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Wiley IFRS: Practical Implementation Guide and Workbook, 3rd Edition by Liesel Knorr, Graham Holt, Abbas A. Mirza

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Chapter 38
FINANCIAL INSTRUMENTS: DISCLOSURES (IFRS 7)

INTRODUCTION

This Standard includes disclosure requirements about financial instruments and their associated risks, including
• The significance of financial instruments for the entity’s financial position and performance, including certain specified information about
• Statement of financial position items
• Statement of comprehensive income items
• Accounting policies
• Hedge accounting
• Fair value
• The nature and extent of risks arising from financial instruments to which the entity is exposed, including
• Qualitative disclosures
• Quantitative disclosures (credit risk, liquidity risk, market risk)
The purpose of IFRS 7 is to require entities to provide disclosures in their financial statements that enable users to evaluate, first, the significance of financial instruments for the entity’s financial position and performance, and, second, the nature and extent of risks arising from financial instruments to which the entity is exposed, and how the entity manages those risks.
The disclosure requirements in IFRS 7 complement the recognition, measurement, and presentation requirements for financial instruments in IAS 32, Financial Instruments: Presentation, IAS 39, Financial Instruments: Recognition and Measurement, and IFRS 9, Financial Instruments.
IFRS 7 is effective for annual periods beginning on or after January 1, 2007. The International Accounting Standards Board (IASB) encourages entities to apply the Standard early. IFRS ...

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