Financial Instruments: Disclosures IFRS 7

1 IFRS 7 Financial Instruments: DisclosuresIn April 2001 the International accounting Standards Board (Board) adoptedIAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions, whichhad originally been issued by the International accounting Standards Committee inAugust August 2005 the Board issued IFRS 7 Financial Instruments, which replaced IAS 30 andcarried forward the disclosure requirements in IAS 32 Financial Instruments.

2 Disclosure andPresentation. IAS 32 was subsequently renamed as IAS 32 Financial Instruments: 1 Presentation of Financial Statements (as revised in 2007) amended the terminology usedthroughout IFRS, including IFRS 7. In March 2009 the IASB enhanced the disclosuresabout fair value and liquidity risks in IFRS Board also amended IFRS 7 to reflect that a new Financial instruments Standard wasissued IFRS 9 Financial Instruments, which related to the classification of Financial assetsand Financial 7 was also amended in October 2010 to require entities to supplement disclosuresfor all transferred Financial assets that are not derecognised where there has been somecontinuing involvement in a transferred asset.

3 The Board amended IFRS 7 in December2011 to improve Disclosures in netting arrangements associated with Financial assets andfinancial May 2017 when IFRS 17 Insurance Contracts was issued, it added disclosure requirementsfor when an entity applies an exemption for specified treasury shares or for an entity sown repurchased Financial liabilities in specific September 2019 the Board amended IFRS 9 and IAS 39 by issuing Interest Rate BenchmarkReform to provide specific exceptions to hedge accounting requirements in IFRS 9 andIAS 39 for (a) highly probable requirement; (b) prospective assessments; (c) retrospectiveassessment (IAS 39 only).

4 And (d) separately identifiable risk components. Interest RateBenchmark Reform also amended IFRS 7 to add specific disclosure requirements for hedgingrelationships to which an entity applies the exceptions in IFRS 9 or IAS August 2020 the Board issued Interest Rate Benchmark Reform Phase 2 which amendedrequirements in IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 relating to: changes in the basis for determining contractual cash flows of Financial assets, Financial liabilities and lease liabilities; hedge accounting .

5 And Phase 2 amendments apply only to changes required by the interest rate benchmarkreform to Financial instruments and hedging 7 IFRS FoundationA279 Other Standards have made minor amendments to IFRS 7. They include Limited Exemptionfrom Comparative IFRS 7 Disclosures for First-time Adopters (Amendments to IFRS 1) (issuedJanuary 2010), Improvements to IFRSs (issued May 2010), IFRS 10 Consolidated FinancialStatements (issued May 2011), IFRS 11 Joint Arrangements (issued May 2011), IFRS 13 FairValue Measurement (issued May 2011), Presentation of Items of Other ComprehensiveIncome (Amendments to IAS 1) (issued June 2011)

6 , Mandatory Effective Date and TransitionDisclosures (Amendments to IFRS 9 (2009), IFRS 9 (2010) and IFRS 7) (issued December2011), Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) (issued October2012), IFRS 9 Financial Instruments ( hedge accounting and amendments to IFRS 9, IFRS 7and IAS 39) (issued November 2013 ), Annual Improvements to IFRSs 2012 2014 Cycle (issuedSeptember 2014), Disclosure Initiative (Amendments to IAS 1) (issued December 2014),IFRS 16 Leases (issued January 2016), Annual Improvements to IFRS Standards 2014 2016 Cycle (issued December 2016) and Amendments to IFRS 17 (issued June 2020).

7 IFRS 7A280 IFRS FoundationCONTENTS from paragraphINTERNATIONAL Financial REPORTING STANDARD 7 Financial INSTRUMENTS: DISCLOSURESOBJECTIVE1 SCOPE3 CLASSES OF Financial INSTRUMENTS AND LEVEL OF DISCLOSURE6 SIGNIFICANCE OF Financial INSTRUMENTS FOR Financial POSITIONAND PERFORMANCE7 Statement of Financial position8 Statement of comprehensive income20 Other disclosures21 NATURE AND EXTENT OF RISKS ARISING FROM FINANCIALINSTRUMENTS31 Qualitative disclosures33 Quantitative disclosures34 TRANSFERS OF Financial ASSETS42 ATransferred Financial assets that are not derecognised in their entirety42 DTransferred Financial assets that

8 Are derecognised in their entirety42 ESupplementary information42 HINITIAL APPLICATION OF IFRS 942 IEFFECTIVE DATE AND TRANSITION43 WITHDRAWAL OF IAS 3045 APPENDICESA Defined termsB Application guidanceC Amendments to other IFRSsAPPROVAL BY THE BOARD OF IFRS 7 ISSUED IN AUGUST 2005 APPROVAL BY THE BOARD OF AMENDMENTS TO IFRS 7:Improving Disclosures about Financial Instruments issued in March 2009 Disclosures Transfers of Financial Assets issued in October 2010 Mandatory Effective Date of IFRS 9 and TransitionDisclosures (Amendments to IFRS 9 (2009), IFRS 9 (2010) and IFRS 7)issued in December 2011 Disclosures Offsetting Financial Assets and FinancialLiabilities (Amendments to IFRS 7) issued in December 2011 IFRS 9 Financial Instruments ( hedge accounting and amendments toIFRS 9, IFRS 7 and IAS 39)

9 Issued in November 2013 Interest Rate Benchmark Reform issued in September 2019 Interest Rate Benchmark Reform Phase 2 issued in August 7 IFRS THE ACCOMPANYING GUIDANCE LISTED BELOW, SEE PART B OF THIS EDITIONIMPLEMENTATION GUIDANCEAPPENDIXA mendments to guidance on other IFRSsFOR THE BASIS FOR CONCLUSIONS, SEE PART C OF THIS EDITIONBASIS FOR CONCLUSIONSAPPENDIX TO THE BASIS FOR CONCLUSIONSA mendments to Basis for Conclusions on other IFRSsIFRS 7A282 IFRS FoundationInternational Financial Reporting Standard 7 Financial Instruments: Disclosures (IFRS 7) isset out in paragraphs 1 45 and Appendices A C.

10 All the paragraphs have equalauthority. Paragraphs in bold type state the main principles. Terms definedin Appendix A are in italics the first time they appear in the Standard. Definitions ofother terms are given in the Glossary for International Financial Reporting 7 should be read in the context of its objective and the Basis for Conclusions,the Preface to IFRS Standards and the Conceptual Framework for FinancialReporting.