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Turkey should now be considered a hyperinflationary economy
22 Apr 2022Turkey has economic conditions that will now require reporting entities in that country to follow the requirements set out in IAS 29 ‘Financial Reporting in Hyperinflationary Economies’.
Given this, we expect entities that have interim or annual reporting requirements at 30 June 2022 or thereafter to reflect this Standard in their financial statements.
The inclusion of Turkey means that at the date of issuing this publication there are now eleven countries around the world where IAS 29 should be applied, when entities are stating they are in full compliance with IFRS.
These countries are:
Argentina, Iran, Lebanon, South Sudan, Sudan, Suriname, Syria, Turkey, Venezuela, Yemen and Zimbabwe.
Requirements of IAS 29
IAS 29 requires the financial statements of any entity whose functional currency is the currency of a hyperinflationary economy to be restated for changes in the general purchasing power of that currency, so that the financial information provided is more meaningful.
Indicators of hyperinflation
The Standard lists factors that indicate an economy is hyperinflationary. One of the indicators of hyperinflation is if cumulative inflation over a three-year period approaches, or is in excess of, 100 per cent. This is often seen in practice as being a particularly significant indicator given that under US GAAP this threshold is considered a ‘bright-line’ in terms of whether an economy is hyperinflationary or not.
While IAS 29 differs from US GAAP in referencing other indicators of hyperinflation, there is nevertheless a natural desire for a certain amount of consistency between IFRS and US GAAP in terms of which economies are considered hyperinflationary. The International Practices Task Force (IPTF) of the Centre for Audit Quality (CAQ) in the US independently determined last month that Turkey has hyperinflationary economy.
