CTHRepealedLegislation
AASB 129 - Financial Reporting in Hyperinflationary Economies - July 2004
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AASB 129 - Financial Reporting in Hyperinflationary Economies - July 2004
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Turn the raw legal text into a practical explanation grounded in AASB 129 - Financial Reporting in Hyperinflationary Economies - July 2004.
35 A parent that reports in the currency of a hyperinflationary economy may have subsidiaries that also report in the currencies of hyperinflationary economies. The financial statements of any such subsidiary need to be restated by applying a general price index of the country in whose currency it reports before they are included in the consolidated financial statements issued by its parent. Where such a subsidiary is a foreign subsidiary, its restated financial statements are translated at closing rates. The financial statements of subsidiaries that do not report in the currencies of hyperinflationary economies are dealt with in accordance with AASB 121.
36 If financial statements with different ends of the reporting periods are consolidated, all items, whether non-monetary or monetary, need to be restated into the measuring unit current at the date of the consolidated financial statements.