ICAEW.com works better with JavaScript enabled.

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

Unaccompanied version of IFRS 7
The International Accounting Standards Board (IASB) provides free access to the consolidated unaccompanied international accounting standards for the current year through its website. Free registration is required.

This unaccompanied version does not include additional content that accompanies the full standard, such as illustrative examples, implementation guidance and bases for conclusions.

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 have unlimited online access to the consolidated edition of IFRS and amendments through the IASB's eIFRS service. Please log into eIFRS to access electronic versions of the standards. Or find out more about how to join the faculty.

The ICAEW Library also offers members and students access to the print versions of the latest IFRS Blue and Red Books. Contact us by telephone on +44 (0)20 7920 8620, by web chat or by email at library@icaew.com


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.

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.

eBooks

Access to eBooks is only available to ICAEW members and ACA students – please log in to view these titles.

IFRS 2018: Interpretation and application of IFRS standards đź”’
PKF (2018)
This Wiley guide has been fully updated to help practitioners apply and comply with the latest international financial reporting standards. It provides detailed guidance along with illustrative examples. The chapter on financial instruments covers:

  • Disclosures required under IFRS 7
  • Applicability of IFRS 7

If you have any difficulties using these eBooks, please see our Help and support advice or contact library@icaew.com.


Example accounts

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.

Contact us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com to get any documents from Company Reporting.


External resources

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.

In depth: IFRS 7 and IFRS 13 disclosures
Detailed guide from PwC examining disclosure requirements of IFRS 7 and IFRS 13 for investment funds, private equity funds, real estate funds and investment managers investing into financial instruments. Updated in May 2014.

A practical guide to new IFRSs for 2013
Guide published by PwC in March 2013 covering new standards and interpretations, including amendments to IFRS 7 on offsetting requirements and converged disclosures.

What investment professionals say about financial instrument reporting
Survey of investors and analysts views on accounting and reporting for financial instruments, published by PwC in June 2010.

A practical guide to IFRS 7
Guide published by PwC in April 2010 for investment managers and investment, private equity and real estate funds with questions and answers and a checklist of required disclosures.

Financial instruments: A guide through the official text of IAS 32, IAS 39 and IFRS 7
Detailed guide published by the International Accounting Standards Committee (IASC) in July 2009 available through eIFRS. The book includes full text of the three standards alongside commentary, cross-references and notes.

Financial instruments under IFRS – A guide through the maze
Guide published by PwC in June 2009 which provides a broad overview of the current requirements of IAS 32, IAS 39 and IFRS 7.

Seeing risk from the inside: The impact of IFRS 7 and revised IFRS 4 on insurers' financial reporting
Paper from PwC, published in May 2007.


Further reading

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 library@icaew.com

iGAAP 2018: Financial instruments – IFRS 9 and related standards (Volume B)
Deloitte, Croner-i, 2018
Practical and comprehensive guidance for entities currently reporting under IFRS and those considering whether to move to IFRS in the near future specifically covering IAS 32, IFRS 1, IFRS 7, IFRS 9 and IFRS 13. This manual deals with standards issued by the IASB as at 1 September 2017.
Request this book

iGAAP 2018: Financial instruments – IAS 39 and related standards (Volume C)
Deloitte, Croner-i, 2018
Practical and comprehensive guidance for entities currently reporting under IFRS and those considering whether to move to IFRS in the near future specifically covering IAS 32, IAS 39, IFRS 1, IFRS 7 and IFRS 13. This manual deals with standards issued by the IASB as at 1 September 2017.
Request this book

International GAAP 2019
EY, Wiley, 2019
Comprehensive reference guide to interpreting and implementing IFRS, featuring detailed analysis of technical accounting issues accompanied by worked examples and illustrations taken from the actual financial statements of companies that report under IFRS.
Request this book

Manual of accounting: IFRS for the UK 2019
PwC, Tolley, 2018
Practical guidance on the standards and the accounting requirements of UK law applicable to UK users of IFRS. This manual was published in November 2018 and includes key updates from amendments, annual improvements and the revised conceptual framework issued in March 2018.
Request this book

Insights into IFRS 2018–19
KPMG, Thomson Reuters, 2018
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. This book deals with standards issued by the IASB as at 1 August 2018.
Request this book

iGAAP 2018: A guide to IFRS reporting (Volume A)
Deloitte, Croner-i, 2018
Practical and comprehensive guidance for entities currently reporting under IFRS and those considering whether to move to IFRS in the near future. This manual deals with standards issued by the IASB as at 1 September 2017.
Request this book

GAAP 2018: UK reporting - IFRSs (Volume C)
Deloitte, Croner-i, 2018
Comprehensive manual explaining how to apply IFRS, focusing on practical implementation issues with commentary and analysis of issues specific to UK companies. This volume deals with standards issued by the IASB as at 1 September 2017.
Request this book

Wiley IFRS 2018: Interpretation and application of IFRS standards
PKF, Wiley, 2018
Reference manual providing full coverage of the latest standards and thorough guidance for implementation, featuring practical tools and insight from a practitioner's perspective.
Request this book

Articles

The ICAEW Library subscribes to over 160 current journals and magazines, as well as offering access to 1,800 key UK and international business, management and trade titles online. You can browse articles on IFRS 7 and financial instruments or request any of the selected articles below by contacting us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com

Capping the risk
Vincent Papa, Accountancy, May 2013
A recent study undertaken by the CFA Institute indicates that investors perceive current disclosures of derivatives and hedging activities under IFRS 7 insufficient for gauging risk. This article discusses proposed recommendations in response to these findings relating to disclosure for the aggregate pre-hedge and post-hedge exposure, disclosure of counterparty credit risk, and disclosure to assess the effect of hedging activities on financial statement and hedge ineffectiveness.

Find out more about how you can borrow books from the ICAEW Library or get articles and documents sent to you by email, post or fax.


Ask ICAEW Technical Advisory Service

Get an opinion from the experts. Our experienced technical advisors can help you with your IFRS questions and offer practical advice. Call the advisory helpline on +44 (0)1908 248 250. 

Find out more about the Technical and ethics advisory helpline, including our opening hours.


Can't find what you are looking for?

If you're having trouble finding the information you need, ask the Library & Information Service. Contact us by telephone on +44 (0)20 7920 8620, by web chat or by email at library@icaew.com

ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided ‘as is’ with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.

* Some of the content on this web page was provided by the Chartered Accountants’ Trust for Education and Research, a registered charity, which owns the library and operates it for ICAEW.