IFRS 7 sets new rules for disclosing derivative risks

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The International Accounting Standards Board (IASB) published IFRS 7 'Financial Instruments: Disclosures' on 18 August, together with three amendments to raise the profile of risk reporting in existing standards.

IFRS 7 requires entities to disclose information about the significance of financial instruments on their financial position and performance. It replaces IAS 30 and some of the requirements in IAS 32 and is effective for financial years starting on or after 1 January 2007 (though the IASB is encouraging earlier application).

Under the new standard, companies must disclose quantitative information about the extent to which they are exposed to risks arising from financial instruments, and give a description of the management's objectives, policies and processes for managing those risk...

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