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IAS 28: SIC 5: Classification of Financial Instruments - Contingent Settlement Provisions 1997 June 1, 1998: January 1, 2005: IAS 32: SIC 6: Costs of Modifying Existing Software 1997 June 1, 1998: January 1, 2005: IAS 16: SIC 7: Introduction of the Euro: 1997 June 1, 1998: SIC 8: First-Time Application of IASs as the Primary Basis of Accounting ...
Financial instruments are monetary contracts between parties. They can be created, traded, modified and settled. They can be cash (currency), evidence of an ownership, interest in an entity or a contractual right to receive or deliver in the form of currency (forex); debt (bonds, loans); equity (); or derivatives (options, futures, forwards).
The International Accounting Standards IAS 32 and 39 help to give further direction for the proper accounting of derivative financial instruments. IAS 32 defines a “financial instrument” as “any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity”. [4]
Under International Financial Reporting Standards (IFRS) provisions, a company must mark-to-market the amount of its outstanding bonds. [2] The relevant provisions for FCCB accounting are International Accounting Standards: IAS 39, IAS 32 and IFRS 7.
IFRS 7, titled Financial Instruments: Disclosures, is an International Financial Reporting Standard (IFRS) published by the International Accounting Standards Board (IASB). It requires entities to provide certain disclosures regarding financial instruments in their financial statements. [ 1 ]
The standard IAS 1 also requires an additional statement of financial position (also called a third balance sheet) when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements. This for example occurred with the ...
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IAS 3 Consolidated Financial Statements and the Equity Method of Accounting (1976) required the presentation of consolidated financial statements by parents of subsidiary companies. This was well before the Seventh Company Law Directive (1983) made this mandatory in the member states of the European Economic Community .