tailieunhanh - Lecture IFRS primer international GAAP basics: Chapter 17 - Wiecek, Young

Chapter 17 - Basic financial instruments: IAS 32, IAS 39, and IFRS 7. The main contents of the chapter consist of mains parts: Related standards; IAS 32, IAS 39 and IFRS 7; current GAAP comparisons; IFRS financial statement disclosures; looking ahead; end-of-chapter practice. | Lecture IFRS primer international GAAP basics Chapter 17 - Wiecek Young Basic Financial Instruments IAS 32 IAS 39 and IFRS 7 Wiecek and Young IFRS Primer Chapter 17 Basic Financial Instruments Related standards IAS 32 IAS 39 and IFRS 7 Current GAAP comparisons IFRS financial statement disclosures Looking ahead End-of-chapter practice 2 Related Standards FAS 115 Accounting for Certain Investments in Debt and Equity Securities FAS 130 Reporting Comprehensive Income FAS 133 and 138 Accounting for Derivative Instruments and Hedging Activities FAS 140 and 156 Accounting for the Transfer and Servicing of Financial Assets and Extinguishment of Financial Liabilities FAS 150 Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity FAS 155 Accounting for Certain Hybrid Financial Instruments FAS 157 Fair Value Measurements FAS 159 The Fair Value Option for Financial Assets and Financial Liabilities 3 Related Standards IAS 1 Presentation of Financial Statements 4 IAS 32 IAS 39 and IFRS 7 Overview Objective and scope Recognition and derecognition Measurement Presentation Disclosures 5 Objective and Scope The framework for accounting for financial instruments is laid out in three standards as follows IAS 32 which deals with presentation from the perspective of the issuer only IAS 39 which deals with measurement and recognition of financial assets and financial liabilities IFRS 7 which deals with disclosures IAS 1 deals with financial statement presentation including comprehensive income 6 Objective and Scope According to IAS A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity The majority of items on the balance sheets of many companies are financial instruments Some exceptions are Inventories Prepaids Property plant and equipment 7 Objective and Scope 8 Objective and Scope Financial assets liabilities and equity instruments are .