BC1 This Basis for Conclusions summarises the International Accounting Standards Board's considerations in reaching the conclusions in IFRS 7 Financial Instruments: Disclosures. Individual Board members gave greater weight to some factors than to others.
BC2 During the late 1990s, the need for a comprehensive review of IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions became apparent. The Board's predecessor, the International Accounting Standards Committee (IASC), issued a number of Standards that addressed, more comprehensively, some of the topics previously addressed only for banks in IAS 30. Also, fundamental changes were taking place in the financial services industry and in the way in which financial institutions manage their activities and risk exposures. This made it increasingly difficult for users of banks' financial statements to assess and compare their financial position and performance, their associated risk exposures, and their pr
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