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374 Chapter 34 Financial Instruments: Disclosures (IFRS 7) TABLE 34.5 Nature and Extent of Risks Arising from Financial Instruments IAS 39 categories Instruments Credit risk Market risk Liquidity risk Financial Assets Fair value through profit or loss Fair value through other comprehensive income Amortized cost instruments Liquid assets Fair value through profit or loss Amortized cost Derivatives Instruments held for trading Instruments designated at fair value Available-for-sale debt instruments Available-for-sale equity instruments Held to maturity Loans and receivables Derivatives Instruments held for trading Instruments designated at fair value Liabilities at amortized cost Maximum exposure to credit risk Sensitivity analysis for each type of market risk Maximum exposure to credit risk Collateral Information about credit quality Age analysis for amounts that are past due but not impaired Maximum exposure to credit risk Collateral Information about credit quality Age analysis for amounts that are past due but not impaired Maximum exposure to credit risk Collateral Information about credit quality Age analysis for amounts that are past due but not impaired Maximum exposure to credit risk Collateral Information about credit quality Age analysis for amounts that are past due but not impaired Sensitivity analysis for each type of market risk Sensitivity analysis for each type of market risk Sensitivity analysis for each type of market risk Sensitivity analysis for each type of market risk Sensitivity analysis for each type of market risk Sensitivity analysis for each type of market risk Sensitivity analysis for each type of market risk Sensitivity analysis for each type of market risk Sensitivity analysis for each type of market risk Sensitivity analysis for each type of market risk Maturity analysis showing the remaining contractual maturities, which are essential for the understanding of the timing of the cash flows Maturity analysis based on undiscounted contractual cash flows Maturity analysis based on undiscounted contractual cash flows Maturity analysis based on undiscounted contractual cash flows
Chapter 34 Financial Instruments: Disclosures (IFRS 7) 375 34.5 DISCLOSURE—DETAILED/MICRO VIEW 34.5.1 Credit risk on the Statement of Financial Position. The fair value movement attributable to changes in credit risk related to loans and receivables, as well as movement attributable to liabilities designated at fair value, must be disclosed. For instruments that would be classified as loans and receivables in terms of IAS 39 if it were not for the option to designate them at fair value through profit or loss (for example corporate debt instruments for which there is no quoted price), the following information is required: ■ maximum exposure to credit risk; ■ mitigation by using credit derivatives; ■ the change in fair value attributable to credit risk (not market risk events) as well as the methods used to achieve this specific credit risk disclosure; and ■ the change in the fair value of credit derivatives for the current period and cumulatively after the loan was designated at fair value. For liabilities designated at fair value, entities are required to disclose the following: ■ the change in fair value attributable to credit risk (not market risk events) as well as the methods used to achieve this specific credit risk disclosure; and ■ the difference between the current carrying amount and the required contractual payment when the liability matures. 34.5.2 Reclassification of financial instruments. IAS 39 describes very specific circumstances under which a financial instrument may be reclassified. IFRS 7 provides guidance on how such reclassifications are to be disclosed. IAS 39 describes mandatory and optional reclassifications. The disclosure required by IFRS 7 depends on the type of reclassification. The following information is required for mandatory reclassifications (for example when a held-to-maturity portfolio is reclassified as a result of a breach of the tainting rules): ■ the amount reclassified between cost, amortized cost, or fair value; and ■ the reason for the reclassification. For optional reclassifications (for example, instruments classified as held for trading for which managements intention has changed and that are unlikely to be disposed of in the foreseeable future), a two-fold disclosure approach is followed. First, the following disclosure is required in the period in which the reclassification is made: ■ the amount reclassified into and out of each category; ■ the carrying amount and fair value; ■ if the reclassification was due to a rare circumstance, then disclosure is required of the rare circumstance that give rise to the reclassification; ■ gain or loss recognized in profit or loss and other comprehensive income in the current and prior period; and ■ the effective interest rate and the amount the entity expects to recover at the date of reclassification. Second, the following disclosure is required for all periods until the instrument is derecognized: ■ the carrying amount and fair value of all instruments reclassified; and ■ the fair value gain or loss that would have been recognized in profit or loss or other comprehensive income had the instrument not been reclassified.
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Covers all IASB standards through S
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International Financial Reporting S
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Contents Foreword: World Bank Treas
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Foreword: World Bank Treasury The p
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Acknowledgments The authors are gra
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xii Introduction 5. Presentation an
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CHAPTER 1 Framework for the Prepara
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Chapter 1 Framework for the Prepara
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CHAPTER 2 First-Time Adoption of IF
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Chapter 2 First-Time Adoption of IF
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Chapter 2 First-Time Adoption of IF
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CHAPTER 3 Presentation of Financial
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Chapter 3 Presentation of Financial
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38 Chapter 4 Statement of Cash Flow
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CHAPTER 5 Accounting Policies, Chan
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Chapter 5 Accounting Policies, Chan
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CHAPTER 6 Business Combinations (IF
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Chapter 6 Business Combinations (IF
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CHAPTER 7 Consolidated and Separate
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Chapter 7 Consolidated and Separate
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CHAPTER 8 Investments in Associates
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Chapter 8 Investments in Associates
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CHAPTER 9 Interests in Joint Ventur
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Chapter 9 Interests in Joint Ventur
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Part III Statement of Financial al
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110 Chapter 10 Property, Plant, and
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124 Chapter 11 Investment Property
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CHAPTER 12 Agriculture (IAS 41) 12.
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Chapter 12 Agriculture (IAS 41) 133
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144 Chapter 13 Intangible Assets (I
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152 Chapter 14 Leases (IAS 17) 14.3
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154 Chapter 14 Leases (IAS 17) TABL
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158 Chapter 14 Leases (IAS 17) ■
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162 Chapter 14 Leases (IAS 17) EXAM
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164 Chapter 14 Leases (IAS 17) Asse
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166 Chapter 14 Leases (IAS 17) EXPL
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CHAPTER 15 Income Taxes (IAS 12) 15
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Chapter 15 Income Taxes (IAS 12) 17
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184 Chapter 16 Inventories (IAS 2)
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CHAPTER 17 Financial Instruments: R
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Chapter 17 Financial Instruments: R
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CHAPTER 18 Financial Instruments (I
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Chapter 18 Financial Instruments (I
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Chapter 18 Financial Instruments (I
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CHAPTER 19 Noncurrent Assets Held f
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Chapter 19 Noncurrent Assets Held f
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CHAPTER 20 Exploration for and Eval
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Chapter 20 Exploration for and Eval
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240 Chapter 21 Provisions, Continge
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CHAPTER 22 The Effects of Changes i
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Chapter 22 The Effects of Changes i
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CHAPTER 23 Revenue (IAS 18) 23.1 OB
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Chapter 23 Revenue (IAS 18) 259 23.
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Chapter 23 Revenue (IAS 18) 261 23.
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Chapter 23 Revenue (IAS 18) 263 EXP
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CHAPTER 24 Construction Contracts (
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Chapter 24 Construction Contracts (
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276 Chapter 25 Employee Benefits (I
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288 Chapter 26 Impairment of Assets
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296 Chapter 27 Borrowing Costs (IAS
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304 Chapter 28 Accounting for Gover
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306 Chapter 28 Accounting for Gover
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CHAPTER 29 Share-Based Payment (IFR
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Chapter 29 Share-Based Payment (IFR
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Page 428 and 429: 414 Chapter 38 Insurance Contracts
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424 Chapter 38 Insurance Contracts
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426 Chapter 38 Insurance Contracts
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428 Chapter 39 Financial Reporting
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434 About the Contributors Lufuno I
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“ The sixth edition of this publi
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