the International Accounting Standards Committee (IASC) issued the Exposure Draft E31, Financial Reporting in Hyperinflationary Economies. In July 1989, the IASC issued IAS 29, Financial Reporting in Hyperinflationary Economies, effective from January 1, 1990. In 1994, the IASC reformatted IAS 29. In April 2001, the International Accounting Standards Board (IASB) resolved that all Standards and Interpretation issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn. On May 22, 2008, IAS 29 was amended for Annual Improvements to IFRSs 2007. The effective date of the May 2008 amendments to IAS 28 was fixed as January 1, 2009.