The International Accounting Standards Board (IASB) regularly publishes new International Financial Reporting Standards (IFRS), Interpretations of Standards (IFRIC) or amendments to existing IFRS Standards.
In response to these, the global IFRS team publishes IFRS Alerts on these changes (and other issues relevant to IFRS) as they are announced so that you can keep up to date.
The latest alert looks at the potential implications of Argentina being declared hyperinflationary in the second half of 2018. IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ requires the financial statements of any entity whose functional currency is hyperinflationary to be restated for changes in its general purchasing power. Although discussions are still continuing, we expect Argentina to be declared hyperinflationary in the second half of 2018. Entities with operations in Argentina should therefore start planning for the application of IAS 29 now.
If you would like to discuss any of the topics raised in the newsletter, please contact us.