What all are the Fin. Reporting standards connected with Financial Instruments?
The three standards connected with financial instrument are:
IAS 32 Financial Instruments: Presentation
IFRS 7 Financial Instruments: Disclosures
IFRS 9 Financial Instruments
IAS 32 deals with the classification of financial instruments and their financial statement presentation.
IFRS 7 deals with the disclosure of financial instruments in financial statements.
IFRS 9 is concerned with the initial and subsequent measurement of financial instruments
Here are some of the financial reporting standards that are connected with financial instruments:
- IFRS 9 Financial Instruments: This standard sets out the principles for the recognition, measurement, and classification of financial assets and liabilities. It also provides guidance on impairment and hedge accounting.
- IFRS 7 Financial Instruments: Disclosures: This standard requires entities to provide extensive disclosures about their financial instruments, including their nature, extent, and risks.
- IAS 32 Financial Instruments: Presentation: This standard sets out the rules for the presentation and disclosure of financial instruments, including how they should be classified as liabilities or equity.
- IAS 39 Financial Instruments: Recognition and Measurement: This standard provides guidance on the recognition, measurement, and derecognition of financial instruments, including the use of fair value accounting.
- IFRS 13 Fair Value Measurement: This standard provides guidance on how to measure fair value for financial instruments, including the use of market-based information and valuation techniques.
Overall, these standards provide a comprehensive framework for the accounting and reporting of financial instruments, ensuring that entities provide transparent and accurate information about their financial positions to stakeholders.