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AASB 7 - Financial Instruments: Disclosure
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Summary 
Developments, Key Differences & History 
Compared to IFRS 
Interpretations 
Rejection Notices 
Questions & Answers 
Articles 
AASB website 

 
AASB 7 
as reported in ANT34/2008 
 
Q: How do I find out what constitutes a financial asset or a financial liability, for the purposes of AASB 7? The standard seems to go straight into the disclosure requirements without giving definitions.  
 
A: The definitions of "financial asset" and "financial liability" can be found in AASB 132 Financial Instruments: Presentation, in paragraph 11. Further commentary is given in the Application Guidance at the back of AASB 132. 
 
For more information on applying AASB 7, go to the Institute website. 
 
 
Financial Instrument Disclosures 
as reported in ANT49/2006 
 
Q: In the latest compiled version of AASB 132 I notice all the disclosure requirements previously contained in paragraphs 51-95 have been deleted. Does that mean I no longer have to provide all these disclosures relating to the risks the entity faces? 
 
A: No. This version of AASB 132 applies on or after 1 January 2007 and must be read in conjunction with the new AASB 7 Financial instruments: Disclosures, which is also operative on that date. 
 
AASB 7 was issued by the AASB and IASB in August 2005. This standard moved the disclosure requirements contained in paragraphs 51-95 of the former AASB 132 Financial Instruments: Disclosure and Presentation into AASB 7 so as to include all financial instrument disclosures in one place. The relevant paragraphs of AASB 132 were deleted via AASB omnibus 2005-10 so that AASB 132 now contains only presentation requirements for financial instruments. As a result it was also renamed AASB 132 Financial Instruments: Presentation.