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The standard provides guidance on the classification and measurement of financial assets and liabilities, as well as the recognition and derecognition of financial instruments. It also includes guidance on the impairment of financial assets and hedge accounting. In summary, the standard provides a framework for how companies should account for financial instruments in their financial statements, including how to value them, recognize them, and account for any changes in their value over time. It's important for companies to follow this standard in order to provide investors and stakeholders with accurate and reliable financial information.