IFRS 7  

Financial Instruments: Disclosures

Overview

IFRS 7 Financial Instruments: Disclosures requires disclosure of information about the significance of

financial instruments to an entity, and the nature and extent of risks arising from those financial
instruments, both in qualitative and quantitative terms. Specific disclosures are required in relation to
transferred financial assets and a number of other matters.
IFRS 7 was originally issued in August 2005 and applies to annual periods beginning on or after 1
January 2007.
History of IFRS 7
Date Development Comments

22 July 2004 Exposure Draft ED 7 Financial Instruments: Comment deadline

Disclosures published 14 September 2009

18 August 2005 IFRS 7 Financial Instruments: Disclosures issued Effective for annual

periods beginning on
or after 1 January
2007

22 May 2008 Amended by Improvements to IFRSs (required Effective for annual

disclosures when interests in jointly controlled periods beginning on
entities are accounted for at fair value through or after 1 January
profit or loss, presentation of finance costs) 2009

13 October 2008 Reclassification of Financial Assets (Amendments Effective 1 July 2008

to IAS 39 and IFRS 7) issued

23 December 2008 Exposure Draft Investments in Debt Instruments Comment deadline

(Proposed Amendments to IFRS 7) published 15 January 2009
(Project subsequently
abandoned in
January 2009)

5 March 2009 Improving Disclosures about Financial Effective for annual

Instruments (Amendments to IFRS 7) issued periods beginning on
or after 1 January
2009

6 May 2010 Amended by Improvements to IFRSs (clarification Effective for annual

of disclosures) periods beginning on
or after 1 January
2011

7 October 2010 Disclosures – Transfers of Financial Assets Effective for annual

(Amendments to IFRS 7) issued periods beginning on
or after 1 July 2011

16 December 2011 Disclosures — Offsetting Financial Assets and Effective for annual

Financial Liabilities (Amendments to IFRS periods beginning on
7) issued or after 1 January
2013
16 December 2011 Mandatory Effective Date and Transition Effective for annual
Disclosures (Amendments to IFRS 9 and IFRS periods beginning on
7) issued or after 1 January
2015 (or otherwise
when IFRS 9 is first
applied)*

19 November  IFRS 9 Financial Instruments (Hedge Accounting Applies when IFRS 9

2013 and amendments to IFRS 9, IFRS 7 and IAS is applied*
39) issued, implementing additional disclosures
(and consequential amendments) resulting from
the introduction of the hedge accounting chapter
in IFRS 9

25 September 2014 Amended by Improvements to IFRSs Effective for annual

2014 (servicing contracts and applicability of the periods beginning on
amendments to IFRS 7 to condensed interim or after 1 January
financial statements) 2016

26 September 2019 Interest Rate Benchmark Reform (Amendments Effective for annual
to IFRS 9, IAS 39 and IFRS 7) issued, requiring periods beginning on
additional disclosures around uncertainty arising or after 1 January
from the interest rate benchmark reform 2020

27 August 2020 Amended by Interest Rate Benchmark Reform — Effective for annual
Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, periods beginning on
IFRS 4 and IFRS 16); the amendments require or after 1 January
additional disclosures that allow users to 2021
understand the nature and extent of risks arising
from the IBOR reform to which the entity is
exposed to and how the entity manages those
risks