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Inflation adjustments of financial statements : application of international accounting standard 29 : financial reporting in hyperinflationary economies

Author

Listed:
  • Goldschmidt, Yaaqov
  • Yaron, Jacob

Abstract

The Bank's draft Operational Directive on Financial Sector Operations requires the adjustment of financial statements in countries where the cumulative inflation rate over three years approaches or exceeds 100 percent. Financial statements in those countries are to follow the accounting principles in International Accounting Standard 29 (IAS 29) of the International Accounting Standards Committee. IAS 29 provides a list of principles and requirements but does not outline the procedures for measuring income. Nor does it provide a numerical example. This paper provides a framework for applying IAS 29 to adjust financial statements accompanied by numerical examples and thus may be considered an extension of the standard.

Suggested Citation

  • Goldschmidt, Yaaqov & Yaron, Jacob, 1991. "Inflation adjustments of financial statements : application of international accounting standard 29 : financial reporting in hyperinflationary economies," Policy Research Working Paper Series 670, The World Bank.
    • Handle: RePEc:wbk:wbrwps:670
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    Citations

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    Cited by:

    1. Ignacio Vélez-Pareja, 2007. "Cash Flow Valuation in an Inflactionary World. The Case of World Bank for Regulated Firms," Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2016), Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 6, pages 1-19, November.
    2. Mark Schreiner & Jacob Yaron, 2001. "Development Finance Institutions : Measuring Their Subsidy," World Bank Publications - Books, The World Bank Group, number 13983, December.

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