How does ASC Topic 830 define a highly inflationary economy?

How does ASC Topic 830 define a highly inflationary economy? If the economy is deemed to be highly inflationary, which method for converting the financial statements to the reporting currency is used? How does the use of this method improve the economic representational faithfulness of the financial statements?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...