FRS 24: Financial reporting in hyperinflationary economies
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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This standard and all other old UK GAAP FRSs have been withdrawn for reporting periods starting on or after 1 January 2015.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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Unconsolidated standard and amendments as first issued
There is no free, online version of the standard available. However, logged-in ICAEW members and ACA students may view FRS 24 as first published by the ASB in December 2004.
Improvements to Financial Reporting Standards
Amendment issued by the ASB in December 2008.
ICAEW guidance and support
Financial Reporting Faculty
The faculty offers assistance and support in IFRS, UK GAAP and other aspects of business reporting. It offers technical briefings and factsheets, IFRS and UK GAAP standards-trackers, plus practical advice from industry experts and working accountants.
ASB Issues Convergence Standards
Press notice issued by the Financial Reporting Council on 2 December 2004.
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