International Journal of Research in Finance and Marketing
  • Year: 2017
  • Volume: 7
  • Issue: 2

Implementation of IFRS 7 and Disclosure Practices of Indian Steel Industry

  • Author:
  • Robert Mosomi Ombati1, Anita Shukla2
  • Total Page Count: 13
  • Page Number: 80 to 92

1Research Scholar, Department of Accounting, JRN Rajasthan Vidhyappeth University, Udaipur-Rajasthan

2Head, Department of Accounting, JRN Rajasthan Vidhyappeth University, Udaipur-Rajasthan

Abstract

The IFRS-7 Financial instrument was implemented in India as per the notification by ministry of corporate affairs with the name of Ind. AS-108. The IFRS has a long history of implementation in various part of the world. This paper will discuss the both type of disclosure required as IFRS-7 namely significance of financial instruments and nature and extent of risks arising from financial instruments. Both the type of information is required to be disclosed in quantitative and qualitative form. The top 5 steel companies selected for the purpose of the current study and after analysing their annual reports it was found the out of 5 selected steel companies 3 have provided a little details about the required disclosures while rest two have not provided any disclosure. Thus, the paper finally concluded that the requirements of IFRS must be fulfilled.

Keywords

IFRS-7, Disclosure requirement, Steel Companies, Financial instrument, Risk