INTERNATIONAL TECHNICAL ROUND UP – IASB ADVISES ON ACCOUNTING DURING HYPERINFLATION
August 22nd, 2024
The International Accounting Standards Board (IASB) has published planned changes to its standards, helping accountants write financial reports including currencies whose jurisdictions suffer from hyper-inflation. The planned changes to IAS21 on ‘The Effects of Changes in Foreign Exchange Rates’ would help translate financial information from a non-hyperinflationary to a hyperinflationary currency. The problem is financial information is useful only when reflecting current purchasing power – difficult with hyperinflation. The changes would deliver ...
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