IAS 29 Financial Reporting in Hyperinflationary Economies

International Accounting Standard 29

Issued: in 1989; re-formatted in 1994, followed by amendments
Effective date: 1 January 2009
What it does:
- It prescribes rules for financial reporting of any entity whose functional currency is the currency of hyperinflationary economy.
- It requires to state all the amounts in terms of measuring unit current at the end of the reporting period.
- General price index shall be applied to restate the amounts stated in historical or transaction-date costs.
- It provides further guidance on how to restate monetary and non-monetary assets and liabilities, equity components, profit or loss and other comprehensive income, cash flows and comparative information.
- It prescribes the reporting rules when the economy stops being hyperinflationary and number of disclosures, too.

Summary of IAS 29 Financial Reporting in Hyperinflationary Economies
Monetary or non-monetary? In this article, you'll learn which items in the balance sheet are monetary and non-monetary, with a couple of examples.

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