 Let us start today financial instruments standard, how to present and how to record in the books. First of all the learning outcomes. This standard will help students to understand the financial instruments and their classification. So important thing is there are a number of financial assets and liabilities, equity, so their classification. They will manage to record, report financial instruments in appropriate value in financial outcomes. Any loss or gain, interest or dividends calculated on financial instruments. Now the objective and scope. The objective of IS32 is to establish principles for presenting financial instrument as assets, liabilities or equity. For offsetting financial assets, financial liabilities. It happens that you have financial assets, at the same time you have a financial liability. So you can offset it. It applies to the classification of financial instruments for the prospects of issue of financial assets, financial liabilities and equity. IS32 shall be applied by all entities of all types of financial instruments except IS27 which is regarding the consolidation and IS19 which is again a different standard, writes an obligation under insurance contract to establish principle of presenting financial instruments. That is first thing to make sure. Then the definition of financial instruments, classification of equity versus financial liability, compound financial instrument. This is an instrument where you have two things together, liabilities as well as equity. Then trading stocks, the trading shares and then offsetting. Now the definition, first of all a financial instrument is a contract that give rise to both a financial assets of one enterprise and financial liability or equity instruments to another enterprise. A very simple example. When you sell something, so you create receivable. But the other party who is buying from you will create a liability accounts payable. So one party is creating an asset, the other party is creating a liability. They should be classified according to their substance and not merely their legal form. This is again a substance means that what actually it is, not really the legal side of it. The fundamental principle of IS32 is that financial instrument should be classified as financial assets, financial liabilities and equity instruments. According to the substance of the contract, not the legal form. When a company raise finance, we have to classify as debt or equity. For example, a company want to issue shares, so they are creating equity. And if the issue let's say debenture or bonds, they create debts. The classification not subsequently change based on change circumstances. Once you classify a certain asset or liability or equity, you cannot change it. It should remain as it is still such time that asset is going to be eliminated from the balance sheet. Now the financial assets, a contractual right to receive cash or other financial assets from another enterprise. You may receive cash against it or you may receive some other assets against it. A construction right to exchange financial instruments with another enterprise under conditions that are potentially favorable. So you can only exchange when there is a favorable conditions to you. Financial liabilities, a liability that is contractual obligation that you owe something to somebody to deliver cash or other financial assets to another company. To exchange financial instruments with another enterprise under condition for potentially unfavorable. Now equity instruments, any contract that evidence residual interest in the assets of an enterprise after deducting all of its liabilities. Basically this is equity that assets minus liabilities would remain that is the equity. So equity is separately shown not as a liability. Although you may say when company issuing shares so they are accepting a liability that they are taking the money from you and they are supposed to pay back but not like that. Equity you cannot claim from the company. If you do not like to continue with the shares you can sell it in the market but you cannot force the company to pay back your money. So that is why it is not a liability of the company it is equity. Thank you very much.