FRS 24: Financial reporting in hyperinflationary economies
Find links to the accounting standard, technical summaries, useful guides and other resources on FRS 24 collated by ICAEW Library & Information Service.
The accounting standard FRS 24 set out the methodology for reporting the operating results and financial position of entities using the currency of a hyperinflationary economy as their functional currency. It was was issued by the Accounting Standards Board in December 2004 and subsequently amended in December 2008. FRS 24 replaced UITF Abstract 9 and had the effect of implementing IAS 29: Financial Reporting in Hyperinflationary Economies in the UK.
This standard and all other old UK GAAP FRSs have been withdrawn for reporting periods starting on or after 1 January 2015. Topics within hyperinflation is covered by Section 31 of FRS 102 under new UK GAAP.
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Consolidated standard
There is no free consolidated version of FRS 24 available online.
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Unconsolidated standard and amendments as first issued
There is no free unconsolidated version of the standard available online. However, we can provide print and electronic copies of the original standard or a consolidated version with amendments, subject to licenses.
The following amendment, as first issued, is freely available online:
Improvements to Financial Reporting Standards
Amendment issued by the ASB in December 2008.
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FRC news
ASB Issues Convergence Standards
Press notice issued by the Financial Reporting Council on 2 December 2004.
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