AASB 7: Are you ready to talk about your risks and how you are managing them?

AASB 7 Financial Instruments: Disclosures (AASB 7) consolidates and expands a number of existing disclosure requirements and adds some significant and challenging new disclosures. It’s applicable for annual periods beginning on or after 1 January 2007, with prior year comparatives required. Some of the requirements of AASB 7 will be familiar due to the fact that it is, in part, a replacement of AASB 132 Financial Instruments: Disclosure and Presentation (AASB 132) while others - such as the requirement to provide quantitative and qualitative market risk disclosures - are new and may represent a significant challenge for many.

Many entities have not yet focused on the extent of the expanded disclosures or the systems and processes required to produce them. Some entities may also be unaware of how they will be impacted by the requirement to disclose internal company management information externally.

The attached booklet outlines the key elements of AASB 7 to help you understand its impact, who the standard applies to and how urgently it needs to be tackled.

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