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FRS 102: Hyperinflation under UK GAAP

FRS 102 Section 31 sets out the requirements that apply to entities with a functional currency of a hyperinflationary economy and requires financial statements to be adjusted for hyperinflation.

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The requirements relating to specific topics are set out as sections within FRS 102. However, individual sections of the standard should not be looked at in isolation as other parts may be relevant.

FRS 102 is regularly updated and amended by the Financial Reporting Council (FRC). For the full text of FRS 102, guidance on which version of the standard to apply and notes on recent amendments, see our main FRS 102 page.

ICAEW articles and features

Exclusive How high inflation impacts accounting
  • Article
  • 05 Dec 2022
As inflation increases after a sustained period of low inflation, companies are now having to consider the impact high inflation has on their financial reporting and related uncertainties.
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Against a backdrop of continuing economic and geopolitical uncertainty, Sally Baker highlights areas of particular relevance for the upcoming reporting season.

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Exclusive Hyperinflation
  • eBook chapter
  • 2019
  • Rob Carrington, Ernst & Young
  • UK GAAP 2019 - Generally Accepted Accounting Practice under UK and Irish GAAP
Guide from 2019 focusing on each area of the financial statement in detail with illustrative examples. This chapter gives a comparison of FRS 102 Section 31 Hyperinflation and IFRS, and covers the measuring unit in financial statements, procedures for restating historical cost financial statements, accounting for a hyperinflationary subsidiary in consolidated financial statements, and disclosures.
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  • Deloitte

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