We have pleasure in enclosing Financial Instruments on Display – Illustrative Disclosures and Guidance on IFRS 7, an application guide by the IFRS team at Grant Thornton International Ltd (Grant Thornton International).

International Financial Reporting Standard IFRS 7, Financial Instruments: Disclosures (IFRS 7), is not new – it came into effect for annual periods beginning on or after January 1, 2007. Nonetheless we think this guide can be very useful.

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These various publications address International Financial Reporting Standards (IFRSs) and are designed to keep you apprised of new and topical issues that may be relevant to your enterprise’s IFRS transition process.

The Road to Conversion

In March 2007, the International Accounting Standards Board issued a revised version of the International
Financial Reporting Standard IAS 23, Borrowing Costs. This revised version becomes mandatory for annual periods beginning on or after January 1, 2009.

The former version of IAS 23 allowed entities to choose between capitalizing borrowing costs directly
attributable to the acquisition, construction or production of qualifying assets as part of the cost of these assets, or expensing these costs. The revised version of IAS 23 eliminated this choice by requiring the capitalization of all borrowing costs directly attributable to the acquisition, construction or production of qualifying assets as part of the cost of these assets.

To view this publication, click on the “Download” button on the right.