IFRS 7Chapter 1Lesson 1
What IFRS 7 disclosures are for: objective and classes of instruments
Step 1 of 6Learning objectives
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IFRS 7 does not say how to account for a financial instrument: it says what must be explained to users about its importance and its risks, class by class.
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Learning objectives
- Explain the two objectives of IFRS 7 and what sets it apart from a recognition standard.
- Recognise, among the items of a note, those that answer the "importance" part or the "risks" part.
- Tell a class of instruments from a measurement category.
- Build a grouping into classes that the reader can reconcile to the line items of the statement of financial position.