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The financial statements of an entity whose functional currency is the currency of a hyperinflationary economy should be stated in terms of the measuring unit current at the reporting date. Comparative figures should also be restated in the same current measuring unit.
- Monetary items in the statement of financial position (balance sheet) are not restated.
- Non-monetary items are restated based on the change in the general price index between the acquisition date of the item and the reporting date.
- All items of income or expenditure in the statement of comprehensive income are restated based on the change in the general price index between the date when the items were initially recorded and the reporting date.
- The gain or loss on the net monetary position is included in net income.
Related IFRIC interpretations
IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
Provides guidance on the restatement of financial statements when hyperinflation is initially identified.
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