Application of Hyperinflation Accounting Under IAS 29 to Turkish Subsidiaries
First written in FY2023-Q1. 1 of 2 entries say "Achieved", first in FY2023-Q3. Latest entry: FY2023-Q3.
The whole theme swung hardest in 2024: 2 of 14 companies on the "Worse" side.
0 other companies' latest entry also says "Achieved".
- FY2023-Q3AchievedAnnual report
「At the beginning of the current consolidated fiscal year, the price index for the Republic of Türkiye indicated that the cumulative inflation rate over three years had exceeded 100%. Accordingly, we determined that our subsidiaries whose functional currency is the Turkish lira were operating in a hyperinflationary economy. Therefore, in accordance with IAS 29, "Financial Reporting in Hyperinflationary Economies," we have applied accounting adjustments to the financial statements of those subsidiaries from the beginning of the current consolidated fiscal year.」
Following Turkey's three-year cumulative inflation rate exceeding 100%, the quarterly financial statements confirmed the application of accounting adjustments under IAS 29 from the beginning of fiscal 2022. Opening retained earnings decreased by ¥3,260 million, while other components of equity increased by ¥15,883 million. - FY2023-Q1First statedAnnual report
「At the beginning of the current consolidated fiscal year, the price index for the Republic of Türkiye indicated that the cumulative inflation rate over three years had exceeded 100%. Accordingly, we determined that our subsidiaries whose functional currency is the Turkish lira were operating in a hyperinflationary economy. Therefore, in accordance with IAS 29, "Financial Reporting in Hyperinflationary Economies," we have applied accounting adjustments to the financial statements of those subsidiaries from the beginning of the current consolidated fiscal year.」
Following Turkey's three-year cumulative inflation rate exceeding 100%, IAS 29 was applied to subsidiaries whose functional currency is the Turkish lira from the beginning of fiscal 2022. As a result of the cumulative impact, opening retained earnings decreased by ¥3,260 million, while other components of equity increased by ¥15,883 million.