IFRS 7 release date is 18 August

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27 Jul 2005

The IASB has announced that it expects to publish IFRS 7 Financial Instruments: Disclosures and the related Amendment to IAS 1 – Capital Disclosures on 18 August 2005. Revised near-final drafts are now available to IASB subscribers on the IASB's Website.

IFRS 7 will be effective for annual periods beginning on or after 1 January 2007, with earlier application encouraged. Early appliers will be given some relief with respect to comparative prior period disclosures. IFRS 7 will:
  • add certain new disclosures about financial instruments to those currently required by IAS 32;
  • replace the disclosures now required by IAS 30; and
  • put all of those financial instruments disclosures together in a new standard on Financial Instruments: Disclosures. IAS 32 would then deal only with financial instruments presentation matters.

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