Link n Learn. An introduction to IFRS for investment funds

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1 Link n Learn An introduction to IFRS for investment funds 28 August 2014

2 Presenters Darren Griffin Audit Director Sang Eui Han Audit Manager 2 An Instruction to IFRS for Investment Funds

3 Agenda 1 Introduction 2 IFRS and Investments Funds 3 Format of IFRS Financial Statements for Funds 4 IFRS for Investment Funds 3 An Introduction to IFRS for Investment Funds

4 IFRS and Investment Funds

5 IFRS Framework The IFRS Framework encompasses all standards and interpretations approved by the IASC (IAS) and by the IASB (IFRS). IFRS is currently required or permitted in more than 120 countries (including countries which adopted full IFRS equivalents). The Conceptual Framework sets out the concepts which are the basis of preparation and presentation of financial statements for external users. New pronouncements and amendments may have a significant impact on the financial statements of an investment fund. Terms that we will use in the presentation: Presentation how items are disclosed in the financial statements Recognition/(De)recognition - Incorporation or recording of the monetary effects of a business transaction into books of account or financial statements. Measurement - Quantification of economic activities in terms of money. 5 An Introduction to IFRS for Investment Funds

6 What is useful about IFRS as applied to investment funds Is IFRS beneficial for fund reporting? Written Guidance Provide written detailed guidance (e.g. Trade date vs. Settlement date accounting, how to fair value certain financial assets, amortisation of discounts or premiums on debt instruments Comparability Enhances worldwide comparability Flexibility Principles based standards facilitate implementation Evolving Constantly being reviewed and revised by representatives around the world Transparency Enhances transparency (e.g. detailed disclosure on risk and related parties and related transactions) 6 An Introduction to IFRS for Investment Funds

7 What is useful about IFRS as applied to investment funds Is IFRS beneficial for fund reporting? Fund Industry specificities IAS/IFRS are accounting standards that are generic and do not recognise different industries. Investor needs Critique that IFRS generally does not take fund investor needs into account Limited guidance There is limited guidance on the application of IFRS to the fund industry (as for example available in the US GAAP Industry Guide for Investments Companies) Practical application Specific gaps have presented difficulties in the practical application of IFRS to investment funds (see reports issued by EFAMA & ICI) 7 An Introduction to IFRS for Investment Funds

8 Most relevant standards for investment funds reporting under IFRS IAS 1 Presentation of Financial Statements IAS 32 Financial Instruments: Presentation IAS 7 Statement of Cash Flows IAS 39 Financial Instruments: Recognition IAS 24 Related Party Disclosures IFRS 7 Financial Instruments: Disclosures IAS 38 Intangible Assets IAS 27 Separate Financial Statements IFRS 9 Financial Instruments (to replace IAS 39 once effective) IFRS 10 Consolidated Financial Statements IFRS 13 Fair Value Measurement 8 An Introduction to IFRS for Investment Funds

9 Format of IFRS Financial Statements for Funds

10 IAS 1 Presentation of financial statements No specific industry guidance under IFRS for Funds Funds Apply IAS 1 Presentation of Financial Statements A complete set of financial statements should include the following: Statement of financial position Statement of comprehensive income Statement of changes in equity Statement of cash flows A summary of accounting policies and other explanatory notes Items not specifically required under IFRS but which may be required under companies acts / listing rules / UCITS or NON-UCITS Regulations Directors report Investment Manager s report Custodian s report Schedule of investments / schedule of changes in portfolio 10 An Introduction to IFRS for Investment Funds

11 IAS 1 Presentation of financial statements Key concepts: GOING CONCERN ASSUMPTION ACCRUALS BASIS OFFSETTING COMPARATIVES MATERIALITY AND AGGREGATION CONSISTENCY OF PRESENTATION 11 An Introduction to IFRS for Investment Funds

12 Example: Statement of Financial Position Statement of financial position As at 30 June 2014 Assets Current assets As at 30/06/14 CU 000 As at 30/06/13 CU 000 Cash and cash equivalents Interest receivable Dividends receivable Receivable from brokers 3 3 Financial assets at fair value through profit or loss 198, ,448 Financial assets at fair value through profit or loss pledged as collateral 36,579 15,957 Total assets 235, ,765 Liabilities Current liabilities Accrued expenses Due to brokers 13 8 Borrowings 25,227 10,005 Financial liabilities at fair value through profit or loss 1,411 2,064 Withholding tax payable 8 5 Total liabilities (excluding net assets attributable to holders of redeemable shares) 27,318 12,498 Net assets attributable to holders of redeemable shares 208, , An Introduction to IFRS for Investment Funds

13 Example: Statement of Comprehensive Income Statement of comprehensive income For the year ended 30 June 2014 Year ended 30/06/14 CU 000 Year ended 30/06/13 CU 000 Revenue Interest income 3, Dividend income 909 1,631 Net realized gains/(losses) on financial assets and liabilities at fair value through profit or loss (79,860) (24,480) Net change in unrealized gains/(losses) on financial assets and liabilities held at fair value through profit or loss 155,741 (244,301) Net foreign currency gains/(losses) 993 3,551 Total operating income 81,110 (262,690) Expenses Interest expense (3) (2) Management fees (1,998) (2,851) Performance fees (88) (174) Custodian fees (216) (443) Administration fees (138) (76) Transaction costs (107) (321) Professional fees (7) (10) Director s fees (15) (15) Other expenses (7) (1) Total operating expenses (2,579) (3,893) Operating profit/(loss) 78,531 (266,583) Finance costs Interest expense (386) (1,419) Distribution to holders of redeemable shares (2,000) - Profit/(loss) after distributions and before tax 76,145 (268,002) Withholding taxes (87) (60) Profit/(loss) after distributions and tax 76,058 (268,062) Increase/(decrease) in net assets attributable to holders of redeemable shares 13 An Introduction to IFRS for Investment Funds 76,058 (268,062)

14 IAS 7 - Statement of Cash Flows The statement of cash flows analyses changes in cash and cash equivalents during a period. Cash and cash equivalents comprise cash on hand and demand deposits, together with short-term, highly liquid investments that are readily convertible to a known amount of cash, and that are subject to an insignificant risk of changes in value. The direct method shows each major class of gross cash receipts and gross cash payments Investing cash flows used for the acquisition and disposal of long-term assets Operating cash flows generated from the main revenue-producing activities Financing activities cash flows used for the activities that alter the equity The indirect method adjusts accrual basis net profit or loss for the effects of non-cash transactions 14 An Introduction to IFRS for Investment Funds

15 Example: Statement of Cash Flows Indirect method Statement of cash flows For the year ended 30 June 2014 Year ended 30/06/14 CU 000 Year ended 30/06/13 CU 000 Cash flows from/(used in) operating activities: Increase in net assets attributable to holders of redeemable shares 76,058 (268,062) Adjustments for: Interest income (3,327) (909) Dividend income (909) (1,631) Finance costs recognized in profit or loss 2,386 1,419 Withholding tax expense recognized in profit or loss Net (increase)/decrease in financial assets at fair value through profit or loss (91,419) 275,835 Net (increase)/dercease in financial liabilities at fair value through profit or loss (653) 488 Net (increase)/decrease in receivables/payables from/to brokers 5 (5) Net (increase)/decrease in accrued expenses Cash (used in)/provided by operations (17,529) (7,992) Interest received 3, Dividends received 1,080 1,090 Withholding taxes paid (84) (55) Net cash (used in)/provided by operating activities (12,916) 9,895 Cash flows from financing activities Proceeds from borrowings (excluding bank overdrafts) 35, Repayments of borrowings (excluding bank overdrafts) (28,415) - Proceeds from issue of redeemable shares 2,814 - Payment on redemption of redeemable shares (2,603) - Distribution to holders of redeemable shares (2,000) - Interest paid on borrowings (386) (1,419) Net cash provided by/(used in) financing activities 5,130 (1,369) Net (decrease)/increase in cash and cash equivalents (7,786) 8,526 Cash and cash equivalents at the beginning of the financial year (9,816) (18,342) Cash and cash equivalents at the end of the financial year (17,602) (9,816) 15 An Introduction to IFRS for Investment Funds

16 Applicable IFRS for Investment Funds

17 IAS 24 Related party disclosures Objective : To draw attention to the possibility that an entity s financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances with such parties Who Are Related Parties? Parties that have the ability to control or to exercise significant influence or joint control over the other party in making financial and operating decisions. Key management of the entity and close family members to any of the above parties are included in the definition, together with other entities controlled, jointly controlled, or significantly influenced by these individuals. A related party to a Fund is board of directors auditor investment manager a minority investor close family member of key mgmt regulator a significant investor custodian?? 17 An Introduction to IFRS for Investment Funds

18 Most Significant IFRS Relating to Financial Instruments IAS 32 Financial Instruments: Presentation IAS 39 Financial IFRS Instruments: 13 Fair Value Recognition Measurement & Measurement IFRS 7 Financial Instruments: Disclosure 18 An Introduction to IFRS for Investment Funds

19 IAS 39 Financial Instruments: Classification Financial Assets Available for Sale Financial Assets Loans & Receivables Financial Assets Held to Maturity Financial Assets At Fair Value Through Profit or Loss (Held for Trading or Designated) 19 An Instruction to IFRS for Investment Funds

20 Measurement of financial instruments (IAS 39) Financial Assets At fair value through profit or loss Available for sale (AFS) Held to maturity (HTM) Loans and receivables (L&R) Fair value (IFRS 13)* Amortised cost Fair value in profit or loss Fair value in OCI Amortization goes to profit or loss (interests) (*) Exception: investments in AFS equity instruments that do not have a quoted a market price in an active market and whose fair value cannot be reliably measured shall be measured at cost (IAS39 AG81)

21 IFRS 13 Fair Value Measurement

22 Summary of IFRS 13 On 12 May 2011 the IASB issued IFRS 13 Fair Value Measurement. IFRS 13, which is effective from 1 January 2013, defines fair value, sets out in a single IFRS a framework for measuring fair value and requires disclosures about fair value measurements. IFRS 13 does not determine when an asset, a liability or an entity s own equity instrument is measured at fair value. Rather, the measurement and disclosure requirements of IFRS 13 apply when another IFRS requires or permits the item to be measured at fair value (with limited exceptions). The fair value measurement project was part of the Memorandum of Understanding between the IASB and the FASB. The joint work resulted in IFRSs and US GAAP having the same definition and meaning of fair value and the same disclosure requirements about fair value measurements. 22 An Introduction to IFRS for Investment Funds

23 What is the scope of IFRS 13? Scope of IFRS 13 The scope of IFRS 13 is broad. Applies when another IFRS requires or permits fair value measurements or disclosures Applies to both initial and subsequent measurement as to how to determine fair value Disclosure applies on a recurring and nonrecurring basis, but not on initial recognition IFRS 13 does not address which types of assets, liabilities and items classified as an entity s own shareholders equity should be measured at fair value 23 An Introduction to IFRS for Investment Funds

24 Overview of IFRS 13 New IFRS Definition of Fair Value Fair Value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date Key Items: Exit Price Not a forced sale or liquidation Market-based view Current price 24 An Instruction to IFRS for Investment Funds

25 Definition of fair value Asset The price that would be received to sell the asset Fair value is an EXIT PRICE Liability Price that would be paid to transfer the liability In an orderly transaction Between market participants At measurement date NOT based on how much the reporting entity has to pay to settle a liability Should be based on how much the reporting entity has to pay to a market participant such that the market participant is willing to take over the liability 25 An Introduction to IFRS for Investment Funds

26 Overview of IFRS 13 Fair Value Measurement Valuation techniques and inputs: When transactions not directly observable IFRS 13 describes 3 valuation techniques which an entity might use to determine fair value:- The market approach: Using prices generated by market transactions of comparable assets The income approach: Converting future cash flows or income/expenses to current amounts by discounting The cost approach: The amount that would be required currently to replace the service capacity of an asset A valuation technique should be selected and consistently applied to maximise the use of relevant observable inputs (and minimize unobservable inputs) 26 An Introduction to IFRS for Investment Funds

27 Overview of IFRS 13 Fair Value Measurement (Continued) Valuation techniques and inputs (Continued): Inputs based on bid and ask prices Price within bid-ask spread is most representative of fair value Use of Bid for assets and Ask for liabilities is not prohibited but not required IFRS 13 permits the use of Mid-Market Prices as a practical expedient Potential Outcome: Removal of the bid-ask adjustment from financial statements 27 An Instruction to IFRS for Investment Funds

28 IFRS 13: Fair Value Measurement - Fair value hierarchy Level 1 Quoted prices in active market for identical assets or liabilities Level 2 Observable inputs other than quoted prices in level 1, either directly or indirectly Level 3 Unobservable inputs The fair value hierarchy is applicable to both financial and non-financial items that are within the scope of IFRS 13 The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable inputs The fair value measurement is categorised in its entirety based on the lowest level of significant input Fair value hierarchy depends on the inputs, not valuation techniques.

29 Overview of IFRS 13 Fair Value Disclosures Level 3 Fair Value Measurements Quantitative disclosure of the unobservable inputs and assumptions used Description of the valuation process in place Discussion of the sensitivity of the fair value to changes in unobservable inputs and inter-relationships between those inputs that magnify or mitigate the effect on measurement 29 An Introduction to IFRS for Investment Funds

30 IFRS 7 - Financial Instruments: Disclosures IFRS 7 deals exclusively with the disclosure of financial instruments in 2 broad categories: Information about the nature and extent of risks arising from financial instruments Qualitative and quantitative disclosures on each type of risk: credit, market, liquidity Information about the significance of financial instruments Categories of financial assets and financial liabilities; Reclassifications between categories; Derecognition; Collateral granted or received Items of income, expense, gains or losses Accounting policies Fair value disclosure and hierarchy (replaced by IFRS 13 effective January 1, 2013) 30 An Introduction to IFRS for Investment Funds

31 IFRS 7 - Financial Instruments: Disclosures Risk that the entity is unable to meet its financial obligations Liquidity risk An entity must disclose: a maturity analysis a description of how it manages the risk Risk that the counterparty to a financial instrument will cause a loss to the entity by not meeting its obligations Credit risk An entity must disclose: Maximum exposure to credit risk A description of the collateral received Information about the credit quality of the financial instruments The carrying amount of financial assets that are past due or impaired Risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk Market risk An entity must disclose: Sensitivity analysis for each type of market risk or value-at-risk Methods and assumptions used for such analysis Changes from previous periods in methods and assumptions 31 An Introduction to IFRS for Investment Funds

32 Offsetting

33 IFRS - Offsetting Amendments to IAS 32 Amendments to IFRS 7 The above standards were issued as part of a joint offsetting project. Effective for fiscal periods beginning on or after 1 January An Introduction to IFRS for Investment Funds Deloitte && Touche

34 IAS 32 Financial Instruments: Presentation Offset application guidance currently has a legally enforceable right to set off Not contingent on a future event Legally enforceable in: normal course of business; event of default; and event of bankruptcy/insolvency Enforceable by entity and all counterparties intends either to settle on a net basis or to realise the asset an settle the liability simultaneously gross settlement mechanism has features that eliminate or result in insignificant credit and liquidity risk processes receivables and payables in a single settlement process or cycle 34 An Introduction to IFRS for Investment Funds

35 IFRS 7 Financial Instruments: Disclosures Offset Disclosures Scope: all recognised financial instruments that are subject to an enforceable master netting arrangement or similar agreement Disclosures to show separately for financial assets and liabilities: (a) Gross amounts of recognised financial assets and recognised financial liabilities; (b) Amounts set off in accordance IAS 32 (paragraph 42) (c) Net amount presented in balance sheet (d) Amounts subject to master netting (or similar) arrangement but not offset (e) Net amount Effective date: retrospective application for annual periods beginning on or after 1 January 2013 and interim periods within those annual periods 35 An Introduction to IFRS for Investment Funds

36 Offsetting Financial Assets and Financial Liabilities Required disclosures about rights of offset and related arrangements (such as collateral posting requirements) for financial instruments under an enforceable master netting agreement or similar arrangement 36 An Introduction to IFRS for Investment Funds

37 Investment Entities (Amendments to IFRS 10, IFRS 12, IAS 27)

38 Fundamental principle IAS 27/SIC 12 IFRS 10 Consolidation is based on control IAS 27: control is the power to govern the financial and operating policies of an entity so as to obtain benefits SIC 12: in an SPE, exposure to the majority of risks and rewards may be the determining factor in establishing control Consolidation is based on control Control may be obtained in various manners, and not solely as a result of the power to direct the financial and operating policies Exposure to risks/rewards is one of the factors necessary to the existence of control, but it is never the determining factor IFRS 10 requires extensive use of judgment (IFRS 12 requires disclosure of areas of judgment)

39 IFRS 10 Consolidated Financial Statements A single consolidation model based on control, irrespective of the nature of the investee IFRS 10 deals with what you consolidate, not how Exposure, or rights, to variable returns Power over the investee Ability to use power to affect returns Assessment of control is based on all facts and circumstances Conclusion is reassessed if there is an indication of changes in those elements 39 An Instruction to IFRS for Investment Funds

40 IFRS 10 Consolidated Financial Statements Definition of control Control is having exposure (rights) to variable returns from involvement with the investee and having the practical ability to affect those returns through one s power over the investees] Power Arises from substantive rights to direct relevant activities Requires identification of relevant activities and how decisions related to these activties are takendetails] Variable returns Broad defintion Any return that has the potential to vary as a result of the investee s performance Ability to affect return through power Assessment of whether a decision-maker is acting as an agent or a principal details]

41 Determination of whether control exists Power = Substantive rights to direct relevant activities 1. What are the relevant activities? 2. How are decisions over these relevant activities taken? Exposure (rights) to variable returns What are the variable returns from the investee? Votes > 50% < 50% Other Potential to vary as a result of the investee s performance Rights of minority shareholders De facto control Potential voting rights Other contractual rights Contractual rights Practical ability Special relationships Significance of exposure to variable returns Broad definition Rights that are solely protective do not provide power and do not prevent another investor from having the power Ability of the investor to affect its returns through its power professional judgment critical 41 An Introduction to IFRS for Investment Funds

42 Exemption for Investment Entities Where an entity qualifies as an investment entity it does not consolidate its subsidiaries but measures its investments at fair value An investment entity shall be required to measure subsidiaries at FVTPL A parent shall determine whether it is an investment entity. An investment entity is an entity that: (a) obtains funds from one or more investors for the purpose of providing those investor(s) with investment management services; (b) commits to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both; and (c) measures and evaluates the performance of substantially all of its investments on a fair value basis.

43 Investment entities Definition Commits that its business purpose is to invest funds for returns from either capital appreciation and/or investment income Obtains funds from one or more investors to provide investment management services Investment Entity Measures and evaluates substantially all of its investments on a fair value basis Typical Characteristics: Expected, but not required More than one investments More than one investors Investors that are not related to the entity Ownership interest in the form of equity

44 Parents of investment entities Investment entity parent Non-investment entity parent 44 An Instruction to IFRS for Investment Funds

45 Other requirements Additional disclosures in IFRS 12 Disclosure of Interests in Other Entities Additional disclosures and separate financial statement requirements in IAS 27 Separate Financial Statements Retrospective application with limited transition reliefs (e.g. comparative relief) Effective date 1 January 2014; early application permitted 45 An Introduction to IFRS for Investment Funds

46 IFRS 12 Disclosure Requirements Any investment entity that is to apply the exemption shall disclose the fact that they have availed of such exemption Application Significant Judgements & Assumptions Nature of its interest in another entity/arrangement Type of Joint arrangement Does it meet the definition of an Investment Entity? 46 An Introduction to IFRS for Investment Funds

47 IFRS 12 Disclosure Requirements Interests In Unconsolidated Subsidiaries Subsidiary s name the principal place of business (and country of incorporation if different from the principal place of business) of the subsidiary; the proportion of ownership interest held by the investment entity and, if different, the proportion of voting rights held. Any significant restrictions on use of assets Any commitments/intentions to provide financial or other support to an unconsolidated subsidiary 47 An Introduction to IFRS for Investment Funds

48 IFRS 9 Financial Instruments

49 IFRS 9 Current status and timetable Classification & Measurement Most recent version of standard published Oct 2010 ED proposing limited amendments published Nov 2012 Amended standard in July 2014 Impairment Most recent ED published March 2013 Final standard issued in July 2014 General Hedge Accounting Published as final in November 2013 Effective date set as 1 Jan An Introduction to IFRS for Investment Funds

50 IFRS 9 Classification and Measurement Classification of financial assets Reclassifications are required if change in business model 50 An Introduction to IFRS for Investment Funds

51 IFRS 9 Classification and Measurement New category for debt instruments - FVTOCI A gain or loss on a debt instrument measured at FVTOCI is recognised in other comprehensive income except for: Impairment losses Foreign exchange gains and losses Interest calculated using effective interest rate method Gains and losses recognised in other comprehensive income reclassified to profit or loss on derecognition of the financial asset. 51 An Introduction to IFRS for Investment Funds

52 IFRS 9 Classification and Measurement Classification of financial liabilities own credit Classification of financial liabilities consistent with IAS 39 For liabilities designated as at FVTPL, IFRS 9(2010) requires that: The amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability shall be presented in other comprehensive; and the remaining amount of change in the fair value of the liability shall be presented in profit or loss unless the treatment of the effects of changes in the liability s credit risk described in (a) would create or enlarge an accounting mismatch in profit or loss. If so an entity shall present all gains or losses on that liability (including the effects of changes in the credit risk of that liability) in profit or loss. IFRS 9(2013) permits the application of these requirements without the application of the other requirements of IFRS 9 52 An Introduction to IFRS for Investment Funds

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54 Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Deloitte s 1,300 people in Dublin, Cork and Limerick provide audit, tax, consulting, and corporate finance to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte s approximately 200,000 professionals are committed to becoming the standard of excellence. This publication contains general information only, and none of Deloitte Touche Tohmatsu Limited, Deloitte Global Services Limited, Deloitte Global Services Holdings Limited, the Deloitte Touche Tohmatsu Verein, any of their member firms, or any of the foregoing s affiliates (collectively the Deloitte Network ) are, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your finances or your business. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this publication.. All rights reserved

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