MFRS 129 ‘Financial Reporting in Hyperinflationary Economies’ requires the financial statements of any entity whose functional currency is the currency of a hyperinflationary economy to be restated for changes in the general purchasing power of that currency so that the financial information provided is more meaningful.
Below is a reminder of the accounting implications of applying MFRS 129 ‘Financial Reporting in Hyperinflationary Economies’. Our view is that until further notice, MFRS 129 should be applied by entities whose functional currency is the currency of the following countries:
- Sudan (and South Sudan)
Iran and Lebanon should be applying MFRS 129 for the first time in 2020.
Read our publication to find out more.