15.1 Background

Under IFRS Accounting Standards, accounting requirements related to the issuer’s accounting for debt are primarily located in IFRS 9, which addresses recognition, derecognition, and measurement of financial assets and financial liabilities (including derivatives and hedge accounting), and IAS 32, which focuses on the classification of financial instruments (or components thereof) as liabilities or equity and balance sheet offsetting. Further, IAS 1 includes requirements for financial statement presentation and classification of assets and liabilities (including debt) as current or noncurrent. In addition, IFRS 7 addresses the disclosures entities should provide about financial instruments (including debt).