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Near-final draft of IFRS 7 is available to subscribers

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25 May 2005

The IASB has posted to the 'Subscribers' section of its website the near-final draft of IFRS 7 Financial Instruments: Disclosures.

A near-final draft is one awaiting formal Board approval and for which only relatively small editorial changes are expected. IFRS 7 will replace IAS 30 Disclosures in Financial Statements of Banks and Similar Financial Institutions and also will replace the disclosure portions of IAS 32 Financial Instruments: Disclosure and Presentation. The standard will apply to all entities and will require disclosure of:
  • the significance of financial instruments for an entity's financial position and performance; and
  • qualitative and quantitative information about exposure to risks arising from financial instruments, including minimum disclosures about credit risk, liquidity risk, and market risk.
IFRS 7 will be effective for financial years beginning on or after 1 January 2007, with earlier application encouraged. If an entity decides to apply IFRS 7 to financial years beginning before 1 January 2006 (for instance, for calendar year 2005), it need not present comparative (2004) information for the required risk disclosures.

Correction list for hyphenation

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