Treasury Market Risk Management

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Treasury Market Risk Management"

Transcription

1 Treasury Market Risk Management

2 Treasury Management Treasury management is a broader concept than liquidity management Management of cash flows in terms of: Amount of cash inflow / outflow Currency of the flows Time pattern Places of occurrences of cash flows

3 Functions performed by Treasury Management Liquidity management (including cash management) Interest rate risk management Currency risk management Equity risk management Commodity risk management Investment risk management

4 Functions of Treasury Management (International Scenario) Insurance Investor relations management Pension fund management Tax management

5 Investment Function Commitments of funds for an expected benefit in the future. Investments in financial assets Equity shares Government securities Bonds Corporate debentures Investment in real assets Commodities Bullion (Gold / Silver) Real estate investment

6 Investment in Financial Assets Cash or near cash asset Exchange of cash or other financial asset Securities traded in an open market Transactions are recorded in a trading book Trading books record positions held in financial instruments and commodities Trading interest Hedge interest Instruments are held without any restrictive covenants

7 Basel Committee Norms for Trading Bank committee defines the trading strategy Setting position limits on trading Monitoring of position limits Authority to the dealers to undertake trade within a defined limit Mark-to-market of positions Assessment system Valuation process Market turnover levels Position size

8 Basel Committee Disclosure Requirements of Investments Disclosure on holding of investments with capital gains expectations. Valuation process and accounting of investment holdings. Fair market values of investments in balance sheet. Information on publically and privately traded investments. Cumulative realized values and losses from sale and liquidation of investments. Unrealized gains and losses from investments and capital. Disclosure to assess the risk of investments.

9 Investment Classification Held to maturity Dated instruments Intended to be held till the maturity date Portfolio not to exceed 25% of total investment portfolio Exemption from 25% limit Recapitalized bonds issued by Central Government Investment in a bank s subsidiaries and joint ventures Investments made under private placements

10 Investment Classification Available for sale / Held for Trading Invested for earning revenues Expected movement in price/ interest rates Bank s may determine the quantum of investment Intention of holding the investment Risk management system Tax plan Employee skill set Bank s net worth position

11 Investment Classification Available for sale / Held for Trading Disposed off within a maximum holding period of 90 days from the date of acquisition Profit / loss from investment reported in the income statement

12 RBI Guidelines on Shifting Security Classification Shifting of held to maturity classification can be done only once a year at the beginning of the accounting year Shifting of available for sale to held to maturity can be at any point of time Shifting of held to maturity to available for sale is not permitted

13 RBI Guidelines on Shifting Security Classification Transfer from one classification to another At acquisition cost Book value or market value on the date of transfer whichever is less Provision for depreciation

14 RBI Guidelines on Valuation of Quoted Securities Held to Maturity Actual cost When acquisition cost is more than the face value, the premium is absorbed over maturity period in the income statement Periodical review of acquisition cost and decline in value has to be reported

15 RBI Guidelines on Valuation of Quoted Securities Available for Sale Valuation at mark-to-market on a quarterly basis Provision for depreciation in value Book value of securities are recorded

16 RBI Guidelines on Valuation of Quoted Securities Held for Trading Equity shares at mark-to-market on a daily basis Valuation at mark-to-market on a monthly basis Exchange quoted price RBI price (Government securities) Price quotes of Primary Dealers Association

17 RBI Guidelines on Valuation of Unquoted Securities Yield to maturity P C C C B YTM YTM YTM YTM 2 n n (1 ) (1 ) (1 ) (1 ) P Price of the security; C Annual coupon payment; B Vace falue of bond; n Year of maturity; YTM Yield to Maturity

18 Investment Fluctuation Reserve Changes in investment portfolio due to unforeseen interest rate fluctuations or other changes. Minimum 5% and maximum 10% of investment value of held for trading and available for sale classifications to be held as investment fluctuation reserve. Transfer of a part of gain on sale of investments to investment fluctuation reserve.

19 Guidelines on Investment Policy Investment policy to be based on acceptable bank practices Policy to be based on Size of bank operation Composition of assets and liabilities Long term policy on bank operations Risk evaluation Bank needs to trade only on the basis of securities held Government securities to be acquired through auction

20 Guidelines on Investment Policy Sale and purchase recorded in the bank s investment account. Outright sale Ready forward contract Subsidiary general ledger Bank receipt Approval of the designated bank authority for dealings through brokers.

21 Guidelines on Investment Policy Maintenance of separate broker accounts. Observation of due diligence when the transaction is on behalf of broker clients. Investments in equity instruments (shares and debentures) to be made with adequate skilled employees.

22 Guidelines on Investment Policy Board of Directors to determine level of authority against each deal and dealer Approval procedures for each investment transaction Determination of prudential trading exposure limits Reporting system for each classification of investment transaction

SCHEDULE-17 SIGNIFICANT ACCOUNTING POLICIES. 1. General

SCHEDULE-17 SIGNIFICANT ACCOUNTING POLICIES. 1. General SCHEDULE-17 SIGNIFICANT ACCOUNTING POLICIES 1. General The financial statements are prepared on historical cost basis by following going concern concept and conform to the statutory provisions and practices

More information

SCHEDULE-17 SIGNIFICANT ACCOUNTING POLICIES 1. GENERAL BASIS OF PREPARATION

SCHEDULE-17 SIGNIFICANT ACCOUNTING POLICIES 1. GENERAL BASIS OF PREPARATION SCHEDULE-17 SIGNIFICANT ACCOUNTING POLICIES 1. GENERAL BASIS OF PREPARATION The financial statements have been prepared and presented under historical cost convention on accrual basis of accounting unless

More information

Module 6 : Cash Flow. Lecture 1 : Cash Flow Statement

Module 6 : Cash Flow. Lecture 1 : Cash Flow Statement Module 6 : Cash Flow Lecture 1 : Cash Flow Statement Objectives In this lecture you will learn the following Introduction Cash Flow Statement. Meaning. Applicability. Cash and Cash equivalents. Meaning

More information

SCHEDULE-17 SIGNIFICANT ACCOUNTING POLICIES 1. GENERAL BASIS OF PREPARATION

SCHEDULE-17 SIGNIFICANT ACCOUNTING POLICIES 1. GENERAL BASIS OF PREPARATION SCHEDULE-17 SIGNIFICANT ACCOUNTING POLICIES 1. GENERAL BASIS OF PREPARATION The financial statements have been prepared and presented under historical cost convention on accrual basis of accounting unless

More information

1 Regional Bank Regional banks specialize in consumer and commercial products within one region of a country, such as a state or within a group of states. A regional bank is smaller than a bank that operates

More information

Statement of Cash Flows

Statement of Cash Flows STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 7 Statement of Cash Flows This version of SB-FRS 7 does not include amendments that are effective for annual periods beginning after 1 January 2014.

More information

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF

More information

International Accounting Standard 7 Statement of cash flows *

International Accounting Standard 7 Statement of cash flows * International Accounting Standard 7 Statement of cash flows * Objective Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability

More information

MITSUI SUMITOMO INSURANCE COMPANY, LIMITED AND SUBSIDIARIES. CONSOLIDATED BALANCE SHEETS March 31, 2005 and 2006

MITSUI SUMITOMO INSURANCE COMPANY, LIMITED AND SUBSIDIARIES. CONSOLIDATED BALANCE SHEETS March 31, 2005 and 2006 CONSOLIDATED BALANCE SHEETS March 31, 2005 and 2006 2005 2006 ASSETS Investments - other than investments in affiliates: Securities available for sale: Fixed maturities, at fair value 3,043,851 3,193,503

More information

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS NAS 03 NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS CONTENTS Paragraphs OBJECTIVE SCOPE 1-3 BENEFITS OF CASH FLOWS INFORMATION 4-5 DEFINITIONS 6-9 Cash and cash equivalents 7-9 PRESENTATION OF A

More information

Cash Flow Statements

Cash Flow Statements STATUTORY BOARD FINANCIAL SB-FRS 7 REPORTING STANDARD Cash Flow Statements SB-FRS 7 Cash Flow Statements applies to Statutory Boards for annual periods beginning on or after 1 January 2009. This Standard

More information

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows Sri Lanka Accounting Standard-LKAS 7 Statement of Cash Flows CONTENTS SRI LANKA ACCOUNTING STANDARD-LKAS 7 STATEMENT OF CASH FLOWS paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS

More information

FOREIGN EXCHANGE RISK MANAGEMENT

FOREIGN EXCHANGE RISK MANAGEMENT CHAPTER - VII CHAPTER - VII FOREIGN EXCHANGE RISK MANAGEMENT INTRODUCTION DEFINITION & MEANING EXPOSURE IN FOREIGN EXCHANGE > TRANSACTION EXPOSURES > TRANSLATION EXPOSURES > OPERATING EXPOSURES MANAGING

More information

INVESTMENT DICTIONARY

INVESTMENT DICTIONARY INVESTMENT DICTIONARY Annual Report An annual report is a document that offers information about the company s activities and operations and contains financial details, cash flow statement, profit and

More information

AS 3 CASH FLOW STATEMENTS. CA Final Course Paper Financial Reporting Chapter 1 Unit 4 CA. B. GANESH

AS 3 CASH FLOW STATEMENTS. CA Final Course Paper Financial Reporting Chapter 1 Unit 4 CA. B. GANESH AS 3 CASH FLOW STATEMENTS CA Final Course Paper Financial Reporting Chapter 1 Unit 4 CA. B. GANESH Contents Applicability Objective Scope Benefits of Cash Flow Information Definitions Cash and Cash Equivalents

More information

IPSAS 2 CASH FLOW STATEMENTS

IPSAS 2 CASH FLOW STATEMENTS IPSAS 2 CASH FLOW STATEMENTS Acknowledgment This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 7, Cash Flow Statements published

More information

Cash Flow Statements

Cash Flow Statements Compiled Accounting Standard AASB 107 Cash Flow Statements This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007. Early application is permitted. It incorporates

More information

QUINSAM CAPITAL CORPORATION INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2015 (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS)

QUINSAM CAPITAL CORPORATION INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2015 (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS) INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS) NOTICE TO READER Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if

More information

Statement of Cash Flows

Statement of Cash Flows HKAS 7 Revised February November 2014 Hong Kong Accounting Standard 7 Statement of Cash Flows HKAS 7 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial

More information

Deloitte GAAP 2014: FRS 102 - Volume B (UK Series)

Deloitte GAAP 2014: FRS 102 - Volume B (UK Series) Deloitte GAAP 2014: UK Reporting - FRS 102 - Volume B (UK Series) Chapter B7: Free postage when you order online www.lexisnexis.co.uk/store or call 0845 370 1234 B7 Contents 1 Introduction 211 2 Scope

More information

Security Analysis and Portfolio Management FIN-321-TE

Security Analysis and Portfolio Management FIN-321-TE Security Analysis and Portfolio Management FIN-321-TE This TECEP is an introduction to investment alternatives, security analysis, and portfolio construction. Topics include: the environment in which investment

More information

SSAP 24 STATEMENT OF STANDARD ACCOUNTING PRACTICE 24 ACCOUNTING FOR INVESTMENTS IN SECURITIES

SSAP 24 STATEMENT OF STANDARD ACCOUNTING PRACTICE 24 ACCOUNTING FOR INVESTMENTS IN SECURITIES SSAP 24 STATEMENT OF STANDARD ACCOUNTING PRACTICE 24 ACCOUNTING FOR INVESTMENTS IN SECURITIES (Issued April 1999) The standards, which have been set in bold italic type, should be read in the context of

More information

York Business Associates, L.L.C. (d/b/a TransAct Futures) and Subsidiary FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT.

York Business Associates, L.L.C. (d/b/a TransAct Futures) and Subsidiary FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT. York Business Associates, L.L.C. (d/b/a TransAct Futures) and Subsidiary FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT December 31, 2014 CONSOLIDATED STATEMENT OF FINANCIAL CONDITION December

More information

Condensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board

Condensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board Condensed Interim Consolidated Financial Statements of Canada Pension Plan Investment Board December 31, 2015 Condensed Interim Consolidated Balance Sheet As at December 31, 2015 (CAD millions) As at December

More information

Accounting and Reporting Policy FRS 102. Staff Education Note 1 Cash flow statements

Accounting and Reporting Policy FRS 102. Staff Education Note 1 Cash flow statements Staff Education Note 1: Cash flow Statements Accounting and Reporting Policy FRS 102 Staff Education Note 1 Cash flow statements Disclaimer This Education Note has been prepared by FRC staff for the convenience

More information

for Analysing Listed Private Equity Companies

for Analysing Listed Private Equity Companies 8 Steps for Analysing Listed Private Equity Companies Important Notice This document is for information only and does not constitute a recommendation or solicitation to subscribe or purchase any products.

More information

Condensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board

Condensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board Condensed Interim Consolidated Financial Statements of Canada Pension Plan Investment Board September 30, 2015 Condensed Interim Consolidated Balance Sheet As at September 30, 2015 As at September 30,

More information

MPSAS 2 GOVERNMENT OF MALAYSIA MPSAS 2. Cash Flow Statements

MPSAS 2 GOVERNMENT OF MALAYSIA MPSAS 2. Cash Flow Statements MPSAS 2 GOVERNMENT OF MALAYSIA MPSAS 2 Cash Flow Statements March 2013 MPSAS 2 CASH FLOW STATEMENTS Acknowledgment The Malaysian Public Sector Accounting Standard (MPSAS) 2 is based on International Public

More information

FAQ - 91 Day GOI Treasury Bill Futures

FAQ - 91 Day GOI Treasury Bill Futures Introduction The product was announced in RBI monetary policy 2010-11 on April 20, 2010. Subsequently, circulars were issued by SEBI and RBI providing product design and risk management framework. National

More information

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) FACT SHEET September 2011 IAS 7 Statement of Cash Flows (This fact sheet is based on the standard as at 1 January 2010.) Important note: This fact sheet is based on the requirements of the International

More information

Consolidated Balance Sheets

Consolidated Balance Sheets Consolidated Balance Sheets March 31 2015 2014 2015 Assets: Current assets Cash and cash equivalents 726,888 604,571 $ 6,057,400 Marketable securities 19,033 16,635 158,608 Notes and accounts receivable:

More information

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Financial Statements MNP INDEPENDENT AUDITOR'S REPORT To the Policyholders of Grenville Mutual Insurance Company We have audited the accompanying financial statements of Grenville Mutual Insurance Company,

More information

Accounting for Investments

Accounting for Investments 133 Accounting Standard (AS) 13 Accounting for Investments Contents INTRODUCTION Paragraphs 1-3 Definitions 3 EXPLANATION 4-25 Forms of Investments 4-6 Classification of Investments 7-8 Cost of Investments

More information

INTERNATIONAL AUDITING PRACTICE STATEMENT 1012 AUDITING DERIVATIVE FINANCIAL INSTRUMENTS

INTERNATIONAL AUDITING PRACTICE STATEMENT 1012 AUDITING DERIVATIVE FINANCIAL INSTRUMENTS INTERNATIONAL AUDITING PRACTICE STATEMENT 1012 AUDITING DERIVATIVE FINANCIAL INSTRUMENTS (This Statement is effective) CONTENTS Paragraph Introduction... 1 Derivative Instruments and Activities... 2 7

More information

SAGICOR FINANCIAL CORPORATION

SAGICOR FINANCIAL CORPORATION Interim Financial Statements Nine-months ended September 30, 2015 FINANCIAL RESULTS FOR THE CHAIRMAN S REVIEW The Sagicor Group recorded net income from continuing operations of US $60.4 million for the

More information

TERHAD. Training to Labuan Offshore Entities on Compilation of International Investment Position (IIP) Report

TERHAD. Training to Labuan Offshore Entities on Compilation of International Investment Position (IIP) Report TERHAD Training to Labuan Offshore Entities on Compilation of International Investment (IIP) Report September 2012 TERHAD 1. Equity Capital: A/L Definition Form DIa Exposures with Affiliated Enterprises

More information

CONSOLIDATED STATEMENTS OF OPERATIONS

CONSOLIDATED STATEMENTS OF OPERATIONS CONSOLIDATED STATEMENTS OF OPERATIONS For the years ended December 31, (in millions of Canadian dollars except for per share amounts) 2015 2014 Revenue Premiums Gross $ 16,824 $ 15,499 Less: Ceded 6,429

More information

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Contents Independent Auditors' Report 2 Financial Statements Balance Sheet 3 Statement of Operations and Unappropriated

More information

IGAS 3. Cash Flow Statements. Government Accounting Standards Advisory Board. Contents

IGAS 3. Cash Flow Statements. Government Accounting Standards Advisory Board. Contents Cash Flow Statements Government Accounting Standards Advisory Board Contents Description Page Number 1. Introduction 3 2. Objective 3 3. Scope 3 4. Benefits of Cash Flow Information 4 5. Definitions 4

More information

CERTIFICATE COURSE ON FINANCIAL MARKETS AND SECURITIES LAWS. MODULE 1: Introduction to Financial Market & Money Market

CERTIFICATE COURSE ON FINANCIAL MARKETS AND SECURITIES LAWS. MODULE 1: Introduction to Financial Market & Money Market CERTIFICATE COURSE ON FINANCIAL MARKETS AND SECURITIES LAWS MODULE 1: Introduction to Financial Market & Money Market Introduction to Financial Market Financial Market Structure o Money Market o Debt Market

More information

CHAPTER 7 INTEREST RATES AND BOND VALUATION

CHAPTER 7 INTEREST RATES AND BOND VALUATION CHAPTER 7 INTEREST RATES AND BOND VALUATION Answers to Concepts Review and Critical Thinking Questions 1. No. As interest rates fluctuate, the value of a Treasury security will fluctuate. Long-term Treasury

More information

The Goldman Sachs Group, Inc. and Goldman Sachs Bank USA. 2015 Annual Dodd-Frank Act Stress Test Disclosure

The Goldman Sachs Group, Inc. and Goldman Sachs Bank USA. 2015 Annual Dodd-Frank Act Stress Test Disclosure The Goldman Sachs Group, Inc. and Goldman Sachs Bank USA 2015 Annual Dodd-Frank Act Stress Test Disclosure March 2015 2015 Annual Dodd-Frank Act Stress Test Disclosure for The Goldman Sachs Group, Inc.

More information

ACCOUNTING STANDARD AASB 107 July Cash Flow Statements. Federal Register of Legislative Instruments F2005B01541

ACCOUNTING STANDARD AASB 107 July Cash Flow Statements. Federal Register of Legislative Instruments F2005B01541 ACCOUNTING STANDARD AASB 107 July 2004 Cash Flow Statements Obtaining a Copy of this Accounting Standard This Standard is available on the AASB website: www.aasb.com.au. Alternatively, printed copies of

More information

London is the headquarters of both Asset Management and Wealth Management.

London is the headquarters of both Asset Management and Wealth Management. London is the headquarters of both Asset Management and Wealth Management. Almost 2,000 employees work across our offices in London, Edinburgh, Oxford, Chester, Jersey and Guernsey and we manage 128.5

More information

33 BUSINESS ACCOUNTING STANDARD FINANCIAL STATEMENTS OF FINANCIAL BROKERAGE FIRMS AND MANAGEMENT COMPANIES I. GENERAL PROVISIONS

33 BUSINESS ACCOUNTING STANDARD FINANCIAL STATEMENTS OF FINANCIAL BROKERAGE FIRMS AND MANAGEMENT COMPANIES I. GENERAL PROVISIONS APPROVED by Order No. VAS-6 of 12 May 2006 of the Director of the Public Establishment the Institute of Accounting of the Republic of Lithuania 33 BUSINESS ACCOUNTING STANDARD FINANCIAL STATEMENTS OF FINANCIAL

More information

UNIVERSITY OF VICTORIA FOUNDATION FINANCIAL STATEMENTS MARCH 31, 2015. Statement of Administrative Responsibility for Financial Statements 2

UNIVERSITY OF VICTORIA FOUNDATION FINANCIAL STATEMENTS MARCH 31, 2015. Statement of Administrative Responsibility for Financial Statements 2 UNIVERSITY OF VICTORIA FOUNDATION FINANCIAL STATEMENTS MARCH 31, 2015 Page Statement of Administrative Responsibility for Financial Statements 2 Independent Auditors' Report 3 Statement of Financial Position

More information

FINANCIAL MANAGEMENT For M.Com /B.Com Part A Question & Answers INTRODUCTION TO FINANCIAL MANAGEMENT 1. What is financial management?

FINANCIAL MANAGEMENT For M.Com /B.Com Part A Question & Answers INTRODUCTION TO FINANCIAL MANAGEMENT 1. What is financial management? FINANCIAL MANAGEMENT For M.Com /B.Com Part A Question & Answers INTRODUCTION TO FINANCIAL MANAGEMENT 1. What is financial management? It is the application of planning and control functions of the finance

More information

Composition of capital (Consolidated) September 30, 2014. (Rs. In million) Amounts Subject To Pre-Basel III. Table DF-11: Composition of Capital

Composition of capital (Consolidated) September 30, 2014. (Rs. In million) Amounts Subject To Pre-Basel III. Table DF-11: Composition of Capital To PreBasel III 1 Directly issued qualifying common share capital plus related stock surplus (share premium) 328,868.7 A1+B3 2 Retained earnings 3 Accumulated other comprehensive income (and other reserves)

More information

the public sector pension investment board THE PUBLIC SERVICE PENSION PLAN ACCOUNT auditors report

the public sector pension investment board THE PUBLIC SERVICE PENSION PLAN ACCOUNT auditors report auditors report To the Board of Directors Public Sector Pension Investment Board Public Service Pension Plan Account We have audited the balance sheet and the statement of investment portfolio of the Public

More information

Principles of Financial Accounting ACC-101-TE. TECEP Test Description

Principles of Financial Accounting ACC-101-TE. TECEP Test Description Principles of Financial Accounting ACC-101-TE TECEP Test Description This TECEP is an introduction to the field of financial accounting. It covers the accounting cycle, merchandising concerns, and financial

More information

FUNDY MUTUAL INSURANCE COMPANY CONSOLIDATED FINANCIAL STATEMENTS

FUNDY MUTUAL INSURANCE COMPANY CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INDEX Page INDEPENDENT AUDITORS' REPORT 1-2 CONSOLIDATED FINANCIAL STATEMENTS Statement 1 - Consolidated Balance Sheet 3 Statement 2 - Consolidated General Reserve and

More information

Consolidated Interim Earnings Report

Consolidated Interim Earnings Report Consolidated Interim Earnings Report For the Six Months Ended 30th September, 2003 23th Octorber, 2003 Hitachi Capital Corporation These financial statements were prepared for the interim earnings release

More information

ALPHA SAMPLE FUND, L.P. ACCOUNT STATEMENT FOR THE QUARTER AND YEAR ENDED 12/31/07

ALPHA SAMPLE FUND, L.P. ACCOUNT STATEMENT FOR THE QUARTER AND YEAR ENDED 12/31/07 ALPHA SAMPLE FUND, L.P. ALPHA SAMPLE FUND, L.P. TABLE OF CONTENTS Page Strategic Asset Management Confirmation Report 1 Balance Sheet 2 Statement of Profit and Loss 3 Notes to Account Statement 4 Addendum

More information

Statement of Statutory Accounting Principles No. 86

Statement of Statutory Accounting Principles No. 86 Statement of Statutory Accounting Principles No. 86 Accounting for Derivative Instruments and Hedging, Income Generation, and Replication (Synthetic Asset) Transactions STATUS Type of Issue: Common Area

More information

(1.1) (7.3) $250m 6.05% US$ Guaranteed notes 2014 (164.5) Bank and other loans. (0.9) (1.2) Interest accrual

(1.1) (7.3) $250m 6.05% US$ Guaranteed notes 2014 (164.5) Bank and other loans. (0.9) (1.2) Interest accrual 17 Financial assets Available for sale financial assets include 111.1m (2013: 83.0m) UK government bonds. This investment forms part of the deficit-funding plan agreed with the trustee of one of the principal

More information

SAMPLE FUND, LP FINANCIAL STATEMENTS DECEMBER 31, 2015

SAMPLE FUND, LP FINANCIAL STATEMENTS DECEMBER 31, 2015 FINANCIAL STATEMENTS CONTENTS INDEPENDENT AUDITOR S REPORT 1 STATEMENT OF FINANCIAL CONDITION 2 CONDENSED SCHEDULE OF INVESTMENTS 3-4 STATEMENT OF OPERATIONS 5 STATEMENT OF CHANGES IN PARTNERS CAPITAL

More information

Kansas City 4Life Insurance Company

Kansas City 4Life Insurance Company Kansas City 4Life Insurance Company 2009 Fourth Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office

More information

The University of North Carolina at Greensboro Investment Fund, Incorporated (A Component Unit of The University of North Carolina at Greensboro)

The University of North Carolina at Greensboro Investment Fund, Incorporated (A Component Unit of The University of North Carolina at Greensboro) The University of North Carolina at Greensboro (A Component Unit of The University of North Carolina at Greensboro) Financial Report June 30, 2013 Contents Independent Auditor s Report 1 2 Management s

More information

An Introduction to Institutions, Management, & Investments

An Introduction to Institutions, Management, & Investments An Introduction to Institutions, Management, & Investments TEMTH EBITIQM HERBERT B. MAYO The College of New Jersey *\ SOUTH-WESTERN t% CENGAGE Learning- Australia Brazil Japan Korea Mexico Singapore Spain

More information

FAS 157 Hierarchy Level Matrix

FAS 157 Hierarchy Level Matrix FAS 157 Hierarchy Level Matrix Security/Financial Instrument Type Level One Inputs (A)(B) Level Two Inputs (A)(B) Level Three Inputs (B) Domestic Equities (including rights and Exchange listed price or

More information

CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002

CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002 CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002 Unaudited Unaudited Note Turnover 2 5,576 5,803 Other net losses (1) (39) 5,575 5,764 Direct costs and operating expenses (1,910)

More information

These Audited Financial Statements are subject to Central Bank of UAE Approval and adoption by Shareholders at the Annual General Meeting

These Audited Financial Statements are subject to Central Bank of UAE Approval and adoption by Shareholders at the Annual General Meeting GROUP CONSOLIDATED FINANCIAL STATEMENTS These Audited Financial Statements are subject to Central Bank of UAE Approval and adoption by Shareholders at the Annual General Meeting GROUP CONSOLIDATED FINANCIAL

More information

TMX TRADING SIMULATOR QUICK GUIDE. Reshaping Canada s Equities Trading Landscape

TMX TRADING SIMULATOR QUICK GUIDE. Reshaping Canada s Equities Trading Landscape TMX TRADING SIMULATOR QUICK GUIDE Reshaping Canada s Equities Trading Landscape OCTOBER 2014 Markets Hours All market data in the simulator is delayed by 15 minutes (except in special situations as the

More information

MASUPARIA GOLD CORPORATION

MASUPARIA GOLD CORPORATION CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2011 and 2010 (expressed in Canadian Dollars) NOTICE TO READERS Under National Instrument 51-102, Part 4.3 (3)(a), if

More information

(Amounts in millions of Canadian dollars except for per share amounts and where otherwise stated. All amounts stated in US dollars are in millions.

(Amounts in millions of Canadian dollars except for per share amounts and where otherwise stated. All amounts stated in US dollars are in millions. Notes to the Consolidated Financial Statements (Amounts in millions of Canadian dollars except for per share amounts and where otherwise stated. All amounts stated in US dollars are in millions.) 1. Significant

More information

FRS1 FINANCIAL REPORTING STANDARDS ACCOUNTING STANDARDS BOARD OCTOBER 1996 FRS 1 (REVISED 1996)

FRS1 FINANCIAL REPORTING STANDARDS ACCOUNTING STANDARDS BOARD OCTOBER 1996 FRS 1 (REVISED 1996) ACCOUNTING STANDARDS BOARD OCTOBER 1996 FRS 1 (REVISED 1996) Financial Reporting Standard 1 (Revised 1996) is set out in paragraphs 1-50. The Statement of Standard Accounting Practice set out in paragraphs

More information

GENWORTH MI CANADA INC.

GENWORTH MI CANADA INC. Condensed Consolidated Interim Financial Statements (In Canadian dollars) GENWORTH MI CANADA INC. Three and six months ended June 30, 2015 and 2014 Condensed Consolidated Interim Statements of Financial

More information

Finnvera Plc s transition to International Financial Reporting Standards (IFRS)

Finnvera Plc s transition to International Financial Reporting Standards (IFRS) Finnvera Plc s transition to International Financial Reporting Standards (IFRS) In accordance with a regulation laid down in 2001 by the EU Commission European companies listed in an EU securities market

More information

33 Financial risk management and supplementary disclosures regarding financial instruments

33 Financial risk management and supplementary disclosures regarding financial instruments 33 Financial risk management and supplementary disclosures regarding financial instruments Swisscom is exposed to various financial risks resulting from its operating and financial activities. The most

More information

Notes to the Consolidated Financial Statements

Notes to the Consolidated Financial Statements Deutsche Bank 2 Consolidated Financial Statements 289 Notes to the Consolidated Financial Statements 1 Significant Accounting Policies and Critical Accounting Estimates Notes to the Consolidated Financial

More information

Kansas City 2Life Insurance Company

Kansas City 2Life Insurance Company Kansas City 2Life Insurance Company 2012 Second Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office

More information

Caldwell Income Fund

Caldwell Income Fund Caldwell Investment Management Ltd. Independent Investment Managers Interim Management Report of Fund Performance For the Period Ended June 30, 2015 Caldwell Income Fund This interim management report

More information

SOLUTION ADVANCED FINANCIAL REPORTING MAY 2010

SOLUTION ADVANCED FINANCIAL REPORTING MAY 2010 (a) WORKINGS CONSOLIDATION SCHEDULE Silver Ltd: Ordinary share capital (60:10) Preference shares (40:60) Capital surplus: At acquisition (60:40) Post acquisition (60:40) (1,070,000 900,000) Fair value

More information

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. The Funds and their securities offered under this Annual Information Form are

More information

ODYSSEY RE HOLDINGS CORP. 10 Q Quarterly report pursuant to sections 13 or 15(d) Filed on 5/6/2010 Filed Period 3/31/2010

ODYSSEY RE HOLDINGS CORP. 10 Q Quarterly report pursuant to sections 13 or 15(d) Filed on 5/6/2010 Filed Period 3/31/2010 ODYSSEY RE HOLDINGS CORP 10 Q Quarterly report pursuant to sections 13 or 15(d) Filed on 5/6/2010 Filed Period 3/31/2010 (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

More information

Grenville Strategic Royalty Corp (formally Troon Ventures Ltd.) Consolidated Financial Statements For the Year Ended December 31, 2014

Grenville Strategic Royalty Corp (formally Troon Ventures Ltd.) Consolidated Financial Statements For the Year Ended December 31, 2014 Grenville Strategic Royalty Corp (formally Troon Ventures Ltd.) Consolidated Financial Statements For the Year Ended Contents Independent Auditors Report... 2 Consolidated Statements of Financial Position...

More information

PRESENTATION AND DISCLOSURE REQUIREMENTS

PRESENTATION AND DISCLOSURE REQUIREMENTS PRESENTATION AND DISCLOSURE REQUIREMENTS MAIN SOURCES OF GUIDANCE IFRS 1 First Time Adoption of IFRS IAS 1 Presentation of Financial Statements Part 3 of NI 81-106 Examples 7 and 8 of IE to IAS 32 Financial

More information

(Unofficial Translation) Consolidated Summary Report under Japanese GAAP for the Nine Months Ended December 31, 2011 February 13, 2012

(Unofficial Translation) Consolidated Summary Report under Japanese GAAP for the Nine Months Ended December 31, 2011 February 13, 2012 (Unofficial Translation) Consolidated Summary Report under Japanese GAAP for the Nine Months Ended December 31, 2011 February 13, 2012 Company Name: The Dai-ichi Life Insurance Company, Limited Stock exchange

More information

Manulife Financial Corporation

Manulife Financial Corporation Manulife Financial Corporation Management s Discussion and Analysis For the three and six months ended June 30, 2016 MANAGEMENT S DISCUSSION AND ANALYSIS This Management s Discussion and Analysis ( MD&A

More information

PRODUCT HIGHLIGHTS SHEET

PRODUCT HIGHLIGHTS SHEET Prepared on: 17 October 2013 This Product Highlights Sheet is an important document. It highlights the key terms and risks of this investment product and complements the Singapore Prospectus 1. It is important

More information

DISCLOSURE ON CAPITAL ADEQUACY & MARKET DISCIPLINE (CAMD)

DISCLOSURE ON CAPITAL ADEQUACY & MARKET DISCIPLINE (CAMD) DISCLOSURE ON CAPITAL ADEQUACY & MARKET DISCIPLINE (CAMD) A) Scope of Application : (a) This guidelines applies to Delta Brac Housing Finance Corporation Ltd. (b) (c) DBH has no subsidiary companies. Not

More information

Investments and International Operations

Investments and International Operations A Look at This Appendix This appendix focuses on investments in securities. We explain how to identify, account for, and report investments in both debt and equity securities. We also explain accounting

More information

GUARDIAN CANADIAN BOND FUND

GUARDIAN CANADIAN BOND FUND GUARDIAN CANADIAN BOND FUND FINANCIAL STATEMENTS DECEMBER 31, 2010 March 11, 2011 PricewaterhouseCoopers LLP Chartered Accountants PO Box 82 Royal Trust Tower, Suite 3000 Toronto-Dominion Centre Toronto,

More information

UNITAS INVESTMENT FUND, INC. Financial Statements. August 31, 2014 and (With Independent Auditors Report Thereon)

UNITAS INVESTMENT FUND, INC. Financial Statements. August 31, 2014 and (With Independent Auditors Report Thereon) Financial Statements (With Independent Auditors Report Thereon) KPMG LLP 345 Park Avenue New York, NY 10154-0102 Independent Auditors Report The Board of Directors Unitas Investment Fund, Inc.: We have

More information

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited)

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) March 31,2000 TABLE OF CONTENTS CONSOLIDATED INCOME 2 CONSOLIDATED CONTINUITY OF EQUITY 3 CONSOLIDATED

More information

Ricoh Company, Ltd. INTERIM REPORT (Non consolidated. Half year ended September 30, 2000)

Ricoh Company, Ltd. INTERIM REPORT (Non consolidated. Half year ended September 30, 2000) Ricoh Company, Ltd. INTERIM REPORT (Non consolidated. Half year ended September 30, 2000) *Date of approval for the financial results for the half year ended September 30, 2000, at the Board of Directors'

More information

Building Your Municipal Investment Policy

Building Your Municipal Investment Policy An investment policy must be developed and adopted prior to investment in the prescribed securities as per Ontario Regulation 438/97, Section 7. The council of the municipality must consider a number of

More information

3,000 3,000 2,910 2,910 3,000 3,000 2,940 2,940

3,000 3,000 2,910 2,910 3,000 3,000 2,940 2,940 1. David Company uses the gross method to record its credit purchases, and it uses the periodic inventory system. On July 21, 20D, the company purchased goods that had an invoice price of $ with terms

More information

RAMAPO COLLEGE OF NEW JERSEY 479. DEBT MANAGEMENT POLICY Procedures

RAMAPO COLLEGE OF NEW JERSEY 479. DEBT MANAGEMENT POLICY Procedures Debt Capacity Procedures It is the objective of the College to maintain no less than a single A category underlying rating for all debt at the time of issue. Core financial ratios that are strongly correlated

More information

PRODUCT HIGHLIGHTS SHEET

PRODUCT HIGHLIGHTS SHEET Prepared on: 19 October 2012 This Product Highlights Sheet is an important document. It highlights the key terms and risks of this investment product and complements the Singapore Prospectus 1. It is important

More information

FINANCIAL STATEMENTS OF THE COMPANY COMPANY STATEMENT OF FINANCIAL POSITION

FINANCIAL STATEMENTS OF THE COMPANY COMPANY STATEMENT OF FINANCIAL POSITION COMPANY STATEMENT OF FINANCIAL POSITION Notes Restated Assets Investments in Group subsidiaries 2 5,729 5,760 Investments and securities 3 347 153 Investments in associated undertakings and joint ventures

More information

Cash is King. cash flow is less likely to be affected

Cash is King. cash flow is less likely to be affected Reading 27: Understanding Cash Flow Statements Relevance of Cash Flow The primary purpose of the statement of cash flows (SCF) is to provide: Info about a firm s cash receipts & cash payments during an

More information

CHAPTER 8 INTEREST RATES AND BOND VALUATION

CHAPTER 8 INTEREST RATES AND BOND VALUATION CHAPTER 8 INTEREST RATES AND BOND VALUATION Answers to Concept Questions 1. No. As interest rates fluctuate, the value of a Treasury security will fluctuate. Long-term Treasury securities have substantial

More information

Summary of Certain Differences between SFRS and US GAAP

Summary of Certain Differences between SFRS and US GAAP Summary of Certain Differences between and SUMMARY OF CERTAIN DIFFERENCES BETWEEN AND The combined financial statements and the pro forma consolidated financial information of our Group included in this

More information

LUMINA FOUNDATION FOR EDUCATION, INC. FINANCIAL STATEMENTS December 31, 2014 and 2013

LUMINA FOUNDATION FOR EDUCATION, INC. FINANCIAL STATEMENTS December 31, 2014 and 2013 FINANCIAL STATEMENTS December 31, 2014 and 2013 Indianapolis, Indiana FINANCIAL STATEMENTS December 31, 2014 and 2013 CONTENTS INDEPENDENT AUDITOR S REPORT... 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL

More information

A Guide to for Financial Instruments in the Public Sector

A Guide to for Financial Instruments in the Public Sector November 2011 www.bdo.ca Assurance and accounting A Guide to Accounting for Financial Instruments in the Public Sector In June 2011, the Public Sector Accounting Standards Board released Section PS3450,

More information

Tax accounting services: Foreign currency tax accounting. October 2012

Tax accounting services: Foreign currency tax accounting. October 2012 Tax accounting services: Foreign currency tax accounting October 2012 The globalization of commerce and capital markets has resulted in business, investment and capital formation transactions increasingly

More information

Cathay Life Insurance Co., Ltd. Financial Statements As of December 31, 2006 and 2007 With Independent Auditors Report

Cathay Life Insurance Co., Ltd. Financial Statements As of December 31, 2006 and 2007 With Independent Auditors Report Financial Statements With Independent Auditors Report The reader is advised that these financial statements have been prepared originally in Chinese. These financial statements do not include additional

More information

VIII. Parent company financial statements Credit Suisse (Bank) 339 Report of the Statutory Auditors. 340 Financial review. 341 Statements of income

VIII. Parent company financial statements Credit Suisse (Bank) 339 Report of the Statutory Auditors. 340 Financial review. 341 Statements of income VIII Parent company financial statements Credit Suisse (Bank) 339 Report of the Statutory Auditors 340 Financial review 341 Statements of income 342 Balance sheets 343 Off-balance sheet business 344 Notes

More information

Pillar 3 Disclosures. (OCBC Group As at 31 December 2014)

Pillar 3 Disclosures. (OCBC Group As at 31 December 2014) 1. INTRODUCTION The purpose of this document is to provide the information in accordance with Pillar 3 directives under Monetary Authority of Singapore ( MAS ) Notice 637 on Risk Based Capital Adequacy

More information