International Journal of Research in Finance and Marketing (IJRFM) Available online at : http://euroasiapub.org/current.php?title=IJRFM Vol. 7 Issue 2, February - 2017, pp. 80~92 ISSN(o): 2231-5985 | Impact Factor: 6.397 | Thomson Reuters Researcher ID: L-5236-2015 International Journal of Research in Finance & Marketing Email:- editorijrim@gmail.com, http://www.euroasiapub.org An open access scholarly, peer-reviewed, interdisciplinary, monthly, and fully refereed journal 80 IMPLEMENTATION OF IFRS 7 AND DISCLOSURE PRACTICES OF INDIAN STEEL INDUSTRY Robert Mosomi Ombati ͳ , Research Scholar, Department of Accounting, JRN Rajasthan Vidhyappeth University, Udaipur-Rajasthan Prof. Anita Shukla ʹ (ead Department of Accounting, JRN Rajasthan Vidhyappeth University, Udaipur-Rajasthan Abstract Keywords: IFRS-7, Disclosure requirement, Steel Companies, Financial instrument, Risk. )FRS-͹ Financial )nstruments: Disclosures requires disclosure of information about the significance of financial instruments to an entity, and the nature and extent of risks arising from those financial instruments, both in qualitative and quantitative terms. Specific disclosures are required in relation to transferred financial assets and a number of other matters. The )FRS ͹ was originally issued in August ʹͲͲͷ and applies to annual periods beginning on or after ͳ January ʹͲͲ͹. But Exposure Draft ED ͹ ȋFinancial )nstruments: DisclosuresȌ was published on ʹʹ July ʹͲͲͶ with Comment deadline ͳͶ September ʹͲͲͻ. ʹͷ September ʹͲͳͶ. )t was amended by )mprovements to )FRSs ʹͲͳͶ ȋservicing contracts and applicability of the amendments to )FRS ͹ to condensed interim financial statementsȌ and Effective for annual periods beginning on or after ͳ January ʹͲͳ͸. The )FRS-͹ Financial instrument was implemented in )ndia as per the notification by ministry of corporate affairs with the name of )nd.AS-ͳͲͺ. The )FRS has a long history of implementation in various part of the world. This paper will discuss the both type of disclosure required as )FRS-͹ 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 ͷ steel companies selected for the purpose of the current study and after analysing their annual reports it was found the out of ͷ selected steel companies ͵ 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 )FRS must be fulfilled.