What is Effective dates and Transition for IFRS 7 exam ?
- An entity shall apply this IFRS for annual periods beginning on or after 1 January 2007. Earlier application is encouraged. If an entity applies this IFRS for an earlier period, it shall disclose that fact.
- If an entity applies this IFRS for annual periods beginning before 1 January 2006, it need not present comparative information for the disclosures required about the nature and extent of risks arising from financial instruments.
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