(IFRS) for Small and Medium-sized Entities (SMEs)

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IFRS FOR SMES – JULY 200930.26 An entity shall disclose the currency in which the financial statements arepresented. When the presentation currency is different from the functionalcurrency, an entity shall state that fact and shall disclose the functional currencyand the reason for using a different presentation currency.30.27 When there is a change in the functional currency of either the reporting entityor a significant foreign operation, the entity shall disclose that fact and the reasonfor the change in functional currency.© IASCF 189
IFRS FOR SMES – JULY 2009Section 31HyperinflationScope of this section31.1 This section applies to an entity whose functional currency is the currency of ahyperinflationary economy. It requires such an entity to prepare financialstatements that have been adjusted for the effects of hyperinflation.Hyperinflationary economy31.2 This section does not establish an absolute rate at which an economy is deemedhyperinflationary. An entity shall make that judgement by considering allavailable information including, but not limited to, the following possibleindicators of hyperinflation:(a)(b)(c)(d)(e)The general population prefers to keep its wealth in non-monetary assets orin a relatively stable foreign currency. Amounts of local currency held areimmediately invested to maintain purchasing power.The general population regards monetary amounts not in terms of thelocal currency but in terms of a relatively stable foreign currency. Pricesmay be quoted in that currency.Sales and purchases on credit take place at prices that compensate for theexpected loss of purchasing power during the credit period, even if theperiod is short.Interest rates, wages and prices are linked to a price index.The cumulative inflation rate over three years is approaching, or exceeds,100 per cent.Measuring unit in the financial statements31.3 All amounts in the financial statements of an entity whose functional currency isthe currency of a hyperinflationary economy shall be stated in terms of themeasuring unit current at the end of the reporting period. The comparativeinformation for the previous period required by paragraph 3.14, and anyinformation presented in respect of earlier periods, shall also be stated in termsof the measuring unit current at the reporting date.31.4 The restatement of financial statements in accordance with this section requiresthe use of a general price index that reflects changes in general purchasing power.In most economies there is a recognised general price index, normally producedby the government, that entities will follow.190 © IASCF
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2009International Accounting Standa
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The International Financial Reporti
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IFRS FOR SMES - JULY 200928 EMPLOYE
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IFRS FOR SMES - JULY 2009Preface to
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IFRS FOR SMES - JULY 2009P12Tax law
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IFRS FOR SMES - JULY 2009Internatio
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IFRS FOR SMES - JULY 2009Section 2C
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IFRS FOR SMES - JULY 2009conditions
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IFRS FOR SMES - JULY 2009Performanc
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IFRS FOR SMES - JULY 20092.34 Two c
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IFRS FOR SMES - JULY 2009Measuremen
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IFRS FOR SMES - JULY 2009Section 3F
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IFRS FOR SMES - JULY 2009(b)(c)the
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IFRS FOR SMES - JULY 2009Identifica
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IFRS FOR SMES - JULY 2009Current/no
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IFRS FOR SMES - JULY 2009(iii)(iv)(
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IFRS FOR SMES - JULY 20095.5 As a m
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IFRS FOR SMES - JULY 2009Section 6S
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IFRS FOR SMES - JULY 2009Section 7S
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IFRS FOR SMES - JULY 2009(e)cash pa
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IFRS FOR SMES - JULY 2009Income tax
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IFRS FOR SMES - JULY 2009Disclosure
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IFRS FOR SMES - JULY 2009Consistenc
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IFRS FOR SMES - JULY 2009Changes in
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IFRS FOR SMES - JULY 2009Section 11
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IFRS FOR SMES - JULY 2009Impairment
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IFRS FOR SMES - JULY 2009Subsequent
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IFRS FOR SMES - JULY 2009This is eq
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(IFRS) for Small and Medium-sized Entities (SMEs)

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