Translation to a Hyperinflationary Presentation Currency
About this consultation
On 25 July 2024 the International Accounting Standards Board (IASB) published for public comment the Exposure Draft Translation to a Hyperinflationary Presentation Currency.
The Exposure Draft proposes to improve information for investors in a cost-effective manner by requiring an entity to translate amounts from a functional currency that is the currency of a non-hyperinflationary economy to a presentation currency that is the currency of a hyperinflationary economy using the closing rate at the date of the most recent statement of financial position.
The IASB is inviting feedback on the proposed amendments until 22 November 2024.
Accessing the Exposure Draft
For additional information, see the following:
How to provide feedback
While these proposals are not expected to impact New Zealand entities, the New Zealand Accounting Standards Board (NZASB) invites you to read the Exposure Draft and to comment directly to the IASB on these proposals here. Comments to the IASB close on 22 November 2024.
Please also send a copy of your correspondence to accounting@xrb.govt.nz
The XRB Board is committed to adopting international standards in the for-profit sector. Generally, once a standard has been issued by the IASB, the NZASB then issues the New Zealand equivalent standard without further consultation. The NZASB will consult separately about any proposed disclosure concessions for Tier 2 for-profit entities.