Non-monetary assets and non-monetary liabilities that are not expressed in current units of currency are restated by applying the change in a general price index from the date of acquisition to the end of the reporting period.

Question

Quizplus · Accepted Answer

This statement accurately describes the process of restating non-monetary assets and liabilities in terms of current purchasing power, using a general price index to adjust for changes in the general level of prices over time, which is a common practice in inflation accounting.

Non-Monetary Assets and Non-Monetary Liabilities That Are Not Expressed in Current