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IFR Bulletin 2 | 2021

19 January 2021

IFR Bulletins focus on the latest developments in international financial reporting.

IFR Bulletin 2 | 2021

In this issue:
Hyperinflationary Economies for the period ended 31 December 2020

ACCOUNTING IMPACT: The financial statements of an entity,with a functional currency being the currency of a hyperinflationary country,need to be restated in accordance with IAS 29.
Certain countries are identified as hyperinflationary countriesfor the year 2020 based on the inflation forecasts published by International Monetary Fund (IMF).