Accounting Standard AASB 2025-4 Amendments to Australian Accounting Standards – Translation to a Hyperinflationary Presentation Currency
Amendments to AASB 129Amendments to AASB 129
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Amendments to AASB 129
| Paragraphs 8 and 34 are amended. New text is underlined and deleted text is struck through. |
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The restatement of financial statements
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8 The financial statements of an entity whose functional currency is the currency of a hyperinflationary economy, whether they are based on a historical cost approach or a current cost approach, shall be stated in terms of the measuring unit current at the end of the reporting period. The corresponding figures for the previous period … and any information in respect of earlier periods shall also be stated in terms of the measuring unit current at the end of the reporting period. For the purpose of presenting comparative amounts in a different presentation currency, paragraphs 41A, 42(b), and 43 and 47A of AASB 121 The Effects of Changes in Foreign Exchange Rates apply.
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Corresponding figures
34 Corresponding figures for the previous reporting period, whether they were based on a historical cost approach or a current cost approach, are restated by applying a general price index so that the comparative financial statements are presented in terms of the measuring unit current at the end of the reporting period. Information that is disclosed in respect of earlier periods is also expressed in terms of the measuring unit current at the end of the reporting period. For the purpose of presenting comparative amounts in a different presentation currency, paragraphs 41A, 42(b), and 43 and 47A of AASB 121 apply.