International Accounting Standard 29: Financial reporting in hyperinflationary economies

This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 29 Financial Reporting in Hyperinflationary Economies was issued by the International Accounting Standards Committee in July 1989, and reformatted in 1994. | IAS 29 International Accounting Standard 29 Financial Reporting in Hyperinflationary Economies This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 29 Financial Reporting in Hyperinflationary Economies was issued by the International Accounting Standards Committee in July 1989, and reformatted in 1994. In April 2001 the International Accounting Standards Board resolved that all Standards and Interpretations issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn. Since then, IAS 29 has been amended by the following IFRSs: • IAS 21 The Effects of Changes in Foreign Exchange Rates (as revised in December 2003) • IAS 1 Presentation of Financial Statements (as revised in September 2007)* • Improvements to IFRSs (issued May 2008).* The following Interpretation refers to IAS 29: • * IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies (issued November 2005). effective date 1 January 2009 © IASCF 1517 IAS 29 CONTENTS paragraphs INTERNATIONAL ACCOUNTING STANDARD 29 FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES SCOPE 1–4 THE RESTATEMENT OF FINANCIAL STATEMENTS Historical cost financial statements 5–37 11–28 Statement of financial position Statement of comprehensive income Gain or loss on net monetary position 11–25 26 27–28 Current cost financial statements 29–31 Statement of financial position Statement of comprehensive income Gain or loss on net monetary position 29 30 31 Taxes 32 Statement of cash flows 33 Corresponding figures 34 Consolidated financial statements 35–36 Selection and use of the general price index 37 ECONOMIES CEASING TO BE HYPERINFLATIONARY 38 DISCLOSURES 39–40 EFFECTIVE DATE 41 BASIS FOR CONCLUSIONS 1518 © IASCF IAS 29 International Accounting Standard 29 Financial Reporting in Hyperinflationary Economies (IAS 29) is set out in paragraphs 1–41. All the .