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In March 2009 the IASB enhanced the disclosures about fair value and liquidity risks in IFRS 7. The Board also amended IFRS 7 to reflect that a new financial instruments Standard was issued—IFRS 9 Financial Instruments, which related to the classification of financial assets and financial liabilities.
1. The objective of this IFRS is to require entities to provide disclosures in their financial statements that enable users to evaluate: (a) the significance of financial instruments for the entity’s financial position and performance; and. (b)
Each chapter briefly summarizes and explains a new or revised IFRS, the issue or issues the standard addresses, the key underlying concepts, the appropriate accounting treatment, and the associated requirements for presentation and disclosure. The text also covers financial analysis
IFRS Accounting Standards are, in effect, a global accounting language—companies in more than 140 jurisdictions are required to use them when reporting on their financial health. The IASB is supported by technical staff and a range of advisory bodies.
Introduction. IG1. This guidance suggests possible ways to apply some of the disclosure requirements in IFRS 7. The guidance does not create additional requirements. IG2. For convenience, each disclosure requirement in the IFRS is discussed separately.
Although IFRS 7 arose from a project to revise IAS 30 (a Standard that applied only to banks and similar financial institutions), it applies to all entities that have financial instruments.
Cash flow information is useful in assessing the ability of the entity to generate cash and cash equivalents and enables users to develop models to assess and compare the present value of the future cash flows of different entities. It also enhances the comparability of the reporting of operating.
