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Classification of Financial Assets and Financial Liabilities (IFRS 9)

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Last updated: 17 February 2020 Classification of financial assets Categories of financial assets under IFRS 9 IFRS 9 classifies financial assets into categories as presented in the table below (IFRS 9.4.1.1). Measurement is discussed on a separate page. Classification and measurement of financial assets under IFRS 9 A classification of financial assets is made on … Read more

IFRS 9 Financial Instruments: Scope and Initial Recognition

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Last updated: 7 April 2020 IFRS 9 establishes principles for the financial reporting of financial assets and financial liabilities. All entities and all financial instruments are in the scope of IFRS 9 with certain exceptions listed in paragraph IFRS 9.2.1. General rule for initial recognition of financial instruments As a general rule, an entity recognises … Read more

Operating Segments (IFRS 8)

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Last updated: 7 November 2018 Scope of IFRS 8 IFRS 8 applies to separate, individual financial and consolidated financial statements of entities whose securities are, or will be, traded in a public market (IFRS 8.2). When separate and consolidated financial statements are contained within one financial report, segment information is required only in the consolidated … Read more

IFRS 7 Objective Scope Classes of financial instruments

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Last update 07/02/2020 Objective 1 The objective of this IFRS is to require entities to provide disclosures in their financial statements that enable users to evaluate: the significance of financial instruments for the entity’s financial position and performance; and the nature and extent of risks arising from financial instruments to which the entity is exposed … Read more

IFRS 7 Financial Instruments: Disclosures

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Last updated: 7 November 2018 Scope of IFRS 7 IFRS 7 requires entities to provide disclosures in their financial statements that enable users to evaluate the significance of financial instruments for the entity’s financial position and performance, the nature and extent of risks arising from financial instruments to which the entity is exposed during the … Read more

IFRS 7 Nature and risk of financial instruments

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Last update 07/02/2020 Nature and extent of risks arising from financial instruments 31 An entity shall disclose information that enables users of its financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed at the end of the reporting period. 32 The disclosures required by … Read more

Discontinued Operations (IFRS 5)

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Last updated: 14 April 2020 IFRS 5 sets out specific requirements for presentation and disclosure of discontinued operations. A discontinued operation is a component of an entity that either has been disposed of, or is classified as held for sale, and (IFRS 5.32) represents a separate major line of business or geographical area of operations, is … Read more

Assets Held for Sale (IFRS 5)

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Last updated: 14 April 2020 Under IFRS 5, a non-current asset, or a disposal group, is classified as held for sale if its carrying amount will be recovered principally through a sale transaction rather through continuing use (IFRS 5.6), which will be the case if the following conditions are met (IFRS 5.7): asset/disposal group must … Read more

Disclosure Requirements for Business Combinations (IFRS 3)

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Last updated: 4 April 2020 Disclosure requirements relating to business combinations are set out in paragraphs IFRS 3.59-63,B64-67. Additionally, paragraph IAS 7.40 also lists disclosure requirements for obtaining and losing control of subsidiaries or other businesses, but these can be met by complying with IFRS 3 requirements. Interestingly, disclosure requirements of IFRS 13 relating to … Read more