![]() IAS 32 was subsequently renamed as IAS 32 Financial Instruments: Presentation. ![]() In August 2005 the Board issued IFRS 7 Financial Instruments, which replaced IAS 30 and carried forward the disclosure requirements in IAS 32 Financial Instruments: Disclosure and Presentation. In April 2001 the International Accounting Standards Board (Board) adopted IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions, which had originally been issued by the International Accounting Standards Committee in August 1990. IFRS 7 applies to all entities, including entities that have few financial instruments (for example, a manufacturer whose only financial instruments are cash, accounts receivable and accounts payable) and those that have many financial instruments (for example, a financial institution most of whose assets and liabilities are financial instruments). Together, these disclosures provide an overview of the entity’s use of financial instruments and the exposures to risks they create. The quantitative disclosures provide information about the extent to which the entity is exposed to risk, based on information provided internally to the entity’s key management personnel. The qualitative disclosures describe management’s objectives, policies and processes for managing those risks. the nature and extent of risks arising from financial instruments to which the entity is exposed during the period and at the end of the reporting period, and how the entity manages those risks.the significance of financial instruments for the entity’s financial position and performance.IFRS 7 requires entities to provide disclosures in their financial statements that enable users to evaluate:
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