09-30-2005, 01:47 PM
Jamal IAS 15 is past (Before December 2003) deals the issue of Financial Statements in Inflationery Environment, but later this Standard was withdrwasn (ICAP had not adopted that Standards). The new concept which has been introduced in the IFRS & IAS ias Fair Value. Almost all the standards have been revised or in the process of revision to reflect the concept of Fair Value accounting.
As such there is not treatment of Inflation in the Financial Statments, you can only restate designated assets and liabilities at fair value.
As such there is not treatment of Inflation in the Financial Statments, you can only restate designated assets and liabilities at fair value.
