1. Discuss the concept of 'equity risk' and how it is useful in determining whether a financial instrument is a financial liability or an equity instrument of the issuer. 2. Does IAS 32 contain a clear hierarchy to be used in determining whether a financial instrument is a financial liability or an equity instrument of the issuer? Explain your answer. 3. IAS 39 applies a 'rights and obligations approach' to the recognition of financial instruments. Discuss. 4. Explain what an economic hedge is. Will hedge accounting always result in the same outcome as an economic hedge? 5. Identify the main criticisms of accounting for financial instruments that emerged during the financial crisis. To what extent had the IASB addressed these by the end of 2011