FRS 102: Hyperinflation under UK GAAP
FRS 102 Section 31 sets out the requirements that apply to entities with a functional currency of a hyperinflationary economy and requires financial statements to be adjusted for hyperinflation.
The requirements regarding hyperinflation are set out as part of FRS 102. However, individual sections of the standard should not be looked at in isolation as other parts may be relevant.
FRS 102 is regularly updated and amended by the Financial Reporting Council (FRC). For the full text of FRS 102, guidance on which version of the standard to apply and notes on recent amendments, see our main FRS 102 page.
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Fully updated guide focusing on each area of the financial statement in detail with illustrative examples. This chapter gives a comparison of FRS 102 Section 31 Hyperinflation and IFRS, and covers the measuring unit in financial statements, procedures for restating historical cost financial statements, accounting for a hyperinflationary subsidiary in consolidated financial statements, and disclosures.
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Model accounts and disclosure checklists for UK GAAP
The ICAEW Library can provide model accounts and disclosure checklists for FRS 101, FRS 102, FRS 102 Section 1A, FRS 103 and FRS 105. The examples and checklists cover a broad range of entities, including small companies, charities, groups, LLPs and micro-companies.
Manuals and handbooks
The ICAEW Library stocks the latest UK GAAP handbooks and manuals. You can browse all our books on FRS 102 and hyperinflation or request any of the following popular titles by contacting us on +44 (0)20 7920 8620, by web chat, or at email@example.com
GAAP 2019: UK reporting – FRS 102 (Volume B)
Deloitte, Croner-i, 2019
Comprehensive manual explaining how to apply FRS 102, with worked examples and extensive interpretation and guidance. The chapter on hyperinflation covers the indicators and assessment of hyperinflationary economies, measuring unit in the financial statements, procedures for restating historical cost financial statements, and disclosures.
Manual of accounting: UK GAAP
PwC, Lexis Nexis, 2019
Practical guide with worked examples throughout, dealing with day-to-day issues as well as complex questions. The chapter on hyperinflation looks at selection of a general price index, segregation of monetary and non-monetary items, restatement of non-monetary items, restatement of shareholders’ equity, restatement of comprehensive income, restatement of statement of cash flows, gain or loss on net monetary position, group reporting, and economies that cease to be hyper-inflationary.
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