Hyperinflationary Economies – Updated Monitoring List Available (May 2022)

IAS 29 "Financial Reporting in Hyperinflationary Economies" defines and provides general guidance for assessing whether a particular country's economy is hyperinflationary. However, the IASB does not identify specific jurisdictions. The International Practices Task Force (IPTF) of the Center for Audit Quality (CAQ) monitors the status of "highly inflationary" countries. Although it monitors highly inflationary countries for the purpose of applying US GAAP, the criteria for identifying such countries are similar to those for identifying "hyperinflationary economies" under IAS 29.

The discussion document for the IPTF's meeting of 25 May 2022 is now available and sets out the Task Force's view as follows:

Countries with three-year cumulative inflation rates exceeding 100%:

• Argentina

• Ethiopia

• Iran

• Lebanon

• South Sudan

• Sudan

• Suriname

• Türkiye

• Venezuela

• Yemen

• Zimbabwe

Countries with projected three-year cumulative inflation rates exceeding 100%:

There are no countries in this category for this period.

Countries whose three-year cumulative inflation rates exceeded 100% in recent years:

There are no countries in this category for this period.

Countries whose three-year cumulative inflation rates exceeded 100% after a spike in inflation in a discrete period:

There are no countries in this category for this period.

Countries with projected three-year cumulative inflation rates between 70% and 100%, or with a significant (25% or more) increase in inflation in the current period

• Angola

• Haiti

The IPTF also notes that there may be additional countries with three-year cumulative inflation rates exceeding 100%, or that should be monitored, which were not included in the analysis because the necessary data were not available. Examples mentioned are Afghanistan, Syria and Ukraine.

The full list, including the actual figures, detailed explanations of how they were calculated and the Task Force's observations, is available at the link below.

Download the document (PDF)