AASB 121 The Effects of Changes in Foreign Exchange Rates 42-43: Translation from a hyperinflationary functional currency: first restate under AASB 129, then translate all amounts at the latest closing rate, keeping prior-year amounts as reported when translating into a stable currency, and use restated amounts as historical costs once hyperinflation ends

What does 42-43 require?

Where the functional currency is that of a hyperinflationary economy, the entity restates its statements under AASB 129 and then translates every amount, including equity, income, expenses and comparatives, at the closing rate of the latest statement of financial position presented. When the target currency is that of a stable (non-hyperinflationary) economy, comparatives are the amounts presented as current-year figures in the prior year's statements, unadjusted for later price or rate changes. When the economy stops being hyperinflationary, the amounts as restated to prices at the point restatement stopped become the historical costs for translation.