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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.
This compiled Standard applies to annual reporting periods beginning on or after 1 July 2015. It takes into account amendments up to and including 28 January 2015 and was prepared on 2 April 2015 by the staff of the Australian Accounting Standards Board (AASB).
This compilation is not a separate Accounting Standard made by the AASB. Instead, it is a representation of AASB 129 (July 2004) as amended by other Accounting Standards, which are listed in the Table below.
| Standard | Date made | Application date(annual reporting periods … on or after …) | Application, saving or transitional provisions |
|---|---|---|---|
| AASB 129 | 15 Jul 2004 | (beginning) 1 Jan 2005 | |
| AASB 2007-4 | 30 Apr 2007 | (beginning) 1 Jul 2007 | see (a) below |
| AASB 2007-8 | 24 Sep 2007 | (beginning) 1 Jan 2009 | see (b) below |
| AASB 2007-10 | 13 Dec 2007 | (beginning) 1 Jan 2009 | see (b) below |
| AASB 2008-5 | 24 Jul 2008 | (beginning) 1 Jan 2009 | see (c) below |
| AASB 2009-6 | 25 Jun 2009 | (beginning) 1 Jan 2009and (ending) 30 Jun 2009 | see (d) below |
| AASB 2015-3 | 28 Jan 2015 | (beginning) 1 Jul 2015 | see (e) below |
(a) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2007.
(b) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009, provided that AASB 101 Presentation of Financial Statements (September 2007) is also applied to such periods.
(c) Entities may elect to apply this Standard, or its amendments to individual Standards, to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009.
(d) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009, provided that AASB 101 Presentation of Financial Statements (September 2007) is also applied to such periods, and to annual reporting periods beginning on or after 1 January 2009 that end before 30 June 2009.
(e) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2014 but before 1 July 2015.
| Paragraph affected | How affected | By … [paragraph] |
|---|---|---|
| Title | footnote added | AASB 2008-5 [48] |
| Aus1.1 | amended | AASB 2007-8 [7, 8] |
| Aus1.4 | amendeddeleted | AASB 2007-8 [8]AASB 2015-3 [13, 14] |
| 4 | amended | AASB 2007-10 [73] |
| 6 | amended | AASB 2008-5 [48] |
| 8 | amended | AASB 2008-5 [48] |
| 14 | amended | AASB 2008-5 [48] |
| 15 | amended | AASB 2008-5 [48] |
| 19 | amended | AASB 2008-5 [48] |
| 20 | amended | AASB 2008-5 [48] |
| 25 | amended | AASB 2009-6 [64] |
| 27 | amended | AASB 2007-8 [90] |
| 28 | amendedamended | AASB 2007-8 [91]AASB 2008-5 [48] |
| 33 (and preceding heading) | amended | AASB 2007-8 [6] |
| 34 | amended | AASB 2007-4 [73] |
| 35 | amended | AASB 2007-4 [73] |
| 36 | amended | AASB 2007-8 [92] |
| 38 | amended | AASB 2007-10 [73] |
The following amendments are not shown in the above Table of Amendments:
References to ‘income statement’, ‘balance sheet’ and ‘reporting date’ were amended to ‘statement of comprehensive income’, ‘statement of financial position’ and ‘end of the reporting period’ respectively by AASB 2007-8.