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17.7 Disclosures
Publication date: 30 Sep 2021
us IFRS & US GAAP guide
The disclosure requirements when adopting the amendments for IFRS are significantly more comprehensive than the requirements for US GAAP.
US GAAP | IFRS |
US GAAP requires disclosing the nature and reason for electing to apply the optional expedients starting in the period when any practical expedient is first adopted.
| IFRS disclosure requirements include:
● Significant interest rate benchmarks to which the entity’s hedging relationships are exposed and the nominal amount of the hedging instruments in such relationships
● How an entity is managing the transition to alternative benchmark rates, including its progress at the reporting date and the risks to which it is exposed arising from financial instruments because of transition
● Disaggregated by significant interest rate benchmark subject to IBOR reform, quantitative information about financial instruments that have yet to transition to an alternative benchmark rate at the end of the reporting period, showing separately non-derivative financial assets and liabilities and derivatives
● A description of significant assumptions and judgments that the entity made in applying the amendments
● If the risks identified have resulted in any changes to an entity’s risk management strategy, a description of these changes.
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