Hyper inflation under U.S. GAAP (multinational) without, local, currency

rohitdoshi

Correct me if I'm wrong....if local currency not equal functional currency, then under U.S. GAAP, translate using temporal, with or without hyperinflation. Under IFRS, reinstate if there is hyperinflation, then do the check for local=functional or not. No?

giants2010

The way I am reading this is that for U.S., if local currency equals functional currency, you don't do current rate method (do temporal), if there is hyperinflation. Is this correct? Normally, you would translate using current rate if local currency equals functional currency.

ninja1024

Restate then use current rate under IFRS.

US GAAP does not require restatement for inflation.