IFRS7_06 - IFRS 7 International Financial Reporting...

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IFRS 7 © IASCF 615 International Financial Reporting Standard 7 Financial Instruments: Disclosures
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IFRS 7 616 © IASCF C ONTENTS paragraphs INTRODUCTION IN1–IN8 INTERNATIONAL FINANCIAL REPORTING STANDARD 7 FINANCIAL INSTRUMENTS: DISCLOSURES OBJECTIVE 1–2 SCOPE 3–5 CLASSES OF FINANCIAL INSTRUMENTS AND LEVEL OF DISCLOSURE 6 SIGNIFICANCE OF FINANCIAL INSTRUMENTS FOR FINANCIAL POSITION AND PERFORMANCE 7–30 Balance sheet 8–19 Categories of financial assets and financial liabilities 8 Financial assets or financial liabilities at fair value through profit or loss 9–11 Reclassification 12 Derecognition 13 Collateral 14–15 Allowance account for credit losses 16 Compound financial instruments with multiple embedded derivatives 17 Defaults and breaches 18–19 Income statement and equity 20 Items of income, expense, gains or losses 20 Other disclosures 21–26 Accounting policies 21 Hedge accounting 22–24 Fair value 25–30 NATURE AND EXTENT OF RISKS ARISING FROM FINANCIAL INSTRUMENTS 31–42 Qualitative disclosures 33 Quantitative disclosures 34–42 Credit risk 36–38 Financial assets that are either past due or impaired 37 Collateral and other credit enhancements obtained 38 Liquidity risk 39 Market risk 40–42 Sensitivity analysis 40 Other market risk disclosures 42 EFFECTIVE DATE AND TRANSITION 43–44 WITHDRAWAL OF IAS 30 45
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IFRS 7 © IASCF 617 APPENDICES A DEFINED TERMS B APPLICATION GUIDANCE C AMENDMENTS TO OTHER IFRSs D AMENDMENTS TO IFRS 7 IF THE AMENDMENTS TO IAS 39 FINANCIAL INSTRUMENTS: RECOGNITION AND MEASUREMENT— THE FAIR VALUE OPTION HAVE NOT BEEN APPLIED APPROVAL OF IFRS 7 BY THE BOARD BASIS FOR CONCLUSIONS IMPLEMENTATION GUIDANCE
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IFRS 7 618 © IASCF International Financial Reporting Standard 7 Financial Instruments: Disclosures (IFRS 7) is set out in paragraphs 1–45 and Appendices A–D . All the paragraphs have equal authority. Paragraphs in bold type state the main principles. Terms defined in Appendix A are in italics the first time they appear in the Standard. Definitions of other terms are given in the Glossary for International Financial Reporting Standards. IFRS 7 should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements . IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
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IFRS 7 © IASCF 619 Introduction Reasons for issuing the IFRS IN1 In recent years, the techniques used by entities for measuring and managing exposure to risks arising from financial instruments have evolved and new risk management concepts and approaches have gained acceptance. In addition, many public and private sector initiatives have proposed improvements to the disclosure framework for risks arising from financial instruments.
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This note was uploaded on 06/12/2011 for the course ECON 801 taught by Professor Brend during the Summer '11 term at Abu Dhabi University.

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IFRS7_06 - IFRS 7 International Financial Reporting...

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