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September 30, 2010

IASB amends IFRS 1 with severe hyperinflation

The international standard setter has issued a proposed amendment to IFRS 1 First-time Adoption of IFRS.

The International Accounting Standards Board (IASB) proposes guidance on how an entity should resume presenting financial statements in accordance with IFRS after a period when an entity is unable to comply with IFRS because its functional currency is subject to severe hyperinflation.

The IASB has requested comments on its Severe Hyperinflation draft, by 30 November 2010.


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