IFRS 7Chapter 2Lesson 1
Importance of instruments: amounts by category, income and expense, reclassification
Step 1 of 6Learning objectives
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The first objective of IFRS 7 translates into three pieces of information: the carrying amount of each category, the income and expense in profit or loss, and the explanation of a reclassification.
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Learning objectives
- Build a table of carrying amounts by category that reconciles to the statement of financial position.
- Identify the income, expense, gains and losses that belong to the disclosure on financial instruments and avoid double counting.
- Split what belongs to IFRS 9 and to IFRS 7 when a reclassification occurs.