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IAS 29 of International Financial Reporting Standards (IFRS) is the guide for entities whose functional currency is the currency of a hyper inflationary economy. The IFRS defines hyperinflation as prices, interest, and wages linked to a price index rising 100% or more cumulatively over three years.
IFRS requires IAS 29 Financial Reporting in Hyperinflationary Economies which prescribes capital maintenance in units of constant purchasing power in currencies deemed to be hyperinflationary. [10] The characteristics of a hyperinflation include the population keeping its wealth in non-monetary assets or relatively stable foreign currencies ...
The stable monetary unit assumption is not applied during hyperinflation. IFRS requires entities to implement capital maintenance in units of constant purchasing power in terms of IAS 29 Financial Reporting in Hyperinflationary Economies. Financial accountants produce financial statements based on the accounting standards in a given jurisdiction.
IAS 5: Information to Be Disclosed in Financial Statements 1976 January 1, 1977: July 1, 1998: IAS 1: IAS 6: Accounting Responses to Changing Prices 1977 January 1, 1978: January 1, 1983: IAS 15 IAS 7: Statement of Changes in Financial Position (1977) Cash Flow Statements (1992) Statement of Cash Flows (2007) 1977 January 1, 1979: IAS 8
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An example is the recognition of internally generated brands, mastheads, publishing titles, customer lists and items similar in substance, for which recognition is prohibited by IAS 38. [21] In addition research and development expenses can only be recognised as an intangible asset if they cross the threshold of being classified as 'development ...