IFRS 7 : Financial Instruments : Disclosure

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Entities are to disclose the carrying amounts of financial instrument in a manner that users may understand the accounting policies and measurement of the instruments. Assets and liabilities that are valued using fair value to profit and loss are to disclose the amount of change in value that is attributable to changes in credit risk. Disclosures regarding reclassification including the amount being reclassified and the reason of reclassification. Derecognition of an asset or liabilities that merely transfer out the instrument but still retain the future losses or gain of the instrument should be disclosed.

IAS 39 : Financial Instruments : Recognition and Measurement

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Financial Instruments are any contract that give rise to a financial asset of one entity and a financial liabilities to the other. The definition does not limited to financial contracts but also to non financial contract that retains the financial characteristics.The financial assets are classified into fair value through profit and loss, loans and receivable, investment held to maturity and available for sales financial assets. Financial liabilities are classified into fair value through profit and loss and amortized cost. Initial measurement of instrument is in fair value and subsequently with cost, amortized cost, or fair value.

IFRS 4 : Insurance Contract

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A contract under which one party (the insurer ) accept significant insurance risk from another party(the policy holder by agreeing to compensate the policyholder if a specified future event adversely affects the policyholders. Other link contract that does not fall into the definition should be recorded and measured separately. Any provision for claims over the contract that is not inexistence on the balance sheet is prohibited. Deposit component of some insurance contract are to account separately.