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The purpose of IFRS 7 financial instruments: disclosure, is to disclose information of financial instruments of an entity and the nature / extent of risks arising from those financial instruments.
The accounting standard IFRS 7 requires entities to provide disclosures in their financial statements that enable users to evaluate the significance of financial instruments, the nature and extent of risks arising from them and how entities manage those risks. Find articles, books and online resources providing quick links to the standard, summaries, guidance and news of recent developments.
History of IFRS 7Date
Development
Comments
Exposure Draft ED 7 Financial Instruments: Disclosures published
Comment deadline 14 September 2009
IFRS 7 Financial Instruments: Disclosures issued
Effective for annual periods beginning on or after 1 January 2007
Amended by Improvements to IFRSs (required disclosures when interests in jointly controlled entities are accounted for at fair value through profit or loss, presentation of finance costs)
Effective for annual periods beginning on or after 1 January 2009
Reclassification of Financial Assets (Amendments to IAS 39 and IFRS 7) issued
Effective 1 July 2008
Exposure Draft Investments in Debt Instruments (Proposed Amendments to IFRS 7) published
Comment deadline 15 January 2009(Project subsequently abandoned in January 2009)
Improving Disclosures about Financial Instruments (Amendments to IFRS 7) issued
Effective for annual periods beginning on or after 1 January 2009
Amended by Improvements to IFRSs (clarification of disclosures)
Effective for annual periods beginning on or after 1 January 2011
Disclosures – Transfers of Financial Assets (Amendments to IFRS 7) issued
Effective for annual periods beginning on or after 1 July 2011
Disclosures — Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7) issued
Effective for annual periods beginning on or after 1 January 2013
Mandatory Effective Date and Transition Disclosures (Amendments to IFRS 9 and IFRS 7) issued
Effective for annual periods beginning on or after 1 January 2015 (or otherwise when IFRS 9 is first applied)*
IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39) issued, implementing additional disclosures (and consequential amendments) resulting from the introduction of the hedge accounting chapter in IFRS 9
Applies when IFRS 9 is applied*
Amended by Improvements to IFRSs 2014 (servicing contracts and applicability of the amendments to IFRS 7 to condensed interim financial statements)
Effective for annual periods beginning on or after 1 January 2016
