Financial Reporting in Hyperinflationary Economies – IAS 29
1-Day intensive, practical, interactive and Excel-based workshop, Live-Online
In this interactive and case-study-based course with real-life illustrations we will show clearly how we derive the indicators of a hyperinflationary economy and the steps needed to re-state the financial statements thus providing meaningful information to the various stakeholders. We shall also see what happens when the economy stops to be hyperinflationary.
You will be working on Excel with the guidance of the trainer.
This course is best suited for professionals that their organisations have operations in countries with Hyperinflation. These may be Accountants, Chief Accountants, Financial Managers, Financial Directors, CFOs, Analysts, Investment Managers and professionals interested in this subject.
Objectives
- Obtaining practical skills in applying the rules for financial reporting of any entity whose functional currencyis the currency of a hyperinflationary economy.
- Identifying an appropriate General price indexthat shall be applied to restate the amounts stated in historical or transaction-date costs.
- Gaining the confidence in restating monetary and non-monetary assets and liabilities, equity components, profit or loss and other comprehensive income, cash flows and comparative information.
- Knowing exactly what to do when the economy stops being hyperinflationary and what disclosures are required.
Introduction to Hyperinflation through a real-life case study:
- Scope of IAS 29
- The process of restatement
Selection of an appropriate GPI
- Determination of the functional currency with an example
Statement of Financial Position
- Restatement of the Statement of Financial Position
- Mini Case Study
- Statement of Financial Position with deferred tax
- Restatement of the Statement of Changes in Equity with example
Statement of Comprehensive Income
- Restatement of the Statement of Comprehensive Income
- Mini Case Study
- Calculation of gain or loss on net monetary position with example
Statement of Cash Flow
- Restatement of the Statement of Cash Flow
- Real Life example
Other Issues
- Restatement of the previous year comparatives
- Disclosures
- Illustrations
George Skordis - an experienced professional, currently a Group CFO of 15 companies and conducting Finance projects for the EY Academy’s clients. For specific projects in Advisory and Training, George collaborates with EY Academy to serve key clients.
