The Public Accountants and Auditors Board (PAAB) issued a pronouncement on 11 October 2019 indicating that the economy had become hyper-inflationary, and recommended the adoption of International Accounting Standard (IAS 29) “Financial Reporting in Hyperinflationary Economies”. The financial statements from FY 2019 onwards were prepared using the hyperinflationary accounting basis to achieve fair presentation at the reporting date. The FY 2018 figures were also restated to apply the IAS 29 accounting standard. Financial figures in the table above prior to FY 2018 are based on historical cost reporting.
