Updated IPTF working document on hyperinflationary economies
At the end of July, the International Practices Task Force (IPTF) at the Center for Audit Quality’s SEC Regulations Committee updated its working document listing countries that are considered to have hyperinflationary economies
The countries with a three-year cumulative inflation rate exceeding 100% are Argentina, Ethiopia, Ghana (newly included in the list), Haiti, Iran, Lebanon, Sierra Leone, Sudan, Suriname, Turkey, Venezuela and Zimbabwe. Yemen is no longer included (cumulative inflation rate over three years of between 70% and 100% in the last calendar year).
The countries where the cumulative inflation rate over three years is expected to exceed 100% this year are Egypt, Laos, Malawi and South Sudan.
As in previous editions, the IPTF notes that the list is based on available data and does not claim to be exhaustive (e.g. Eritrea, Syria and Afghanistan are omitted).
The IASB will shortly issue a project summary and a feedback statement to conclude the PiR of IFRS 15.
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