CA Final Download the best Free CA FINAL android app for cracking your exam! Download Now

Educational Material on Ind AS 107 Financial Instruments : Disclosures

Educational Material on Ind AS 107 Financial Instruments : Disclosures

Ind AS 107 Financial Instruments : Disclosures :  Ind AS 107 Financial Instruments Recognition and Measurement and it also deals with, among other things, initial recognition of financial assets and liabilities, measurement subsequent to initial recognition, impairment recognition, and hedge accounting. Following is the Exposure Draft of the Amendments to Indian Accounting Standard (Ind AS) 107, Financial Instruments: Disclosures, issued by the Accounting Standards Board of the Institute of Chartered Accountants of Indian comments. The Board invites comments on any aspect of this Exposure Draft. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording. 

Relevant link to download the Educational Material: inancial Instruments : Disclosures

Educational Material on Ind AS 107 Financial Instruments : Disclosures

Ind AS 107 Financial Instruments : Disclosures : Ind AS 107 Financial Instruments: Disclosures requires disclosure of information about the significance of financial instruments to an entity, and the nature and extent of risks arising from those financial instruments, both in qualitative and quantitative terms. Specific disclosures are required in relation to transferred financial assets and a number of other matters. 

Ind AS 107  was originally issued in August 2005 and applies to annual periods beginning on or after 1 January 2007.

DateDevelopmentComments
22 July 2004Exposure Draft ED 7 Financial Instruments: Disclosures publishedComment deadline 14 September 2009
18 August 2005IFRS 7 Financial Instruments: Disclosures issuedEffective for annual periods beginning on or after 1 January 2007
22 May 2008Amended by Improvements to IFRSs (required disclosures when interests in jointly controlled entities are accounted for at fair value through profit or loss, presentation of finance costs)Effective for annual periods beginning on or after 1 January 2009
13 October 2008Reclassification of Financial Assets (Amendments to IAS 39 and IFRS 7) issuedEffective 1 July 2008
23 December 2008Exposure Draft Investments in Debt Instruments (Proposed Amendments to IFRS 7) published Comment deadline 15 January 2009
(Project subsequently abandoned in January 2009)
5 March 2009Improving Disclosures about Financial Instruments (Amendments to IFRS 7) issuedEffective for annual periods beginning on or after 1 January 2009
6 May 2010Amended by Improvements to IFRSs (clarification of disclosures)Effective for annual periods beginning on or after 1 January 2011
7 October 2010Disclosures – Transfers of Financial Assets (Amendments to IFRS 7) issuedEffective for annual periods beginning on or after 1 July 2011
16 December 2011Disclosures — Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7) issuedEffective for annual periods beginning on or after 1 January 2013
16 December 2011Mandatory Effective Date and Transition Disclosures (Amendments to IFRS 9 and IFRS 7) issuedEffective for annual periods beginning on or after 1 January 2015 (or otherwise when IFRS 9 is first applied)*
19 November 2013IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39) issued, implementing additional disclosures (and consequential amendments) resulting from the introduction of the hedge accounting chapter in IFRS 9Applies when IFRS 9 is applied*
25 September 2014Amended by improvement 2014 (servicing contracts and applicability of the amendments to IFRS 7 to condensed interim financial statements)Effective for annual periods beginning on or after 1 January 2016

Educational Material on Ind AS 107 Financial Instruments : Disclosures

Ind AS 107 Financial Instruments : Disclosures : Generally Accepted Accounting Principles (GAAP) defines a financial instrument as cash, evidence of an ownership interest in a company or other entity, or a contract that does both of the following:

  1. Imposes on one entity a contractual obligation either:

    1. To deliver cash or another financial instrument to a second entity
    2. To exchange other financial instruments on potentially unfavourable terms with the second entity.
  2. Conveys to that second entity a contractual right either:

    1. To receive cash or another financial instrument from the first entity
    2. To exchange other financial instruments on potentially favourable terms with the first entity.

Objective 

1) The objective of this Indian Accounting Standard (Ind AS) is to require entities to provide disclosures in their financial statements that enable users to evaluate.

2) The principles in this Ind AS complement the principles for recognising, measuring and presenting financial assets and financial liabilities in Ind AS 32, Financial Instruments: Presentation, and Ind AS 109, Financial Instruments.

Scope 3

1) This Ind AS shall be applied by all entities to all types of financial instruments, excepts.

2) Recognised financial instruments include financial assets and financial liabilities that are within the scope of Ind AS 109.

3) Unrecognised financial instruments include some financial instruments that, although outside the scope of Ind AS 109, are within the scope of this Ind AS.

4) This Ind AS applies to contracts to buy or sell a non-financial item that are within the scope of Ind AS 109.

5) The credit risk disclosure requirements in paragraph 35A–35N apply to those rights that Ind AS 115 Revenue from Contracts with Customers specifies.

Relevant link to download the Educational Material:inancial Instruments : Disclosures

Educational Material on Ind AS 107 Financial Instruments : Disclosures 

Ind AS Related all Posts :

 

 

Educational Material on Ind AS 107 Financial Instruments : Disclosures

CAKART provides India’s top CA Final faculty video classes – online Classes – at very cost effective rates. Get CA Final Video classes from CAKART.in to do a great preparation for your exam.

Watch CA Final sample video lectures here
Watch CA Final best Author books   here
Watch CA Final free downloads  here
For any questions chat with us by clicking on the chat button below or give a missed call at 9980100288

Leave a comment

Your email address will not be published. Required fields are marked *