The International Practices Task Force (IPTF), which is part of the US Center for Audit Quality, regularly monitors the situation in countries where the application of IAS 29 Financial Reporting in Hyperinflationary Economies is relevant. This list is published every six months.
It is worth recalling that foreign exchange companies are allowed to apply IFRS in the US without further elimination of disagreement with US GAAP, and most importantly, IPTF simply focuses on the criteria of hyperinflationary economies under IAS 29, but categorizes countries in order to apply US reporting standards.
Thus, among the countries with three-year cumulative inflation rate exceeding 100%:
- South Sudan.
Suriname is recognized as a country with projected three-year cumulative inflation rate exceeding 100%.
As before, no country has appeared in the category of those where the three-year cumulative inflation rate has exceeded 100% in recent years.
And, also without changes is the category of countries with three-year cumulative inflation rate exceeded 100% after a spike in inflation in a discrete period.
The same as six months ago, remained the composition of the category of countries with projected three-year cumulative inflation between 70% and 100%, or with a significant (25% or more) increase in inflation during the current period:
The IPTF expert group is not able to track inflation in all countries of the world, at least because some of them may simply be missing data (one clear example is Syria). Therefore, the presented lists should not be considered completely exhaustive, but they are complete taking into account the circumstances.