GRAP 104 Financial Instruments
Financial instruments often cause fear and trepidation but if you take the time to unpack the rules one at a time, your confidence will be restored when trying to do the accounting for financial instruments.
GRAP 104 Financial Instrument assets and liabilities have separate accounting requirements and present an accountant with varying options for classifying, as well as subsequently remeasuring financial instruments.
The typical classification / measurement bases are amortised cost, fair value, and cost.
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 is the new ‘presentation of financial statements’ standard,replacing IAS 1. The effective date of IFRS 18 is for financial periods that begin on or after 1 January 2027.
This standard guides you in terms of the concepts that underlie all IFRS standards and set out the principles that embody an IFRS based set of financial statements.
IFRS 18 also lays out what makes up a set of IFRS based financial statements, and the minimum content requirements within each such statement except for the statement of cash flows dealt with separately under IAS 7.
GRAP 104 Financial Instruments
Our goal: Simplify the requirements of GRAP 104, and work through principles practically, so that we can bust the myth that financial instruments are complicated.
IFRS 18 Presentation and Disclosure in Financial Statements
GRAP 104 Financial Instruments
IFRS 18 Presentation and Disclosure in Financial Statements
