BDO releases IFR Bulletin 2021/02 - Hyperinflationary Economies for the period ended 31 December 2020
15 January 2021
BDO has released IFR Bulletin 2021/02 identifying hyperinflationary economies based on the forecast data published by the IMF.
The financial statements of an entity, with a functional currency being the currency of a hyperinflationary country, need to be restated in accordance with IAS 29 Financial reporting in hyperinflationary economies. In October 2020, IMF published the inflation forecasts for the year 2020. Based on this data, the Bulletin summarises the economies identified as hyperinflationary for the year 2020. The Bulletin also provides a ‘watch list’ of economies that are at a risk of becoming hyperinflationary in future.
The publication may be accessed here.