An entity shall disclose by class of financial instrument

the amount that best represents its maximum exposure to credit risk at the end of the reporting period without taking account of any collateral held or other credit enhancements (eg netting agreements that do not qualify for offset in accordance with IAS 32); this disclosure is not required for financial instruments whose carrying amount best represents the maximum exposure to credit risk

a description of collateral held as security and other credit enhancements, and their financial effect (eg a quantification of the extent to which collateral and other credit enhancements mitigate credit risk) in respect of the amount that best represents the maximum exposure to credit risk (whether disclosed in accordance with (a) or represented by the carrying amount of a financial instrument)

information about the credit quality of financial assets that are neither past due nor impaired Financial assets that are either past due or impair  An entity shall disclose by class of financial asset

an analysis of the age of financial assets that are past due as at the end of the reporting period but not impaired; and

an analysis of financial assets that are individually determined to be impaired as at the end of the reporting period, including the factors the entity considered in determining that they are impaired

Collateral and other credit enhancements obtaine  When an entity obtains financial or non-financial assets during the period by taking possession of collateral it holds as security or calling on other credit enhancements (eg guarantees), and such assets meet the recognition criteria in other IFRSs, an entity shall disclose for such assets held at the reporting date

the nature and carrying amount of the assets; and when the assets are not readily convertible into cash, its policies for disposing of such assets or for using them in its operations

Liquidity risk

An entity shall disclose

a maturity analysis for non-derivative financial liabilities (including issued financial guarantee contracts) that shows the remaining contractual maturities

a maturity analysis for derivative financial liabilities. The maturity analysis shall include the remaining contractual maturities for those derivative financial liabilities for which contractual maturities are essential for an understanding of the timing of the cash flows (see paragraph B11B)

Market risk

Sensitivity analysis Unless an entity complies with paragraph 41, it shall disclose a sensitivity analysis for each type of market risk to which the entity is exposed at the end of the reporting period, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date

the methods and assumptions used in preparing the sensitivity analysis and changes from the previous period in the methods and assumptions used, and the reasons for such changes

If an entity prepares a sensitivity analysis, such as value-at-risk, that reflects interdependencies between risk variables (eg interest rates and exchange rates) and uses it to manage financial risks, it may use that sensitivity analysis in place of the analysis specified in paragraph 40. The entity shall also disclose

an explanation of the method used in preparing such a sensitivity analysis, and of the main parameters and assumptions underlying the data provided; and

an explanation of the objective of the method used and of limitations that may result in the information not fully reflecting the fair value of the assets and liabilities involved Other market risk disclosures  When the sensitivity analyses disclosed in accordance with paragraph 40 or 41 are unrepresentative of a risk inherent in a financial instrument  because the year-end exposure does not reflect the exposure during the year), the entity shall disclose that fact and the reason it believes the sensitivity analyses are unrepresentative

Transfers of financial assets

The disclosure requirements in paragraphs 42B-42H relating to transfers of financial assets supplement the other disclosure requirements of this IFRS. An entity shall present the disclosures required by paragraphs 42B-42H in a single note in its financial statements. An entity shall provide the required disclosures for all transferred financial assets that are not derecognised and for any continuing involvement in a transferred asset, existing at the reporting date, irrespective of when the related transfer transaction occurred. For the purposes of applying the disclosure requirements in those paragraphs, an entity transfers all or a part of a financial asset (the transferred financial asset) if, and only if, it either

transfers the contractual rights to receive the cash flows of that financial asset; or retains the contractual rights to receive the cash flows of that financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients in an arrangement

An entity shall disclose information that enables users of its financial statements

 to understand the relationship between transferred financial assets that are not derecognised in their entirety and the associated liabilities; and

 to evaluate the nature of, and risks associated with, the entity's continuing involvement in derecognised financial assets

For the purposes of applying the disclosure requirements in paragraphs 42E-42H, an entity has continuing involvement in a transferred financial asset if, as part of the transfer, the entity retains any of the contractual rights or obligations inherent in the transferred financial asset or obtains any new contractual rights or obligations relating to the transferred financial asset. For the purposes of applying the disclosure requirements in paragraphs 42E-42H, the following do not constitute continuing involvement

normal representations and warranties relating to fraudulent transfer and concepts of reasonableness, good faith and fair dealings that could invalidate a transfer as a result of legal action

forward, option and other contracts to reacquire the transferred financial asset for which the contract price (or exercise price) is the fair value of the transferred financial asset; or

an arrangement whereby an entity retains the contractual rights to receive the cash flows of a financial asset but assumes a contractual obligation to pay the cash flows to one or more entities and the conditions in paragraph

Transferred financial assets that are not derecognised in their entirety

An entity may have transferred financial assets in such a way that part or all of the transferred financial assets do not qualify for derecognition. To meet the objectives set out in paragraph 42B(a), the entity shall disclose at each reporting date for each class of transferred financial assets that are not derecognised in their entirety the nature of the transferred assets

the nature of the risks and rewards of ownership to which the entity is exposed a description of the nature of the relationship between the transferred

assets and the associated liabilities, including restrictions arising from the transfer on the reporting entity's use of the transferred assets when the counterparty (counterparties) to the associated liabilities has

(have recourse only to the transferred assets, a schedule that sets out the fair value of the transferred assets, the fair value of the associated liabilities and the net position (the difference between the fair value of the transferred assets and the associated liabilities) when the entity continues to recognise all of the transferred assets, the carrying amounts of the transferred assets and the associated liabilities

when the entity continues to recognise the assets to the extent of its continuing involvement (see paragraphs 3.2.6(c)(ii) and 3.2.16 of IFRS 9), the total carrying amount of the original assets before the transfer, the carrying amount of the assets that the entity continues to recognise, and the carrying amount of the associated liabilities

Transferred financial assets that are derecognised in their entirety

To meet the objectives set out in paragraph 42B(b), when an entity derecognises transferred financial assets in their entirety (see paragraph 3.2.6(a) and (c)(i) of IFRS 9) but has continuing involvement in them, the entity shall disclose, as a minimum, for each type of continuing involvement at each reporting date

the carrying amount of the assets and liabilities that are recognised in

the entity's statement of financial position and represent the entity's continuing involvement in the derecognised financial assets, and the line items in which the carrying amount of those assets and liabilities are recognised

the fair value of the assets and liabilities that represent the entity's continuing involvement in the derecognised financial assets

the amount that best represents the entity's maximum exposure to loss from its continuing involvement in the derecognised financial assets, and information showing how the maximum exposure to loss is determined

the undiscounted cash outflows that would or may be required to repurchase derecognised financial assets (eg the strike price in an option agreement) or other amounts payable to the transferee in respect of the transferred assets. If the cash outflow is variable then the amount disclosed should be based on the conditions that exist at each reporting date

a maturity analysis of the undiscounted cash outflows that would or may be required to repurchase the derecognised financial assets or other amounts payable to the transferee in respect of the transferred assets, showing the remaining contractual maturities of the entity's continuing involvement qualitative information that explains and supports the quantitative disclosures required

An entity may aggregate the information required by paragraph 42E in respect of a particular asset if the entity has more than one type of continuing involvement in that derecognised financial asset, and report it under one type of continuing involvement In addition, an entity shall disclose for each type of continuing involvement the gain or loss recognised at the date of transfer of the asset

income and expenses recognised, both in the reporting period and cumulatively, from the entity's continuing involvement in the derecognised financial assets (eg fair value changes in derivative instruments) if the total amount of proceeds from transfer activity (that qualifies for derecognition) in a reporting period is not evenly distributed throughout the reporting period (eg if a substantial proportion of the total amount of transfer activity takes place in the closing days of a reporting period) when the greatest transfer activity took place within that reporting period (eg the last five days before the end of the reporting period the amount (eg related gains or losses) recognised from transfer activity in that part of the reporting period, and the total amount of proceeds from transfer activity in that part of the reporting period An entity shall provide this information for each period for which a statement of comprehensive income is presented

Supplementary information

 An entity shall disclose any additional information that it considers necessary to meet the disclosure objectives in paragraph 42B

Effective date and transition

An entity shall apply this IFRS for annual periods beginning on or after 1 January 2007. Earlier application is encouraged. If an entity applies this IFRS for an earlier period, it shall disclose that fact

If an entity applies this IFRS for annual periods beginning before 1 January 2006, it need not present comparative information for the disclosures required by paragraphs 31-42 about the nature and extent of risks arising from financial instruments

IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraphs 20, 21, 23(c) and (d), 27(c) and B5 of Appendix B. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period

IFRS 3 (as revised in 2008) deleted paragraph 3(c). An entity shall apply that amendment for annual periods beginning on or after 1 July 2009. If an entity applies IFRS 3 (revised 2008) for an earlier period, the amendment shall also be applied for that earlier period. However, the amendment does not apply to contingent consideration that arose from a business combination for which the acquisition date preceded the application of IFRS 3 (revised 2008). Instead, an entity shall account for such consideration in accordance with paragraphs 65A-65E of IFRS 3 (as amended in 2010)

An entity shall apply the amendment in paragraph 3 for annual periods beginning on or after 1 January 2009. If an entity applies Puttable Financial Instruments and Obligations Arising on Liquidation (Amendments to IAS 32 and IAS 1), issued in February 2008, for an earlier period, the amendment in paragraph 3 shall be applied for that earlier period

Paragraph 3(a) was amended by Improvements to IFRSs issued in May 2008. An entity shall apply that amendment for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the amendment for an earlier period it shall disclose that fact and apply for that earlier period the amendments to paragraph 1 of IAS 28, paragraph 1 of IAS 31 and paragraph 4 of IAS 32 issued in May 2008. An entity is permitted to apply the amendment prospectively

Improving Disclosures about Financial Instruments (Amendments to IFRS 7), issued in March 2009, amended paragraphs 27, 39 and B11 and added paragraphs 27A, 27B, B10A and B11A-B11F. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. An entity need not provide the disclosures required by the amendments for

any annual or interim period, including any statement of financial position, presented within an annual comparative period ending befor December 2009, or any statement of financial position as at the beginning of the earliest comparative period as at a date before 31 December 2009

Earlier application is permitted. If an entity applies the amendments for an earlier period, it shall disclose that fact.1 When an entity first applies IFRS 9, it shall disclose for each class of financial assets and financial liabilities at the date of initial application the original measurement category and carrying amount determined in accordance with IAS 39

the new measurement category and carrying amount determined in accordance with IFRS 9 the amount of any financial assets and financial liabilities in the statement of financial position that were previously designated as measured at fair value through profit or loss but are no longer so designated, distinguishing between those that IFRS 9 requires an entity to reclassify and those that an entity elects to reclassify

An entity shall present these quantitative disclosures in tabular format unless another format is more appropriat When an entity first applies IFRS 9, it shall disclose qualitative information to enable users to understand how it applied the classification requirements in IFRS 9 to those financial assets whose classification has changed as a result of applying IFRS 9 the reasons for any designation or de-designation of financial assets or financial liabilities as measured at fair value through profit or loss

Paragraph 44B was amended by Improvements to IFRSs issued in May 2010. An entity shall apply that amendment for annual periods beginning on or after 1 July 2010. Earlier application is permitted  Improvements to IFRSs issued in May 2010 added paragraph 32A and amended paragraphs 34 and 36-38. An entity shall apply those amendments for annual periods beginning on or after 1 January 2011. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact

Disclosures—Transfers of Financial Assets (Amendments to IFRS 7), issued in October 2010, deleted paragraph 13 and added paragraphs 42A-42H and B29-B39. An entity shall apply those amendments for annual periods beginning on or after 1 July 2011. Earlier application is permitted. If an entity applies the amendments from an earlier date, it shall disclose that fact. An entity need not provide the disclosures required by those amendments for any period presented that begins before the date of initial application of the amendments

1    Paragraph 44G was amended as a consequence of Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Amendment to IFRS 1) issued in January 2010. The Board amended paragraph 44G to clarify its conclusions and intended transition for Improving Disclosures about Financial Instruments (Amendments to IFRS 7)

IFRS 10 and IFRS 11 Joint Arrangements, issued in May 2011, amended paragraph 3. An entity shall apply that amendment when it applies IFRS 10 and IFRS 11

IFRS 13, issued in May 2011, amended paragraphs 3, 28 and 29 and Appendix A and deleted paragraphs 27-27B. An entity shall apply those amendments when it applies IFRS 13

Presentation of Items of Other Comprehensive Income (Amendments to IAS 1), issued in June 2011, amended paragraph 27B. An entity shall apply that amendment when it applies IAS 1 as amended in June 2011

Disclosures—Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7), issued in December 2011, added paragraphs 13A-13F and B40-B53. An entity shall apply those amendments for annual periods beginning on or after 1 January 2013 and interim periods within those annual periods. An entity shall provide the disclosures required by those amendments retrospectively

When an entity first applies the classification and measurement requirements of IFRS 9, it shall present the disclosures set out in paragraphs 44T-44W of this IFRS if it elects to, or is required to, provide these disclosures in accordance with IFRS 9 (see paragraph 8.2.12 of IFRS 9 (2009), paragraph 7.2.14 of IFRS 9 (2010) and paragraph 7.1.13 of IFRS 9 (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39))

If required by paragraph 44S, at the date of initial application of IFRS 9 an entity shall disclose the changes in the classifications of financial assets and financial

liabilities, showing separately the changes in the carrying amounts on the basis of their measurement categories in accordance with IAS 39 (ie not resulting from a change in measurement attribute on transition to IFRS 9); and the changes in the carrying amounts arising from a change in measurement attribute on transition to IFRS 9

The disclosures in this paragraph need not be made after the annual period in which IFRS 9 is initially applied

In the reporting period in which IFRS 9 is initially applied, an entity shall disclose the following for financial assets and financial liabilities that have been reclassified so that they are measured at amortised cost as a result of the

transition to IFRS 9 the fair value of the financial assets or financial liabilities at the end of the reporting period the fair value gain or loss that would have been recognised in profit or

loss or other comprehensive income during the reporting period if the financial assets or financial liabilities had not been reclassified the effective interest rate determined on the date of reclassification; and the interest income or expense recognised If an entity treats the fair value of a financial asset or a financial liability as its amortised cost at the date of initial application (see paragraph 8.2.10 of IFRS 9

(2009), paragraph 7.2.10 of IFRS 9 (2010)), and paragraph 7.2.10 of IFRS 9 (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39)), the disclosures in (c) and (d) of this paragraph shall be made for each reporting period following paragraph need not be made after the reporting period containing the date of initial application

If an entity presents the disclosures set out in paragraphs 44S-44U at the date of initial application of IFRS 9, those disclosures, and the disclosures in paragraph 28 of IAS 8 during the reporting period containing the date of initial application, must permit reconciliation between

the measurement categories in accordance with IAS 39 and IFRS 9; and the line items presented in the statements of financial position

 If an entity presents the disclosures set out in paragraphs 44S-44U at the date of initial application of IFRS 9, those disclosures, and the disclosures in paragraph 25 of this IFRS at the date of initial application, must permit reconciliation between the measurement categories presented in accordance with IAS 39 and the class of financial instrument at the date of initial application

Withdrawal of IAS 30

This IFRS supersedes IAS 30 Disclosures in the Financial Statements of Banks and Similar  Financial Institutions

Appendix A Defined terms  This appendix is an integral part of the IFRS

credit risk

currency risk

interest rate risk

liquidity risk

loans payable

market risk

other price risk

past due

The risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset Loans payable are financial liabilities, other than short-term trade payables on normal credit terms The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk

The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes arecaused by factors specific to the individual financial instrument or its issuer or by factors affecting all similar financial instruments traded in the market

A financial asset is past due when a counterparty has failed to make a payment when contractually dueThe following terms are defined in paragraph 11 of IAS 32, paragraph 9 of IAS 39 or

Appendix A of IFRS 9 and are used in the IFRS with the meaning specified in IAS 32, IAS 39 and IFRS 9

amortised cost of a financial asset or financial liability

derecognition

derivative

effective interest method

equity instrument

fair value

financial asset

financial guarantee contract

financial instrument

financial liability

financial liability at fair value through profit or loss

forecast transaction

hedging instrument

held for trading

reclassification date

regular way purchase or sale

Appendix B Application guidanc

This appendix is an integral part of the IFRS

Classes of financial instruments and level of disclosure

Paragraph 6 requires an entity to 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. The classes described in paragraph 6 are determined by the entity and are, thus, distinct from the categories of financial instruments specified in IFRS 9 (which determine how financial instruments are measured and where changes in fair value are recognised) In determining classes of financial instrument, an entity shall, at a minimum distinguish instruments measured at amortised cost from those measured at fair value treat as a separate class or classes those financial instruments outside the scope of this IFRS

An entity decides, in the light of its circumstances, how much detail it provides to satisfy the requirements of this IFRS, how much emphasis it places on different aspects of the requirements and how it aggregates information to display the overall picture without combining information with different characteristics. It is necessary to strike a balance between overburdening financial statements with excessive detail that may not assist users of financial statements and obscuring important information as a result of too much aggregation. For example, an entity shall not obscure important information by including it among a large amount of insignificant detail. Similarly, an entity shall not disclose information that is so aggregated that it obscures important differences between individual transactions or associated risks

Other disclosure - accounting policies (paragraph 21)

Paragraph 21 requires disclosure of the measurement basis (or bases) used in preparing the financial statements and the other accounting policies used that are relevant to an understanding of the financial statements. For financial instruments, such disclosure may include for financial liabilities designated as at fair value through profit or loss the nature of the financial liabilities the entity has designated as at fair value through profit or loss the criteria for so designating such financial liabilities on initial recognition; and how the entity has satisfied the conditions in paragraph 4.2.2 of IFRS 9 for such designation for financial assets designated as measured at fair value through profit or loss the nature of the financial assets the entity has designated as measured at fair value through profit or loss; and how the entity has satisfied the criteria in paragraph 4.1.5 of IFR for such designation whether regular way purchases and sales of financial assets are accounted for at trade date or at settlement date (see paragraph 3.1.2 of IFRS 9) when an allowance account is used to reduce the carrying amount of financial assets impaired by credit losses

the criteria for determining when the carrying amount of impaired financial assets is reduced directly (or, in the case of a reversal of a write-down, increased directly) and when the allowance account is used; and

the criteria for writing off amounts charged to the allowance account against the carrying amount of impaired financial assets (see paragraph 16)
how net gains or net losses on each category of financial instrument are determined (see paragraph 20(a)), for example, whether the net gains or net losses on items at fair value through profit or loss include interest or dividend income

the criteria the entity uses to determine that there is objective evidence that an impairment loss has occurred (see paragraph 20(e)) when the terms of financial assets that would otherwise be past due or impaired have been renegotiated, the accounting policy for financial assets that are the subject of renegotiated terms Paragraph 122 of IAS 1 (as revised in 2007) also requires entities to disclose, in

the summary of significant accounting policies or other notes, the judgements, apart from those involving estimations, that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements

Nature and extent of risks arising from financial instruments

The disclosures required by paragraphs 31-42 shall be either given in the financial statements or incorporated by cross-reference from the financial statements to some other statement, such as a management commentary or risk report, that is available to users of the financial statements on the same terms as the financial statements and at the same time. Without the information incorporated by cross-reference, the financial statements are incomplete

Quantitative disclosures

Paragraph 34(a) requires disclosures of summary quantitative data about an

entity's exposure to risks based on the information provided internally to key management personnel of the entity. When an entity uses several methods to manage a risk exposure, the entity shall disclose information using the method or methods that provide the most relevant and reliable information. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors discusses relevance and reliability

Paragraph 34(c) requires disclosures about concentrations of risk. Concentrations of risk arise from financial instruments that have similar characteristics and are affected similarly by changes in economic or other conditions. The identification of concentrations of risk requires judgement taking into account the circumstances of the entity. Disclosure of concentrations of risk shall include a description of how management determines concentrations a description of the shared characteristic that identifies each concentration (eg counterparty, geographical area, currency or market) and the amount of the risk exposure associated with all financial instruments sharing that characteristic

Maximum credit risk exposure (paragraph 36(a))

 Paragraph 36(a) requires disclosure of the amount that best represents the entity's maximum exposure to credit risk. For a financial asset, this is typically the gross carrying amount, net of  any amounts offset in accordance with IAS 32; and any impairment losses recognised in accordance with IAS 39 Activities that give rise to credit risk and the associated maximum exposure to credit risk include, but are not limited to granting loans to customers and placing deposits with other entities. In these cases, the maximum exposure to credit risk is the carrying amount of the related financial assets entering into derivative contracts, eg foreign exchange contracts, interest rate swaps and credit derivatives. When the resulting asset is measured at fair value, the maximum exposure to credit risk at the end of the reporting period will equal the carrying amount

granting financial guarantees. In this case, the maximum exposure to credit risk is the maximum amount the entity could have to pay if the guarantee is called on, which may be significantly greater than the amount recognised as a liability making a loan commitment that is irrevocable over the life of the facility or is revocable only in response to a material adverse change. If the issuer cannot settle the loan commitment net in cash or another financial instrument, the maximum credit exposure is the full amount of the commitment. This is because it is uncertain whether the amount of any undrawn portion may be drawn upon in the future. This may be significantly greater than the amount recognised as a liability

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