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June 2025 Hyperinflation Update
11 Jun 2025
Executive Summary
According to data in the World Economic Outlook (WEO) report issued by the International Monetary Fund (IMF) in April 2025, and based on economic conditions that currently exist, certain countries are considered to be hyperinflationary at June 30, 2025. Therefore, reporting entities in those countries will be required to apply PAS 29 'Financial Reporting in Hyperinflationary Economies'. Consequently, any entities with interim or annual financial reporting requirements at June 30, 2025 or thereafter should reflect PAS 29 in their PFRS financial statements.
There are two main changes to the countries considered to be hyperinflationary. Firstly, from June 30, 2025 onwards, we believe Burundi is considered to be hyperinflationary. The WEO reported a 3-year cumulative rate of inflation of 108% as of December 2024 and predicts a 3-year cumulative inflation rate of 123% for 2025.
Secondly, the WEO report also identifies that Ethiopia and Yemen are no longer considered hyperinflationary as of June 2025 due to the predicted decline in inflation numbers from the succeeding three-year period from December 31, 2024.
This means that from June 30, 2025 onwards, there are fifteen countries around the world where PAS 29 should be applied, when entities want to state they are in full compliance with PFRS Accounting Standards. These countries are Argentina, Burundi, Ghana, Haiti, Iran, Lao PDR, Lebanon, Malawi, Sierra Leone, South Sudan, Sudan, Suriname, Turkey, Venezuela and Zimbabwe (Zimbabwe dollar until April 2024).
Countries that are currently being monitored include Angola, Egypt, Myanmar and Nigeria. For the time being, they are not considered hyperinflationary, but we will be keeping a close eye on further inflation data from these countries.
Countries that could potentially have hyperinflationary economies due to their past inflationary trends but lack reliable information include Syria and Zimbabwe (From April 2024). Entities in these countries should consider the information available at the reporting date to determine whether PAS 29 is applicable.
Recapping the requirements of PAS 29
- List factors that indicate when an economy is hyperinflationary. One of the indicators of hyperinflation is if cumulative inflation over a three-year period approaches, or is more than 100 percent.
- PAS 29 requires amounts in the statement of financial position that are not already expressed in terms of the measuring unit current at the end of the reporting period, are restated by applying a general price index.
- For restatement, PAS 29 requires corresponding figures for the previous reporting period to be restated by applying a general price index so that the comparative financial statements are presented in terms of the measuring unit current at the end of the reporting period.
- Using PAS 29 may result in the creation of additional temporary differences under PAS 12 ‘Income Taxes’. This is because the restatement of items under PAS 29 will often lead to adjustments to the carrying amounts of items without corresponding changes to their tax bases. Be mindful that PAS 12 requires these adjustments to be recognized in profit or loss.
- Impairment testing should also not be overlooked. PAS 29 requires any restated non-monetary items to be reduced when it exceed its recoverable amount, even if those assets were not previously considered impaired under historical cost accounting. It will be important when preparing financial statements to consider whether the restatement of asset carrying values affects the results of impairment tests that were conducted in previous reporting periods and whether there are any indicators of impairment for assets that were not tested for impairment in previous periods.
IFRIC decisions relating to hyperinflation
The IFRS Interpretations Committee (IFRIC) has previously considered a number of accounting issues in relation to dealing with hyperinflation. These include:
- Translating a hyperinflationary foreign operation and presenting exchange differences
- Accounting for cumulative exchange differences before a foreign operation becomes hyperinflationary
- Presenting comparative amounts when a foreign operation first becomes hyperinflationary, and
- Consolidation of a non-hyperinflationary subsidiary by a hyperinflationary parent.
Consideration should be given to these issues when preparing PFRS financial statements and applying PAS 29.
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