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- IAS 29 – Financial Reporting in Hyperinflationary Economies 0%
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Question 1 of 8
1. Question
Which of the following shall an entity do in case if there are no detailed records of the acquisition dates of items of property, plant and equipment available in the first period of application of IAS 29?
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Question 2 of 8
2. Question
Entity X purchased an item of property, plant and equipment on 20 March 20X1. On 20 October 20X2 the entity revalued this item in accordance with IAS 16. In accordance with IAS 29, from which date shall the carrying amount of this item be restated, during the preparation of the first set of restated financial statements for the period ended 31 December 20X2?
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Question 3 of 8
3. Question
The __________of a non-monetary item is reduced, in accordance with appropriate IFRSs, when it exceeds its __________.
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Question 4 of 8
4. Question
At the beginning of the first period of application of IAS 29, the components of owners’ equity, including retained earnings and any revaluation surplus, are restated by applying a general price index from the dates the components were contributed or otherwise arose.
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Question 5 of 8
5. Question
In a period of inflation, an entity holding an excess of monetary assets over monetary liabilities loses purchasing power and an entity with an excess of monetary liabilities over monetary assets gains purchasing power to the extent the assets and liabilities are not linked to a price level.
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Question 6 of 8
6. Question
The gain or loss on the net monetary position is __________.
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Question 7 of 8
7. Question
Items stated at __________ are not restated because they are already expressed in terms of the measuring unit current at the end of the reporting period.
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Question 8 of 8
8. Question
Entity X has yearend on 31 December. During the year 20X1 the entity identified that it operates in hyperinflation economy. Which of the following statements is true?
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