To prepare a statement of financial position and a statement of profit or loss and OCI in a hyperinflationary economy, an entity needs to determine the impact of changes in purchasing power and restate its comparatives. To prepare these statements, there are four separate steps to be considered.

Step 1: Restate the statement of financial position at the beginning of the reporting period.
Step 2: Restate the statement of financial position at the end of the reporting period.
Step 3: Restate the statement of profit or loss and OCI for the reporting period.
Step 4: Calculate and separately disclose the gain or loss on the net monetary position.

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