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).