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Transition exemptions
Section 35 provides no transition exemptions. However, for entities that previously applied FRS 24, there are no differences between Section 31 and FRS 24 hence no transition adjustments are expected in this area.
Principal transition adjustments
For entities who previously applied SSAP 20 and FRS 4, there is a difference as FRS 4 and SSAP 20 provided entities with a choice when restating the results of a hyper inflationary economy those being:
- Restate financial statements for the impact of price changes; or
- Adopt a stable currency for reporting.
Section 31 only allows the first option it does not allow the second option to be used. Therefore if an entity used the second option above, it would have to restate the opening balance sheet on transition to adhere with option 1.
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