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International Financial
Reporting Standards (IFRS) |
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| U.S. GAAP | IFRS, IAS | Accounting Topics |
International Financial Reporting Standard (IFRS) 7
Financial Instruments: Disclosures
International Financial
Reporting Standards (IFRS) |
|
International Accounting
Standards (IAS) |
|
U.S. GAAP by Topic |
| International Financial Reporting Standard (IFRS) 7 |
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IFRS 7
Financial Instruments: Disclosures
Issued in August 2005: replaced IAS 30
Recent amendment: by IFRS 3 revised in January 2008 |
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Disclosures required by IFRS 7 help users evaluate: (1) significance of financial instruments --> for performance and financial position (2) nature and extent of risks --> from financial instruments |
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Part 1: Significance of financial instruments --> for performance and financial position Part 1A: statement of financial position Part 1B: statement of comprehensive income Part 1C: other disclosures |
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Part 2: Nature and extent of risks --> from financial instruments Part 2A: quantitative disclosures Part 2B: qualitative disclosures |
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Part 1A: statement of financial position 1A-1: categories of financial assets and financial liabilities 1A-2: financial assets and financial liabilities at fair value 1A-3: reclassification 1A-4: derecognition 1A-5: collateral 1A-6: allowance for credit losses 1A-7: compound financial instruments 1A-8: defaults and breaches |
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Part 1B: statement of comprehensive income 1B-1: income, expense, gains or losses |
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Part 1C: other disclosures 1C-1: accounting policies 1C-2: hedge accounting 1C-3: fair value |
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Part 2A: quantitative disclosures 2A-1: credit risk 2A-2: liquidity risk 2A-3: market risk |
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Part 2B: qualitative disclosures 2B-1: exposures to risk 2B-2: how to measure and manage the risk 2B-3: changes in 2B-1, 2B-2 |
