Applicability of IAS 29 No 6

IFRS Interpretations Committee Alert

9 July 2013 IFRS Interpretations Committee meeting update

IFRS Interpretations Committee Work In Progress

Reference

IAS 29-4

Topic

IAS 29 – Financial Reporting in Hyperinflationary Economies: Applicability of IAS 29

Brief description

Request to clarify whether an entity whose functional currency is the currency of a hyperinflationary economy as described in IAS 29 Financial Reporting in Hyperinflationary

Economies needs to apply IAS 29 to its financial statements prepared under the concept of

financial capital maintenance defined in terms of constant purchasing power units rather

than nominal monetary units.

Progress

The staff are developing analysis on the issue raised in the submission and an additional issue identified after the receipt of the submission. The staff plan to bring the analysis to a future Interpretations Committee meeting.

(The additional issue is currently only known to the IASB.)

23 January 2013 Interpretations Committee Meeting

Paper 20 was withdrawn for further work to be completed, and will be presented at a future Interpretations Committee meeting.

21 January 2013 List of 16 errors and disagreements submitted to the IASB

+/- 15 January 2013  Agenda Item No 20 (The actual Agenda Item was not discussed with me, the submitter of the original Interpretation Request.)

26 November 2012 to 7 January 2013 Email correspondence

6 November 2012  April Pitman request and answer

24 September 2012 Original  IFRIC Potential Agenda Item Request