![]() ![]() The terms financial instruments, financial assets, financial liabilities and equity have been defined in Ind AS 32. ![]() What are Financial Assets, Financial Liabilities and Equity?īefore moving into an extensive discussion on the topic, it is necessary to have a fair idea about what aforesaid words. In this article, however, we intend to capture the requirements relating to classification and reclassification of financial assets and financial liabilities as per the standard. Ind AS 109 can be divided into various parts namely, classification and measurement of financial instruments, de-recognition of financial assets and financial liabilities, fair valuation of financial instruments, impairment measurements etc. This standard itself is incomplete, as to draw a meaningful conclusion to any matter relating to financial asset or financial liability, one will also have to refer to the Ind AS 32. ![]() Ind AS 109 specifically provides for the manner in which the financial assets and financial liabilities are to be dealt with the books of the accounts. This standard is an adaption of the International Financial Reporting Standard 9. By Team IFRS & Valuation Services ( BackgroundĪs India moves into Indian Accounting Standards (Ind AS), one standard which the accountants will be wary about is the Ind AS 109: Financial Instruments. ![]()
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