Background
1
This Interpretation provides guidance on how to apply the requirements of AASB 129 in a reporting period in which an entity identifies[1] the existence of hyperinflation in the economy of its functional currency, when that economy was not hyperinflationary in the prior period, and the entity therefore restates its financial statements in accordance with AASB 129.
1
The identification of hyperinflation is based on the entity’s judgement of the criteria in paragraph 3 of AASB 129.