IFRS 7: Financial Instruments: Disclosures
- the significance of financial instruments for the entity’s financial position and performance; and
- the nature and extent of risks arising from financial instruments to which the entity is exposed during the period and at the end of the reporting period and how the entity manages those risks.
The quantitative disclosures provide the information needed about the extent to which the entity is exposed to risk based on information provided internally to the entity’s key management personnel.
Steve Collings FMAAT ACCA DipIFRS is Audit Manager at Leavitt Walmsley Associates www.lwaltd.com. Read all of Collings's analyses of the International Financial Reporting Standards.