FRS 24 (IAS 29) Financial Reporting in Hyperinflationary Economies
Published December 2004. Effective 1 January 2005 for all listed entities. Unlisted entities using fair value measures must comply with FRS 24 from 1 January 2006.
FRS 24 has been superseded by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2015. For more information visit:
Synopsis
FRS 24 is the equivalent of IAS 29. It requires that the financial statements of an entity whose functional currency is the currency of a hyperinflationary economy should be stated in terms of the measuring unit current at the reporting date. Comparative figures should also be restated in the same current measuring unit.
- Monetary items in the balance sheet are not restated.
- Non-monetary items are restated based on the change in the general price index between the acquisition date of the item and the balance sheet date.
- All items of income or expenditure in the income statement are restated based on the change in the general price index between the date when the items were initially recorded and the balance sheet date.
- The gain or loss on the net monetary position is included in profit or loss.
Last updated 21 June 2015
