What is the purpose of disclosure requirements of IFRS 7?
Purpose of IFRS 7’s disclosure requirements is to
- Enhance understanding of the significance of financial instruments to an entity’s financial position, performance and cash flows;
- Assist in assessing the amounts, timing and certainty of future cash flows associated with those instruments;
- Assist users in assessing the extent of market, credit, liquidity and cash flow interest rate risks transferred or assumed as a result of entering into financial instruments.
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