TAILIEUCHUNG - Lecture IFRS primer international GAAP basics: Chapter 20 - Wiecek, Young

Chapter 20, financial Instruments - Disclosure: IFRS 7. The main contents of the chapter consist of mains parts: Related standards, IFRS 7, current GAAP comparisons, IFRS financial statement disclosures, looking ahead, end-of-chapter practice. | Financial Instruments –Disclosure: IFRS 7 Wiecek and Young IFRS Primer Chapter 20 Basic Financial Instruments Related standards IFRS 7 Current GAAP comparisons IFRS financial statement disclosures Looking ahead End-of-chapter practice Related Standards Various FAS—see Chapters 17–19 FAS 161 Disclosures about Derivative Instruments and Hedging Activities—an amendment of FASB Statement No. 133 Related Standards IAS 1 Presentation of Financial Statements IAS 32 Financial Instruments: Presentation IAS 39 Financial Instruments: Recognition and Measurement IFRS 7 – Overview Objective and scope Classes of financial instruments and level of disclosure Significance of financial instruments for financial position and performance Nature and extent of risks arising from financial instruments IFRS 7 – Objective and Scope This standard contains very detailed prescriptive guidance on required disclosures that are meant to assist users in assessing: 1. The significance of financial instruments, in terms of financial performance and position, and 2. The nature and extent of risks related to financial instruments IFRS 7 applies to all entities and all financial instruments except the following: • Interests in subsidiaries, associates, and joint ventures accounted for under standards other than IAS 32 and 39 • Employers’ rights and obligations • Insurance contracts and • Contracts related to share-based payments IFRS 7 – Classes of Financial Instruments and Level of Disclosure IFRS 7 groups financial instruments into classes for some disclosure requirements Instruments should be grouped taking into account their nature and characteristics IFRS 7 – Significance of Financial Instruments for Financial Position and Performance Statement of Financial Position Since the use of fair value can be subjective and has a significant impact on earnings, information about fair value and carrying amounts is required Carrying amounts for the following should be presented

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