Abstract
This chapter discusses the key issues relating to the classification of financial instruments, their recognition and derecognition, initial and subsequent measurement, impairment, and the main disclosure requirements. It focuses on the International Financial Reporting Standard (IFRS) 9 Financial Instruments. The chapter begins with expounding on the importance of accounting for financial instruments and the main issues relevant to it. It then defines and differentiates debt and equity instruments, including the accounting for compound financial instruments. Finally, it considers the disclosures in accordance with IFRS 7—statements of financial position and comprehensive income, accounting policies and fair value and disclosures relating to the significance, nature and extent of risk.
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