IFRS 7

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IFRS 7 – Financial Instruments: Disclosures

List of useful info, resources and documents available on other websites about IFRS 7 – Financial Instruments: Disclosures. Summary of IFRS 7 – IASPlus A guide to IFRS 7 (PWC April 2010) A Practical guide to IFRS 7 Full Text of the IFRS … ...

By |December 1st, 2011|DOCUMENTS, IFRS 7, IFRS 7 Financial Instruments: Disclosures|Comments Off on IFRS 7 – Financial Instruments: Disclosures

IFRS Implementation-cum-Global Qualification on 3rd July 2011 in New Delhi

For finance and accounts professionals looking for an effective training on IFRS with special focus to India implementation.

By |June 21st, 2011|DOCUMENTS, IAS 16, IAS 2, IAS 21, IAS 38, IAS 39, IFRS, IFRS 7, TRAINING|0 Comments

Hong Kong – IASeminars Course 1208: IFRS for Derivatives and Hedging (2 days) – Save 40% as IFRSList member

You can save 40% of discount on this course as IFRSList member. Remember to use this special promotion code “LIST40“. The International Accounting Standards Board (IASB) recently issued a new standard on Financial Instruments – IFRS 9, which...

By |October 19th, 2010|ASIA, DERIVATIVE, EVENTS, HEDGING, HONG KONG, IFRS 7|Comments Off on Hong Kong – IASeminars Course 1208: IFRS for Derivatives and Hedging (2 days) – Save 40% as IFRSList member

UE adopted IFRIC 18 and other amendments to IFRIC and Standards (IAS39 + IFRIC 9 and IFRS 4 + IFRS 7)

The Commission of European Communities has adopted: - IFRIC 18 – IFRIC Interpretation 18 Transfers of Assets from Customers – http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2009:314:0015:0020:EN:PDF Amendments to: - IFRS 4 and I...

By |December 3rd, 2009|DOCUMENTS, IAS 39, IFRS 7, IFRSLIST.COM, NEWS, RESOURCES|1 Comment

Financial Instruments under IFRS

Dear Sir or Madam Can you tell me what will be include in the Financial Instruments? and second think i am doing research on the discloser of IFRS by the companies and i am not understanding what would i see in the annual reports of the companies for s...

By |September 15th, 2009|DOCUMENTS, FINANCIAL INSTRUMENTS, IAS 39, IFRS 7|3 Comments

IAS 39 & IFRS 7

Dear Group members please advice me on the following 1) do we need to fair value the retention money, which is payable in after 18 months 2) do we need to fair value the secured loan, where the payment of the prinicpal amount will start from April 09 t...

By |March 25th, 2009|DOCUMENTS, FINANCIAL INSTRUMENTS, IAS 39, IFRS 7|1 Comment

Interest Rate Swap

Dear Experts, An Org has signed a IRS agrrement with a bank against floating int rate of term loan from another bank. Before the maturity of agreement period term loan is repaid and another loan obtained from another bank. Based on int cap and fluctuat...

By |February 21st, 2009|DOCUMENTS, FINANCIAL INSTRUMENTS, IAS 39, IFRS 7|1 Comment

Financial instruments

Does it exist a definition for financial instruments? I am confused with the different perceptions of financial instruments. Thanks. Sincerely yours Emilio   Dear Emilio,   a Financial instrument is any contract that gives rise to a financial ass...

By |December 14th, 2008|DOCUMENTS, FINANCIAL INSTRUMENTS, IAS 2, IAS 21, IAS 39, IFRS, IFRS 7|0 Comments

IFRS 7

Hi   Please let me know the salient points in IFRS 7 which has been recently been made a mandatory disclosure in the audited financial statements. Regards Raghavan     Under IFRS 7 there are 12 requirements:   Requirement 1 Reconciliat...

By |December 14th, 2008|AUDIT, DOCUMENTS, FAIR VALUE, FINANCIAL INSTRUMENTS, IAS 39, IFRS, IFRS 7|0 Comments

Disclosure notes on IFRS 7

Can any one let us know if there are any model notes for financial statements for disclosures as per IFRS 7 “Financial Instruments Disclosures” in the financial statements as per IAS 34 “Interim Financial Reporting”?   Do th...

By |August 28th, 2008|DOCUMENTS, FINANCIAL INSTRUMENTS, IFRS 7|0 Comments

IFRS 7

Under IFRS 7 there are 12 requirements: Requirement 1 Reconciliation of carrying amounts by classes of financial instruments to IAS 39 measurement categories (at least these categories are HTM, AFS, FVTPL, Loans and Receivables). An entity shall make the decision which classes of financial instruments are appropriate to the nature of the information disclosed taking into account the characteristics of those financial instruments. Requirement 2 Description of processes for managing the risks and the methods used to measure the risks (in addition to objectives and policies disclosed in 2006 IFRS financials) [IFRS 7.33] Requirement 3 Objectives, policies and processes for managing capital [IAS 1.124B] Requirement 4 A reconciliation of changes in impairment provisions for each class of financial assets [IFRS 7.16] Requirement 5 Reconciliation of movements in unrecognized 1 day gain or loss if the market for a financial instrument is not active and we use the valuation technique, i.e. difference between the fair value at initial recognition and the amount that would be determined at that date using the valuation technique [IFRS 7.28] Requirement 6 It is necessary to disclose the quantitative risk assessment for each type of financial risk (credit risk, liquidity risk, market risk, level of risk concentration) [IFRS 7.34]. See the separate sheet. Requirement 7 Information disclosure about incomes and expenses by classes of financial instruments Requirement 8 Commission incomes and expenses from financial instruments which are not classified in the category “accounted at their fair value through profit or loss”, commission incomes and expenses which are not accounted on effective interest rate [IFRS 7.20] Requirement 9 The following points should be described in the accounting policy: the criteria for designating financial assets as available for sale, when an allowance account is used to reduce the carrying amount of financial assets impaired by credit losses, how net gains or net losses on each category of financial instrument are determined etc. [IFRS 7.B5]/ [IFRS 7.28] Requirement 10 Information about the availability of market for equity financial instruments, accounted at purchase price, ways of selling these instruments Requirement 11 Carrying amount of financial assets it has pledged as collateral for liabilities or contingent liabilities [IFRS 7.14] Requirement 12 Reclassifications from category of financial instruments that are accounted at their fair value to category of financial instruments that are accounted by amortized cost [IFRS 7. 12] Requirement 6 can be broken down as follows: Credit risk Loans overall An entity shall disclose by class of financial instrument: maximum exposure of balance sheet and off-balance sheet items description of collateral held as security and other credit enhancements information about the credit quality of financial assets that are neither past due nor impaired (internal ratings system and its results, i.e. grouping of such assets by ratings) the carrying amount of financial assets that would otherwise be past due or impaired whose terms have been renegotiated Financial assets that are either past due or impaired An entity shall disclose by class of financial asset: an analysis of the age of financial assets that are past due as at the reporting date but not impaired (0-30 days, 30-60 days, 60-90 days) an analysis of financial assets that are individually determined to be impaired as at the reporting date, including the factors the entity considered in determining that they are impaired a description of collateral held by the entity as security and other credit enhancements and, unless impracticable, an estimate of their fair value Collateral and other credit enhancements obtained When an entity obtains financial or non-financial assets during the period by taking possession of collateral it holds as security or calling on other credit enhancements (eg guarantees), and such assets meet the recognition criteria in other Standards, an entity shall disclose: the nature and carrying amount of the assets obtained when the assets are not readily convertible into cash, its policies for disposing of such assets or for using them in its operations Liquidity risk An entity shall disclose: a maturity analysis for financial liabilities that shows the remaining contractual maturities a description of how it manages the liquidity risk inherent Market risk Sensitivity analysis If an entity prepares a sensitivity analysis, such as value-at-risk, that reflects interdependencies between risk variables (e.g. interest rates and exchange rates) and uses it to manage financial risks: an explanation of the method used in preparing such a sensitivity analysis, and of the main parameters and assumptions underlying the data provided; and an explanation of the objective of the method used and of limitations that may result in the information not fully reflecting the fair value of the assets and liabilities involved Otherwise, it shall disclose: a sensitivity analysis for each type of market risk to which the entity is exposed at the reporting date, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date (change in profit and loss and equity in case the risk is average, high, low) the methods and assumptions used in preparing the sensitivity analysis; and changes from the previous period in the methods and assumptions used, and the reasons for such changes Other market risk disclosures When the sensitivity analyses on Market risk are unrepresentative of a risk inherent in a financial instrument (for example because the year-end exposure does not reflect the exposure during the year), an entity shall disclose that fact and the reason it believes the sensitivity analyses are unrepresentative Regards […]

By |August 26th, 2008|IFRS 7|0 Comments

IFRS 7

Hi Please let me know the salient points in IFRS 7 which has been recently been made a mandatory disclosure in the audited financial statements. Regards Raghavan

By |August 26th, 2008|IFRS 7|0 Comments

IFRS 7 disclosures

Here is a link to a free download of an IFRS presentation and disclosure checklist which will be a useful tool for your purposes. http://www.iasplus.com/fs/fs.htm#2007ifrschk Go through this and it would be easier for you to adapt the disclosure requirements to your specific circumstances. Regards

By |December 4th, 2007|IFRS 7|0 Comments

IFRS 7 disclosures

I understand you might not have any debt or financial assets, but as trading company you must have some trade receivables (trade debtors). The credit losses (bad debts) recognition/reconciliation is the something you need to disclosue under IFRS7. In addition you need to have disclousures about accounting policies dealing with financial instruments. Regards,

By |December 4th, 2007|IFRS 7|0 Comments

IFRS 7 disclosures

Hello there i am new to the group !! I work for a trading company and was wonder what a re new disclosures need to made to complie with IFRS 7 as we dont not hold any debts on liablity side Best regards I understand you might not have any debt or financial assets, but [...]

By |December 4th, 2007|IFRS 7|0 Comments