Beyond the GAAP no.165 - April 2022
As reported in our previous issue, Turkey was recently added to the list of hyperinflationary economies. As a result, groups will need to apply IAS 29 to their Turkish operations for all financial periods that include 1 April 2022, including interim financial statements to 30 June. Beyond the GAAP provides a recap of this little-used standard, which can often prove complicated to apply. The principles explained in this recap can be applied to the financial statements of all entities reporting in a hyperinflationary economy, such as Zimbabwe, and is not limited in application to Turkey.
The IFRS Foundation under the ISSB board has created a working group to enhance compatibility of sustainability disclosure standards. The details surrounding the ISSB working group as discussed in this newsletter as well. In addition, there is often confusion on the appropriate presentation of demand deposit with restrictions and how this should be accounted for. The IFRS IC has clarifies presentation rules for demand deposits with restrictions on use arising from a contract with a third party
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