Appendix B
Amendments to other pronouncements
Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards
Paragraphs 31C and D27 are amended and paragraph 39AI is added.
PRESENTATION AND DISCLOSURE
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Explanation of transition to IFRSs
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Use of deemed cost after severe hyperinflation
31C | If an entity elects to measure assets and liabilities at fair value and to use that fair value as the deemed cost in its opening IFRS statement of financial position because of severe hyperinflation (see paragraphs D26–D30), the entity’s first IFRS financial statements shall disclose an explanation of how, and why, the entity had, and then ceased to have, a functional currency that is subject to severe hyperinflation.... |
EFFECTIVE DATE
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39AI | Lack of Exchangeability (Amendments to IAS 21), issued in August 2023, amended paragraphs 31C and D27. An entity shall apply those amendments when it applies IAS 21 (as amended in August 2023).... |