Applying Hyperinflationary Accounting to Turkish Subsidiaries
First written in FY2023-Q1. 1 of 2 entries say "Restated". Latest entry: FY2023.
The whole theme swung hardest in 2024: 2 of 14 companies on the "Worse" side.
12 other companies' latest entry also says "Restated".
- FY2023RestatedAnnual report
「As Turkey’s cumulative inflation rate over three years exceeded 100%, the Group has applied accounting treatments under IAS 29 “Financial Reporting in Hyperinflationary Economies” to the financial statements of consolidated subsidiaries whose functional currency is the Turkish lira from the first quarter. Non-monetary items such as property, plant and equipment stated at historical cost have been adjusted by reference to Turkey’s consumer price index, with the adjustments included in foreign currency translation adjustments and other items.」
The application of hyperinflationary accounting to Turkish subsidiaries and the process of adjusting non-monetary items using the consumer price index continued in the annual results. - FY2023-Q1First statedAnnual report
「As Turkey’s cumulative inflation rate over three years exceeded 100%, the Group has applied accounting treatments under IAS 29 “Financial Reporting in Hyperinflationary Economies” to the financial statements of consolidated subsidiaries whose functional currency is the Turkish lira from the first quarter of the current consolidated fiscal year. Non-monetary items such as property, plant and equipment stated at historical cost have been adjusted by reference to Turkey’s consumer price index, with the adjustments included in foreign currency translation adjustments and other items.」
Following Turkey’s three-year cumulative inflation rate exceeding 100%, hyperinflationary accounting under IAS 29 was applied from the first quarter, and the process of adjusting non-monetary items using the consumer price index was initiated.