IFRS 7 Financial instruments: Disclosures
IFRS 7 Financial Instruments: Disclosures requires disclosures about the significance of financial instruments on financial performance and position, and the nature and extent of risks arising. The standard was published in August 2005 and is effective from 1 January 2007.
Full text standard
IFRS 7 Issued Standard
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IFRS 7 summary and timeline
Looking for the synopsis? Our IFRS 7 summary and timeline are now on a separate page, featuring information on current proposals and a timeline of IASB updates.
Which version of the standard?
Financial Reporting Faculty members who joined the faculty prior to 1 November 2022 have premium access to the consolidated edition of IFRS and amendments through the IASB's IFRS Standards Navigator service. Please log into IFRS Standards Navigator to access electronic versions of the standards. Or find out more about how to join the faculty.
Related IFRIC interpretations
IFRIC 12 Service Concession Arrangements
Accounting guidance for arrangements where a contract is granted for the supply of public services such as roads.
IFRIC 17 Distributions of Non-cash Assets to Owners
Addresses the accounting for dividends of non-cash assets, including those where there is a cash alternative.
UK reduced disclosures
UK qualifying parents and subsidiaries can take advantage of FRS 101 Reduced Disclosure Framework. Our FRS 101 page gives more information on which entities qualify and the criteria to be met.
Amendments to the standard
There are no amendments to IAS 8 in order to comply with the Companies Act and related Regulation.
FRS 101 paragraph 8(d) states that a qualifying entity is exempt from all of the requirements of IFRS 7 with the following limitations.
- This exemption is not applicable to a financial institution.
- Non-financial institutions must make additional disclosures if certain financial instruments are measured at fair value.
- Equivalent disclosures must be made in the consolidated financial statements of the group in which the entity is consolidated.
ICAEW guidance and commentary
These exclusive factsheets, produced annually by the Financial Reporting Faculty for its members, highlight all new and modified requirements for preparers of IFRS accounts. Each annual edition focuses primarily on new requirements with mandatory application for preparers with periods beginning on or after 1 January of that year.
2021 IFRS accounts
Financial Reporting Faculty, updated August 2022
Provides more information on Interest Rate Benchmark Reform Phase 2 – amendments to IFRS 7.
2020 IFRS accounts
Financial Reporting Faculty, updated August 2021
Provides more information on Interest Rate Benchmark Reform Phase 1 - amendments to IFRS 7.
Access to eBooks is only available to ICAEW members and ACA students – please log in to view these titles.
Financial instruments: Presentation and disclosure
EY, International GAAP 2021 (2020)
The latest edition of this comprehensive guide offers a global perspective on complex technical accounting issues to help practitioners interpret and implement IFRS. It contains worked examples and illustrations from published financial reports of major listed companies from around the world. This chapter discusses IFRS 7.
IFRS model accounts and disclosure checklists
Online disclosure checklists, general IFRS illustrative statements and compliance questionnaires collected by the ICAEW Library.
Company Reporting (Croner-i)
The ICAEW Library can provide examples of real-life company reports to help keep you up-to-date with reporting practices and benchmark your financial reporting compliance. Company Reporting analyses current IFRS disclosures from public companies, organised by industry sector. It also provides detailed monthly Common Practice reports on specific issues.
Some guides and comparisons that we link to may pre-date the latest amendments to this standard. While these resources contain useful information, please treat them with appropriate caution.
International GAAP 2022: Generally Accepted Accounting Practice under IFRS
EY International Financial Reporting Group, 2022
Detailed guide on interpreting and implementing IFRS, with illustrative examples and extracts from financial statements. The manual is available online (free registration required) as part of EY Atlas Client Edition. Chapters and sections are searchable and downloadable in PDF format. The whole book is also downloadable in ePub format for offline access.
International GAAP Bank Limited — Illustrative disclosures under IFRS 7 as amended by IFRS 9
Deloitte, February 2019
Example financial statements focusing on disclosure requirements related to financial instruments. The publication demonstrates the presentation and disclosure requirements of a fictional bank that is applying IFRS 9, reflecting the updated disclosure requirements of IFRS 7.
A practical guide to IFRS 7
PwC, April 2010
Guide for investment managers and investment, private equity and real estate funds with questions and answers and a checklist of required disclosures.
Manuals and handbooks
The ICAEW Library stocks the latest IFRS handbooks and manuals. You can browse all our books on IFRS 7 and financial instruments or request any of the following popular titles by contacting us on +44 (0)20 7920 8620, by web chat, or at email@example.com
Insights into IFRS 2020–21
KPMG, Sweet and Maxwell, 2020
Manual providing practical guidance with an emphasis on the real-life application of IFRS, with examples based on actual questions that have arisen in practice around the world.
Wiley IFRS 2020: Interpretation and application of IFRS standards
PKF, Wiley, 2020
Reference manual providing full coverage of the latest standards and thorough guidance for implementation, featuring practical tools and insight from a practitioner's perspective.
Manual of accounting: IFRS supplement 2020
PwC, LexisNexis, 2019
Practical guidance on the standards and the accounting requirements of UK law applicable to UK users of IFRS.
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