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Compiled AASB Standard  AASB 129

Financial Reporting in Hyperinflationary Economies

This compiled Standard applies to annual periods beginning on or after 1 July 2021.  Earlier application is permitted for annual periods beginning on or after 1 January 2014 but before 1 July 2021. It incorporates relevant amendments made up to and including 6 March 2020.

Prepared on 21 July 2021 by the staff of the Australian Accounting Standards Board.

Compilation no. 1

Compilation date:  30 June 2021

Obtaining copies of Accounting Standards
Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.
Australian Accounting Standards Board
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Collins Street West
Victoria   8007
AUSTRALIA
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

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COPYRIGHT

© Commonwealth of Australia 2021
This compiled AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The National Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

Contents

COMPARISON WITH IAS 29
ACCOUNTING STANDARD
AASB 129 FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES

from paragraph
Scope 1
The restatement of financial statements 5
Historical cost financial statements
Statement of financial position 11
Statement of comprehensive income 26
Gain or loss on net monetary position 27
Current cost financial statements
Statement of financial position 29
Statement of comprehensive income 30
Gain or loss on net monetary position 31
Taxes 32
Statement of cash flows 33
Corresponding figures 34
Consolidated financial statements 35
Selection and use of the general price index 37
Economies ceasing to be hyperinflationary 38
Disclosures 39
Effective date 41
Commencement of the legislative instrument
Withdrawal of AASB pronouncements Aus41.2
APPENDIX
A  Australian simplified disclosures for Tier 2 entities
COMPILATION DETAILS

AVailable on the AASB website
Basis for Conclusions on IAS 29

Australian Accounting Standard AASB 129 Financial Reporting in Hyperinflationary Economies (as amended) is set out in paragraphs 1 – Aus41.2 and Appendix A.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  AASB 129 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB