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Contents
31.2 Hyperinflationary economy.
31.2.1 Extract from FRS102: Section 31.2 – 31.14.
31.2.2.1 Indicators of hyper inflation.
31.2.2.2 Examples of monetary items.
31.2.2.3 Examples of non-monetary items.
31.2.2.4 The rules where a hyper inflationary economy is identified.
31.2.2.4.1 General price index.
31.2.2.4.2 Retranslation of non-monetary assets of statement of financial position.
31.2.2.4.2.1 Example conversion for non-monetary items on the balance sheet.
31.2.2.4.3 Shareholders equity.
31.2.2.4.5 Restatement of income statement.
31.2.2.4.7 Illustration of the accounting requirements in Sections 31.1 to 31.12 of FRS 102.
31.2.2.4.8 Procedures required to calculate the net monetary gain/loss as required by Section 31.13.
31.3.1 Extract from FRS102: Section 31.15.
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31.3 Disclosures
31.3.1 Extract from FRS102: Section 31.15
31.15 An entity to which this section applies shall disclose the following:
(a) the fact that financial statements and other prior period data have been restated for changes in the general purchasing power of the functional currency;
(b) the identity and level of the price index at the reporting date and changes during the current reporting period and the previous reporting period; and
(c) amount of gain or loss on monetary items.
31.3.2 OmniPro Comment
The disclosure requirements stated in Section 31.15 of FRS 102 must be met where financial statements are prepared in a hyper-inflationary economy.
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Examples
Example 1: Conversion non-monetary items balance sheet.
Example 2: Conversion income statement.
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