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2.4 Hyperinflation accounting
Accounting firms, based on IAS 29 criteria, have classified Turkey as a hyperinflationary economy for reporting periods ending on or after 30 June 2022, Unilever said on June 28.
BBVA will apply hyperinflationary accounting in Turkey—effective January 1, 2022—in accordance with IAS 29 accounting rules and that the move would have a negative impact on its attributable first-quarter profit of around €324mn.
15 TURKEY Country Report July 2022 www.intellinews.com