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Jan 9, 2008

IFRS 7 Financial Instruments: Disclosures

(Edited by freelance Chinese translator li – English to Chinese translation or Chinese to English translation services- financial translation)

IFRS 7 Financial Instruments: Disclosures

The objective of this IFRS is to require entities to provide disclosures(披露) in their financial statements that enable users to evaluate:

(a) the significance of financial instruments for the entity’s financial position and performance; and

(b) the nature and extent of risks arising from financial instruments(金融工具) to which the entity is exposed during the period and at the reporting date, and how the entity manages those risks(风险管理). The qualitative disclosures describe management’s objectives, policies and processes for managing those risks. The quantitative disclosures provide information about the extent to which the entity is exposed to risk, based on information provided internally to the entity's key management personnel. Together, these disclosures provide an overview of the entity's use of financial instruments and the exposures to risks they create.

The IFRS applies to all entities, including entities that have few financial instruments (eg a manufacturer whose only financial instruments are accounts receivable(应收款) and accounts payable(应付款)) and those that have many financial instruments (eg a financial institution most of whose assets and liabilities are financial instruments).

When this IFRS requires disclosures by class of financial instrument, an entity shall group financial instruments into classes that are appropriate to the nature of the information disclosed and that take into account the characteristics of those financial instruments. An entity shall provide sufficient information to permit reconciliation(协调) to the line items(项目) presented in the balance sheet.

The principles in this IFRS complement the principles for recognising, measuring and presenting financial assets and financial liabilities in IAS 32 Financial Instruments: Presentation and IAS 39 Financial Instruments: Recognition and Measurement.

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