PRESENTATION AND DISCLOSURE REQUIREMENTS

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1 PRESENTATION AND DISCLOSURE REQUIREMENTS

2 MAIN SOURCES OF GUIDANCE IFRS 1 First Time Adoption of IFRS IAS 1 Presentation of Financial Statements Part 3 of NI Examples 7 and 8 of IE to IAS 32 Financial Instruments: Presentation IAS 7 Statement of Cash Flows IFRS 7 Financial Instruments IFRS 13 Fair Value Measurement 2

3 STATEMENT OF FINANCIAL POSITION Examples 7 and 8 in IAS 32 provide good examples for a fund with no equity and for a fund that meets the IAS 32 requirements to be classified as equity Example 8 for equity accounted funds presentation is quite different from Example 7 for liability accounted funds Classification of items can be by current/non current or in order of liquidity IFRS 7 presentation and disclosure requirements on classification could be on the face of the financial statements or in the notes NI requires certain disclosures Additional financial measures permitted by IAS 1.55 when such information is relevant to an understanding of the financial position NAVPU 3

4 STATEMENT OF COMPREHENSIVE INCOME Examples 7 and 8 in IAS 32 Should distributions be shown on this statement for liability accounted funds? How should withholding taxes be treated? What about the current method of disclosing realized and unrealized gains below the total expenses? AFS Investments other comprehensive income IFRS 7 guidance on presentation of income, gains and losses on FIs No specific requirement to disclose interest income for instruments recorded at FV through P&L. However NI requires it 4

5 5 Moving forward - Impacts on transition to IFRS for Presentation of an entity without equity (Source: Example 7 in IAS 32) Statement of Financial Position (Dec 31, 20X1) Assets Non-current assets 91,374 78,484 Total non-current assets 91,374 78,484 Current assets 1,422 1,769 Total current assets 1,422 1,769 Total assets 92,796 80,253 Liabilities: Current liabilities (647) (66) Non current liabilities (280) (136) Net assets attributable to unitholders 91,869 80,051 20X1 20X0

6 6 Moving forward - Impacts on transition to IFRS for Presentation of an entity without equity (Source: Example 7 in IAS 32) Statement of comprehensive income (summarized) For the years ended December 31 20X1 20X0 Revenue 2,956 1,718 Expenses (classified by nature or function) (644) (614) Profit from operating activities 2,312 1,104 Finance costs: - other finance costs (47) (47) - distributions to unitholders (50) (50) Changes in net assets attributable to unitholders 2,215 1,007

7 7 Moving forward - Impacts on transition to IFRS for Example 7 in IAS 32 Impact of Distributions and Comparability between Funds An example of two funds which have the same strategy. Fund A realized most of its gains during the year while Fund B had not. Fund A has to distribute more than Fund B to avoid paying taxes and the net results of these funds look different while previously they would not. Statement of comprehensive income (summarized) For the years ended December 31 Fund A Fund B Revenue Realized Gains 1, Revenue Unrealized Gains 1,356 2,556 Total Revenue 2,956 2,956 Expenses (classified by nature or function) (644) (644) Profit from operating activities 2,312 2,312 Finance costs: - other finance costs (47) (47) - distributions to unitholders (1,600) (400) Changes in net assets attributable to unitholders 665 1,865

8 STATEMENT OF COMPREHENSIVE INCOME (CONT D) If interest income disclosed then effective interest method amortization to be followed How should unit or share issue costs be accounted for in liability or equity accounted funds? Remember to comply with NI line item disclosures 8

9 STATEMENT OF CASH FLOWS IAS 7 Can be prepared using the direct or indirect method Indirect method easier to prepare Cash flows prescribed in three categories operating, investing and financing activities IAS 7 provides guidance on classifying cash flows by categories and when cash flows can be shown on a net basis Dividends and interest received and paid need to be disclosed separately and classification into categories is an accounting choice. Generally interest and dividend would be classified as operating cash flows by an investment fund 9

10 STATEMENT OF CHANGES IN NET ASSETS No major change expected for liability accounted funds from current practice For equity accounted funds the bifurcation issue of equity into its components would be applicable per IAS Generally equity would be bifurcated into share capital and retained earnings System changes would be required to meet this requirement of bifurcation 10

11 1 Moving forward - Impacts on transition to IFRS for Application of the LIFO method to build up share capital and retained earnings Currently there are 20,000 units outstanding and the NAV is $450,000. Using the LIFO method you can build up the value of share capital looking at the subscription prices of the last transactions which add up to 20,000 units. The balancing figure will represent retained earnings. Share capital Unitholder subscriptions ledger # of units $ Value December 1 transaction $20 per unit) 4,000 80,000 November 1 transaction $19 per unit) 5,000 85,000 October 1 transaction $18 per unit) 6, ,000 September 1 transaction $17 per unit) 3,000 51,000 August 1 transaction $16 per unit) 2,000 32,000 Total 20, ,000 Based on the above share capital is $356,000 and retained earnings is $94,000 for a total net asset value of $450,000.

12 SCHEDULE OF INVESTMENTS This is a NI requirement Should not be portrayed as part of the primary statements under IFRS and will be part of the notes and presented after the primary financial statements No major changes from existing practice except to call it a schedule as it is not one of the primary financial statements under IFRS 12

13 INTERIM FINANCIAL STATEMENTS IAS 34 The first set of IFRS statements in 2014 will be interim statements More disclosures will be required in the initial year of adoption than what IAS 34 requires which is a condensed set of FS For the June 30, 2014 financial statements the fund will have to provide the statement of financial position as at June 30, 2014; December 31, 2013 and January 1, 2013 Look at IAS 34.16A(j) for specific fair value measurement disclosures from IFRS 7 and 13 that are required in interim condensed financial statements 13

14 IFRS I FIRST TIME ADOPTION OF IFRS First time adoption no material differences in most cases expected Need to provide the transition date balance sheet January 1, 2013 Include note on first time Adoption of IFRS. Also Any IFRS I exemptions such as changes in designation of previously recognized financial instruments Provide a reconciliation of the following (from previous Canadian GAAP FS): Equity Comprehensive Income The reconciliation needs to be provided for January 1, 2013 and December 31, 2013 for equity and for the YE December 31, 2013 for Comprehensive Income 14

15 IFRS I FIRST TIME ADOPTION OF IFRS (CONT D) Equity reconciliation would in many cases only include the IFRS 13 adjustment; however any changes in measurement would be presented Note disclosure would be required to explain any changes in accounting, such as the classification of units Income statement adjustments such as IFRS 13 adjustment Any reclassification adjustments such as effective interest method reclassifications and withholding taxes which were previously netted against dividend income For non-calendar year end fund families any new funds launched in 2014 may be required to adopt IFRS for the new fund before the other existing funds in the family 15

16 SOME DISCLOSURE ITEMS TO BE AWARE OF NI requires EPS disclosure. However IFRS does not address EPS disclosure on the statement of financial position for liability accounted funds (puttable investments) and therefore this disclosure needs to be included in the notes to the FS Functional and presentation currency IFRS 7 Financial Instruments Disclosures and in particular contractual maturity profile of the fund s liabilities including puttable securities classified as a liability and liquidity profile of assets Breakdown by currency of foreign currency exposure IFRS 8 Operating Segments IAS 24 Related Party Disclosures IFRS 13 Fair Value Measurements 16

17 17

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