iGAAP 2009 Financial instruments: IAS 32, IAS 39 and IFRS 7 explained is the original and authoritative guide for anyone applying these complex international financial reporting standards.

Now in its fifth edition, this is an accumulation of deep technical expertise and practical experience of applying these standards across industries. Although IFRS has stabilised in recent years, financial instrument accounting remains one of the most complex areas and continues to challenge practitioners and users of financial statements.

This publication goes beyond the technical requirements of the standards by unearthing common practice and problems, and providing views, interpretations, clear explanations and examples, to enable a reader to gain a sound understanding of the standards and an appreciation of the practicalities.

Much of the difficulty in applying IAS 39 centres around hedge accounting, and this is dealt with in detail in this book. The three standards, however, have a breadth that is far wider than just hedge accounting: they cover the distinction of debt and equity, embedded derivatives, derecognition, impairment, and, importantly, disclosure.

The application of IFRS 7 is in its infancy and it is comprehensively dealt with in this book along with illustrative disclosures. In addition, as much of financial instruments accounting originates from the equivalent guidance in the US standards, this book includes comparisons to US GAAP as many differences remain.

The authors from Deloitte are widely recognised experts on accounting for financial instruments. In this book they share their experience of working with clients in the UK and globally on their application of these standards. The resulting guidance is therefore an authoritative and practical reference work for all preparers and users of financial statements, academics and advisors.

Contents

1. Scope
2. Financial Assets
3. Financial liabilities and equity
4. Derivatives
5. Embedded Derivatives
6. Measurement
7. Recognition and derecognition
8. Hedge accounting
9. Disclosure
10. Transition to IAS 32, IAS 39 and IFRS 7 on first-time adoption of IFRS

Appendix – Illustrative IFRS 7 disclosures
Index