(a) List the main indicators of a hyperinflationary economy, as specified by IAS29.

(b) Explain why IAS29 takes the view that conventional financial statements are not useful in a hyperinflationary economy.

(c) Explain how each of the following items should be dealt with when preparing the restated financial statements of an entity which operates in a hyperinflationary economy:

(i) Monetary items in the statement of financial position

(ii) Non-monetary items shown at historical cost less accumulated depreciation

(iii) Non-monetary items shown at a valuation

(iv) Income and expenses shown in the statement of comprehensive income.