On 20 December 2010, the International Accounting Standards Board issued Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (Amendments to IFRS 1). The amendment has an effective date of 1 July 2011.
The amendment provides guidance on how an entity should resume presenting financial statements in accordance with IFRSs after a period when the entity was unable to comply with IFRSs because its functional currency was subject to severe hyperinflation.
