Key points

On 19 April 2022, the International Monetary Fund published its World Economic Outlook Report and confirmed that entities with Turkish lira as their functional currency should start to apply IAS 29, ‘Financial reporting in hyper-inflationary economies’ from June 2022 onwards (see In brief INT2022-09). This means IAS 29 will be applied for reporting periods – including interim periods – ending on 30 June 2022. This In brief includes common questions on the application of IAS 29 when consolidating a subsidiary with a Turkish lira functional currency into a UK group.
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