Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 4/10/2010

IFRS In the Headlines

IFRS In the Headlines
In the Headlines (formerly IFRS Briefing Sheets) provide a timely update on International Financial Reporting Standards (IFRS) developments.

IFRS Briefing Sheet 215: ED/2010/12 Severe Hyperinflation 

Exposure Draft ED/2010/12 Severe Hyperinflation (proposed amendments to IFRS 1) proposes an exemption to IFRS 1 First-time Adoption of IFRSs that an entity can apply at the date of transition to IFRSs after being subject to severe hyperinflation.

This exemption would allow an entity to measure assets and liabilities at fair value and use that fair value as the deemed cost of those assets and liabilities in the opening IFRS statement of financial position.

 

 

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IFRS Briefing Sheets - International financial reporting updates