60 paragraphs found in INT 7
The identification of hyperinflation is based on the entity’s judgement of the criteria in paragraph 3 of AASB 129. …
This example illustrates the restatement of deferred tax items when an entity restates for the effects of inflation under AASB 129 Financial Reporting in Hyperinflationary Economies . As the example is intended only to illustrate the mechanics of the …
An entity’s Australian-Accounting-Standards statement of financial position at 31 December 20X4 (before restatement) is as follows: Note Statement of financial position 20X4 (a) 20X3 CU million CU million ASSETS 1 Property, plant and …
Assume that the entity identifies the existence of hyperinflation in, for example, April 20X4 and therefore applies AASB 129 from the beginning of 20X4. The entity restates its financial statements on the basis of the following general price indices and …
The restatement of the entity’s 20X4 financial statements is based on the following requirements: • Property, plant and equipment are restated by applying the change in a general price index from the date of acquisition to the end of the …
Therefore the entity restates its statement of financial position at 31 December 20X4 as follows: Note Statement of financial position (restated) 20X4 20X3 CU million CU million ASSETS 1 Property, plant and equipment 704 939 …
In this example, the restated deferred tax liability is increased by CU34 to CU151 from 31 December 20X3 to 31 December 20X4. That increase, which is included in profit or loss in 20X4, reflects (a) the effect of a change in the taxable temporary …
IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies This Basis for Conclusions accompanies, but is not part of, AASB Interpretation 7. An IFRIC Basis for Conclusions may be amended to reflect any …
This Basis for Conclusions summarises the IFRIC’s considerations in reaching its consensus. Individual IFRIC members gave greater weight to some factors than to …
The IFRIC was asked for guidance on how an entity should restate its financial statements when it starts to apply IAS 29 Financial Reporting in Hyperinflationary Economies . There was uncertainty whether the opening balance sheet at the beginning of the …