Summary: Compliance Advisory Services for IAS 29 Restatement

APCALLP provided compliance advisory services to a US-listed subsidiary in Turkey during a hyperinflationary period. By leveraging advisor compliance expertise, methodical financial restatement, and Big4 audit preparation, the client achieved timely IAS 29 compliance and audit approval. This highlights the benefits of outsourced CFO services and partnering with best-rated financial advisors for complex international reporting

 

Executive Overview

 

Client Situation

A Turkish subsidiary of a US-listed company faced the challenge of hyperinflation reporting under IAS 29. Their internal finance team had limited experience in complex compliance adjustments, risking audit delays and financial misstatements.

 

Service Delivered

APCALLP provided:

  • Complete IAS 29 financial restatement.

  • Monetary vs. non-monetary item classification.

  • Inflation adjustments and historical restatements.

  • Redrafted, audit-ready financial statements for Big4 review.

 

Results Achieved

  • Timely audit approval by a Big4 auditor.

  • Clear communication to the Group CFO.

  • Enhanced financial transparency and regulatory compliance.

 

Client Profile

  • Business Type: US-Listed Company Subsidiary

  • Location: Turkey

  • Industry: Multi-sector operations

  • Core Problem: IAS 29 restatement & audit compliance under hyperinflation

 

The Challenge

Turkey’s hyperinflationary environment (cumulative inflation >100% in 3 years) triggered mandatory IAS 29 restatement.

Key complexities included:

  • Classifying monetary and non-monetary items.

  • Adjusting opening balances and historical data.

  • Preparing audit-ready files for international compliance.

Without external advisor compliance support, the client risked delays and audit qualifications.

 

Our Approach

  1. In-Depth IAS 29 Compliance Review

    • Studied IAS 29 in detail to ensure advisor compliance services aligned with international standards.

  2. Classification & Data Adjustment

    • Segregated Trial Balance into monetary and non-monetary items.

    • Applied hyperinflation adjustments to current and prior periods.

  3. Redrafting and Transparency

    • Prepared audit-ready statements with clear supporting documentation.

    • Explained adjustments to the Group CFO for full transparency.

  4. Audit Facilitation

    • Delivered Big4-compliant files, expediting audit approval.

 

Key Strategies Implemented

  • Advisor Compliance Expertise: Ensured global regulatory adherence.

  • Comprehensive Restatement: Corrected historical and current data with precision.

  • Outsourced CFO Benefits: Enabled timely reporting and audit efficiency.

  • Audit Preparation: Reduced Big4 queries and achieved smooth closure.

 

Outcome

  • Successful IAS 29 restatement and Big4 audit approval.

  • Improved accuracy in global financial reporting.

  • Strengthened credibility and compliance posture under challenging economic conditions.

 

 

Conclusion

APCALLP’s compliance advisory services enabled a complex IAS 29 restatement, delivering financial transparency, outsourced CFO benefits, and smooth Big4 audit approval. This case underscores how advisor compliance solutions strengthen global credibility and compliance resilience in hyperinflationary markets.