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Explain IFRS 7 in detail and in simple terms/words. Explanation should include: Motivation for changing to IFRS 7 Objective of IFRS 7 Requirements of IFRS

Explain IFRS 7 in detail and in simple terms/words. Explanation should include:

Motivation for changing to IFRS 7

Objective of IFRS 7

Requirements of IFRS 7

Differences and similarities between IFRS 7 and the standards it replaced

Risks of IFRS 7

Limitations and Advantages of IFRS 7

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