IASB incapable of expressing a view about IAS 29 in Zimbabwe

 
According to Michael Stewart, Director of Implementation Activities at the IASB:

'I made a comment that until such time as the IASB decides that IAS 29 should be either amended or withdrawn, it is the appropriate standard to apply when the functional currency of an entity is the currency of a hyperinflationary economy (as defined in that standard). I think this is very different from the statement that you have attributed to me that "the IASB is satisfied with the implementation of IAS 29 during 8 years in Zimbabwe's hyperinflationary economy". The IASB has not conducted a review of the implementation of IAS 29 during 8 years in Zimbabwe's hyperinflationary economy so it is not possible for the IASB to express such a view without having undertaken such a review.'

Personal communication, 2013

Most accountants in the world, except the members of the IASB according to Michael Stewart as well as himself, can express the view that the implementation of IAS 29 had no positive effect in Zimbabwe.

Only the IASB and Michael Stewart need a review.

Most other interested parties can recognise what is obvious in history.

Nicolaas Smith
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