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- 2024 Issued Standard – IFRS 7
The 2024 Issued Standards include all amendments issued up to and including 31 December 2023.
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Note that the Issued Standards contain amendments that have a mandatory effective date that is later than 1 January 2024. Find details of the effective dates of amendments to this Standard in the Recent Amendments section below.
Summary
IFRS 7 requires two main categories of financial instruments disclosure:
- Information about the significance of financial instruments on financial performance and position, including:
- carrying value of each of the categories of financial instrument;
- amounts recognised in profit or loss with respect to financial instruments;
- descriptions of hedging arrangements;
- information about fair values of each class of financial instrument.
- Information about the nature and extent of risks arising from financial instruments, including:
- qualitative disclosures describing risk exposures for each type of financial instrument and the management of risk;
- quantitative disclosures including summary quantitative data about exposure to risk at the reporting date and specific exposure to credit, liquidity and market risk.
Recent amendments
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These resources are available exclusively to Corporate Reporting Faculty subscribers, ICAEW members and students.
Current proposals
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ED/2024/3 Contracts for Renewable Electricity
The Exposure Draft proposes narrow scope amendments to IFRS 7 and IFRS 9 to ensure that financial statements more faithfully reflect the effects that renewable electricity contracts have on a company. See ED Contracts for Renewable Electricity – Proposed amendments to IFRS 9 and IFRS 7 for further detail.
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ED/2023/5 Financial Instruments with Characteristics of Equity
The Exposure Draft proposed amendments to address the existing challenges in companies’ financial reporting on financial instruments with characteristics of equity. The proposals include:
- clarification of the underlying classification principles of IAS 32 to help companies distinguish between financial liabilities and equity;
- additional disclosures; and
- presentation requirements for amounts – including profit and total comprehensive income – attributable to ordinary shareholders separately from amounts attributable to other holders of equity instruments.
See ED Financial Instruments with Characteristics of Equity Proposed amendments to IAS 32, IFRS 7 and IAS 1 for further detail.
Related IFRIC interpretations
UK reduced disclosures – FRS 101
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.
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ICAEW factsheets and guides
The Corporate Reporting Faculty's annual IFRS factsheets provide a more detailed discussion of recent IFRS amendments.
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