The International Accounting Standards Board (IASB) today published for public comment an exposure draft Severe Hyperinflation, a proposed amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards.
The amendment proposes guidance on how an entity should resume presenting financial statements in accordance with International Financial Reporting Standards (IFRSs) after a period when the entity was unable to comply with IFRSs because its functional currency was subject to severe hyperinflation.
The exposure draft, Severe Hyperinflation, is open for comment until 30 November 2010 and can be accessed via the ‘Comment on a Proposal’ section of www.ifrs.org.
- Mark Byatt, Director of Communications, IFRS Foundation
Telephone: +44 (0)20 7246 6472
- David Humphreys, Practice Fellow, IASB
Telephone: +44 (0)20 7246 6916