Would the proposed definition of an investment entity affect you?

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Would the proposed definition of an investment entity affect you?"

Transcription

1 ey.com/ifrs May 2012 IFRS Practical Matters Would the proposed definition of an investment entity affect you? The IASB s proposal would require investment entities, as defined, to measure all controlled investments at fair value. This may mean that some entities in a group will no longer need to be consolidated. How things stand now on the IASB s investment entities project: Six requirements to qualify as an investment entity have been introduced. All six criteria must be met in order for the entity to qualify as an investment entity Investment entities would have to measure all controlled investments at fair value through profit or loss, and would be prohibited from consolidating those investments An entity that holds a single investment or has a single investor generally would not meet the definition of an investment entity A parent of an investment entity that is not an investment entity itself would be required to consolidate controlled investees (this differs from the FASB s proposal) Entities currently permitted to measure investments in joint ventures or associates at fair value through profit and loss, but which do not meet the definition of an investment entity, would no longer be able to use fair value through profit and loss to account for such investments Why propose an exception to consolidation for investment entities? As part of the deliberations that ultimately led to the issue of IFRS 10 Consolidated Financial Statements, the IASB received many letters noting that, in the case of investment entities, rather than enhancing decision-useful information, consolidating controlled investments actually obscures such information. Users of investment entity financial statements stated that the practice by some funds to account for their underlying investments at fair value provided them with the most decision-useful information. This feedback was persuasive and the IASB and the FASB decided to begin a joint project to deal with the issue, although they each had issued separate exposure drafts (EDs) the FASB issued Financial Services Investment Companies, Amendments to the Scope, Measurement, and Disclosure Requirements (Topic 946). The Boards aim was to work towards a converged definition of an investment entity based on the definition in current US GAAP and other non-authoritative guidance (the concept of an investment entity does not exist under IFRS).

2 The IASB s proposal, if finalised, would amend IFRS 10 to require investment entities to measure all controlled investments at fair value. This proposal helps address what many in the asset management and private equity industries, and users of their financial statements, believe is a significant problem with the current consolidation requirements in IFRS. How would an investment entity be defined? Under the proposed guidance, there are six criteria that would be assessed to determine whether an entity is an investment entity. These criteria are discussed below: Nature of investment activity The entity s only substantive activities are investing in multiple investments for capital appreciation, investment income (e.g., dividends or interest) or both. Business purpose The entity makes an explicit commitment to a group of investors that its purpose is investing to provide returns from capital appreciation, investment income or both. To meet this requirement, the entity would need to have an exit strategy for its investments. Unit ownership Ownership in the investment entity is represented by units of investments, such as ordinary shares or partnership interests, to which a proportionate share of net assets are attributed. Pooling of funds There must be substantive pooling of investors funds in order for the investors to avail themselves of professional investment management services. Investors must be unrelated to the investment entity s parent (if any), and must, in aggregate, hold a significant ownership interest in the entity. Fair value management Substantially all of the investment entity s investments are managed, and their performance evaluated, on a fair value basis (IFRS 13 Fair Value Measurement defines fair value and describes how to measure it). Provides financial information The investment entity provides financial information about its investment activities to its investors. The entity can be, but does not have to be, a legal entity. The assessment of whether an entity qualifies as an investment entity would need to be performed at each reporting date. Who would be affected by the proposed definition? Entities such as mutual funds, private equity funds, hedge funds, venture capital funds, sovereign wealth funds, pension funds, endowment funds, and certain real estate funds may meet the proposed definition of an investment entity. Entities that, by design, may have only one single investor (such as those types of entities mentioned above) may not qualify as investment entities, because of the criterion that requires them to have multiple unrelated investors. In addition, entities that, by design, hold only one investment may not meet the definition of an investment entity. There would be an exception to the single investment requirement for master-feeder structures and blocker entities used to facilitate investments. The IASB decided that an investment entity may hold a single investment in circumstances in which it is formed in conjunction with another investment entity that holds multiple investments (directly or indirectly) and meets all other criteria. Generally, these are investment entities formed for legal, regulatory, tax or other reasons. 2 IFRS Practical Matters Would the proposed definition of an investment entity affect you?

3 Impact on joint ventures and associates As a consequential amendment, the IASB is proposing changes to the accounting for joint ventures and associates. Under current IFRS, venture capital organisations, mutual funds, unit trusts, investment-linked insurance funds and similar entities have a choice as to whether to use fair value through profit or loss, or the equity method. The IASB is proposing to remove this choice. Investment entities (as defined) will be required to measure investments in associates and joint ventures at fair value through profit and loss, because one of the qualifying criteria for an investment entity requires that substantially all of its investments are managed on a fair value basis. If an entity does not qualify as an investment entity, it will no longer have the option to use fair value through profit or loss for its investments in joint ventures and associates it will have to account for them using the equity method. Disclosures The proposal would require significant disclosures, including the following: Information to enable users to evaluate the nature and financial effects of the entity s investment activities Effect of any changes in status as an investment entity Financial or other support provided to controlled investments The nature and extent of any significant restrictions on the ability of controlled investees to transfer funds to the investment entity. An investment entity would still need to apply the disclosure requirements of other IFRSs where relevant. For example, according to IFRS 13, an investment entity would be required to disclose the fair value for each material investment using the fair value hierarchy. The disclosures required by IFRS 12 (effective 1 January 2013) will also need to be provided. However, consideration should be given as to whether all of the summarised financial information required by IFRS 12 is necessary, especially since the fair value of investments and the inputs into those fair values are required to be disclosed. Transition The proposals require that, if an entity meets the definition of an investment entity, it must recognise the effect of adopting the measurement exception as of the beginning of the period that it first applies the proposed exception, as an adjustment to retained earnings. This adjustment would be for the difference between: (1) the previous carrying amount of the net assets of the investee; and (2) the fair value of the investee as of the date of first applying the IFRS, adjusted for any changes in the fair value of investees that still remain in accumulated other comprehensive income. How do the proposed changes differ from US GAAP? The Boards are proposing a largely consistent definition for an investment entity, although there would be accounting and reporting differences. For example, similar to the FASB s proposal, the IASB s proposal would require an investment entity to account for its investments at fair value. However, unlike the FASB proposal, the IASB would prohibit an investment entity from consolidating its controlled investees; i.e., fair value measurement of controlled investments is not a choice. Unlike the FASB s proposal, the IASB s proposal would also prohibit the retention, or roll-up, of fair value investment entity accounting by a non-investment entity parent. Instead, the IASB s proposal would require consolidation of all controlled investees in accordance with relevant accounting guidance. In its Basis for Conclusions to the ED, the IASB raised a concern that a parent may use the exception to structure its group to achieve a particular result. Therefore, to prevent abuse, the IASB proposed that there should be no fair value accounting roll-up for a non-investment entity parent. What are the IASB s next steps? The comment letter deadline for the ED was 5 January In February and March, the IASB and the FASB held four round-table meetings around the world to discuss the investment entities proposals with interested parties. The Boards began discussing the comments received in the comment letters to the ED in April IFRS Practical Matters Would the proposed definition of an investment entity affect you? 3

4 What does the proposal mean for your company now? Management judgements While the criteria included in the proposal may, at first, appear relatively straightforward, it is not entirely clear how some of them should be interpreted, which has led respondents to the exposure draft to ask the IASB for clarification. How the criteria are interpreted could change whether an entity is or is not deemed an investment entity. For example, the proposed fair value management criterion could be interpreted in different ways. On one hand, fair value management could be interpreted as applying to an entity that is required to measure its investments at fair value in accordance with existing IFRS. On the other hand, it could be interpreted as applying to an entity that contemplates selling its investments in the future. Another area where entities are seeking clarification is the express business purpose criterion. The proposal, as written, leaves open to interpretation whether an exit strategy would be required for each individual investment, or for most, but not all, investments. In addition, interpretations could differ as to whether funds that are established with a plan to liquidate after a finite life would satisfy the exit strategy requirement. Judgement also would be required to determine whether pooling of funds is substantive, and whether certain entities, such as master-feeder structures, could avail themselves of the exception to the pooling of funds criterion. If the entities that have been consolidated by an investment entity parent change, the parent s auditors would need to reassess whether they could rely on the work of other auditors or whether they would need to function as principal auditors. These analyses would need to be re-performed at each reporting period. The conclusions reached may change as a parent investment entity changes its portfolio. Financial metrics As a result of the proposals, key metrics such as net asset value and assets under management would be affected. These metrics are used by financial analysts, investors, and other users of investment entity financial statements to track and monitor investments. Infrastructure, process and controls The judgement and assessments required under the proposal would demand indepth knowledge of the business and an understanding of the intended purpose and design of the entity being evaluated. Some of these judgements will require knowledge and expertise from beyond the accounting department, such as legal and operational personnel. Entities would need to establish new accounting policies, processes and internal controls to address the need for continuous assessment of entities to be evaluated as investment entities, to establish whether they continue to meet the definition over time. Taxes Adoption of the proposal could give rise to tax-related considerations. As a result of the consolidation or deconsolidation of entities upon adoption, entities would need to consider the accounting ramifications on deferred taxes and the tracking of book/tax differences related to assets and liabilities consolidated for financial reporting purposes. Entities would also need to determine necessary changes to administrative processes and controls for identifying and tracking book to tax adjustments and evaluating uncertain tax positions. Early assessment of tax implications early would help companies reduce their tax exposures and develop changes to financial systems to facilitate tax processes. What can you do now? While the proposal is not yet final and continues to be deliberated, we believe it would be prudent for entities to begin evaluating whether they would qualify as investment entities under the proposed criteria. Entities also should begin to evaluate whether any entities they control would qualify as investment entities. This will require a thoughtful analysis of the IASB s proposed criteria, some of which are subjective. Adopting the investment entities exception (once finalised) would require time, effort and judgement, and would also involve obtaining a comprehensive understanding of an entity s business, its operations, legal rights and obligations. Early assessment will help enable a smooth transition and avoid unwanted surprises. A proposed effective date of the standard will be determined after the IASB considers all feedback from constituents. 4 IFRS Practical Matters Would the proposed definition of an investment entity affect you?

5 Actions that entities should begin to consider now: Identify potential issues related to the proposal Monitor updates on the IASB s deliberations Understand whether any entities would qualify as an investment entity Understand whether any entities would no longer be consolidated and how key metrics such as net asset value would change. Consider the impact of no longer consolidating entities that qualify as investment entities on the balance sheet, income statement, statement of cash flows, and disclosures Understand the effects of the proposal on performance indicators and consider appropriate stakeholder communications Determine training requirements for individuals responsible for consolidation and investment accounting and related judgements For further information, please refer to the following Ernst & Young publications: IFRS Developments Proposal for investment entities to measure investments at fair value (Issue15, August 2011) IFRS Practical Matters Would the proposed definition of an investment entity affect you? 5

6 How Ernst & Young may be able to help Ernst & Young can bring its multi-disciplinary team of accounting, tax, systems, and IT professionals to your company to assist in assessing what the proposal means to you. In the chart below, we outline issues and steps you should consider concerning the proposal, and indicate how Ernst & Young may be able to help you from initial assessment through adoption. Issues and steps Gain a general understanding of the investment entities proposal Perform a preliminary assessment of the impact of the proposal on the entity s financial statements Assess the impact of the proposal on strategic business decisions Benchmark the entity against peers and others in the industry Assess processes for data collection, internal controls, IT systems Assess tax positions relating to proposal Plan for ultimate adoption of the proposed standard Update accounting manuals and accounting policies Communicate the effect of adoption to stakeholders analysts, regulators, shareholders How Ernst & Young may be able to help Design and help deliver a training session for entity personnel Share insights of the views and latest deliberations of the IASB and the FASB Advise and provide input into: Determining whether the entity meets the definition of an investment entity within the scope of the proposal Determining whether the entity appropriately consolidates entities on its balance sheet, including the impact on the income statement, statement of cash flows, and disclosures under the proposed standard Assessing the impact of the proposal on key financial ratios and performance measures such as net asset value, assets under management, and expense ratios Identifying shortfalls in available information to adopt the proposal Advise and provide input into: The impact on strategic business decisions and planned transactions (e.g., mergers, acquisitions, and new markets) The impact on existing loan covenants, borrowing arrangements, and compensation plans, including the impact on arrangements currently being negotiated Provide observations of how others are approaching the proposal, problems they anticipate and solutions proposed Assist in the evaluation of peers, competitors and industry disclosures and expected impact on the financial statements Provide observations and insights based on leading practices on ways the entity could design its valuation processes, IT systems and internal controls Advise on analysing tax positions arising from adopting the proposal, reducing tax exposure, and determining tax effects Advise regarding project management and planning, including timeline, tasks, and resource allocation Review and provide input into accounting manuals and policies selected by management Advise on developing a communication plan so that the entity conveys the impact the proposal would have on the entity s financial position and operating results 6 IFRS Practical Matters Would the proposed definition of an investment entity affect you?

7 For more information, please contact: Ken Marshall Financial Accounting Advisory Services Leader Americas Mark Seddon Financial Accounting Advisory Services Leader Asia-Pacific Stephane Kherroubi Financial Accounting Advisory Services Leader Europe, Middle East, India, and Africa (EMEIA) Tomohiro Miyagawa Financial Accounting Advisory Services Leader Japan

8 Ernst & Young Assurance Tax Transactions Advisory About Ernst & Young Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 152,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential. Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit About Ernst & Young s International Financial Reporting Standards Group The move to International Financial Reporting Standards (IFRS) is the single most important initiative in the financial reporting world, the impact of which stretches far beyond accounting to affect every key decision you make, not just how you report it. We have developed the global resources people and knowledge to support our client teams. And we work to give you the benefit of our broad sector experience, our deep subject matter knowledge and the latest insights from our work worldwide. It s how Ernst & Young makes a difference. About Ernst & Young s Financial Accounting Advisory Services (FAAS) Group Today s global enterprises need help understanding and addressing the effects of their business decisions on complex accounting and financial reporting requirements. Meeting this challenge requires not only technical resources, but advisors who understand the issues companies face in their industries and who have the experience to provide practical, effective services. Ernst & Young s FAAS professionals are deeply experienced in offering up-to-date insight into standard setting and regulatory developments, along with relevant industry perspectives. And to help companies receive the market, technical and regulatory insights they need, we can coordinate global teams of highly qualified resources in accounting, tax, systems, IT, and transaction advisory. It s how Ernst & Young makes a difference EYGM Limited. All Rights Reserved. EYG no. AU ED none. In line with Ernst & Young s commitment to minimise its impact on the environment, this document has been printed on paper with a high recycled content. This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither EYGM Limited nor any other member of the global Ernst & Young organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor.

IFRS 10, 11 and 12 on consolidation and joint arrangements

IFRS 10, 11 and 12 on consolidation and joint arrangements IFRS 10, 11 and 12 on consolidation and joint arrangements A changing balance sheet Implications for the real estate and construction industries Insert colour image Contents 1. Introduction 2 2. Principal

More information

Earn-out arrangements in a business combination impact of the revised IFRS 3

Earn-out arrangements in a business combination impact of the revised IFRS 3 ey.com/ifrs Negotiation series Earn-out arrangements in a business combination impact of the revised IFRS 3 January 2010 When negotiating a business acquisition, the potential consequences of the accounting

More information

Financial Services Investment Companies (Topic 946)

Financial Services Investment Companies (Topic 946) Proposed Accounting Standards Update Issued: October 21, 2011 Comments Due: January 5, 2012 Financial Services Investment Companies (Topic 946) Amendments to the Scope, Measurement, and Disclosure Requirements

More information

IFRS News. Special Edition. A consolidation exception for investment entities

IFRS News. Special Edition. A consolidation exception for investment entities IFRS News Special Edition December 2012 Many commentators have long believed that consolidating the financial statements of an investment entity and its investees does not provide the most useful information.

More information

INTERNATIONAL FINANCIAL REPORTING BULLETIN 2011/06

INTERNATIONAL FINANCIAL REPORTING BULLETIN 2011/06 INTERNATIONAL FINANCIAL REPORTING BULLETIN 2011/06 ACCOUNTING FOR SUBSIDIARIES, JOINT ARRANGEMENTS AND ASSOCIATES, AND DISCLOSURES OF INTERESTS IN OTHER ENTITIES Background The International Accounting

More information

Financial Services Investment Companies (Topic 946)

Financial Services Investment Companies (Topic 946) No. 2013-08 June 2013 Financial Services Investment Companies (Topic 946) Amendments to the Scope, Measurement, and Disclosure Requirements An Amendment of the FASB Accounting Standards Codification The

More information

IFRS 2 Share-based payment The essential guide (updated March 2009)

IFRS 2 Share-based payment The essential guide (updated March 2009) IFRS 2 Share-based payment The essential guide (updated March 2009) An overview of IFRS 2 Share-based payment Share-based payment awards (such as share options and shares) are a key issue for executives,

More information

Reclassification of financial assets

Reclassification of financial assets Issue 34 / March 2009 Supplement to IFRS outlook Reclassification of financial assets This publication summarises all the recent amendments to IAS 39 Financial Instruments: Recognition and Measurement

More information

International Financial Reporting Standards (IFRS) Financial Instrument Accounting Survey. CFA Institute Member Survey

International Financial Reporting Standards (IFRS) Financial Instrument Accounting Survey. CFA Institute Member Survey International Financial Reporting Standards (IFRS) Financial Instrument Accounting Survey CFA Institute Member Survey November 2009 Contents 1. PREFACE... 3 1.1 Purpose of Survey... 3 1.2 Background...

More information

NEED TO KNOW. IFRS 10 Consolidated Financial Statements

NEED TO KNOW. IFRS 10 Consolidated Financial Statements NEED TO KNOW IFRS 10 Consolidated Financial Statements 2 IFRS 10 Consolidated Financial Statements SUMMARY In May 2011 the International Accounting Standards Board (IASB) published a package of five new

More information

Lease accounting update

Lease accounting update Financial Executives International 22 March 2012 Agenda Where are we now? Timing? What are the proposed changes to lease accounting? Overview of implications and considerations What are companies doing

More information

IFRS 10 Consolidated Financial Statements and IFRS 12 Disclosure of Interests in Other Entities

IFRS 10 Consolidated Financial Statements and IFRS 12 Disclosure of Interests in Other Entities May 2011 (updated January 2012) Project Summary and Feedback Statement IFRS 10 Consolidated Financial Statements and IFRS 12 Disclosure of Interests in Other Entities At a glance We, the International

More information

Snapshot: Insurance Contracts

Snapshot: Insurance Contracts July 2010 Exposure Draft Snapshot: Insurance Contracts This snapshot is a brief introduction to the exposure draft Insurance Contracts. It provides an overview of the main proposals published for public

More information

Defining Issues. FASB Issues New Consolidation Guidance. February 2015, No. 15-6. Key Facts

Defining Issues. FASB Issues New Consolidation Guidance. February 2015, No. 15-6. Key Facts Defining Issues February 2015, No. 15-6 FASB Issues New Consolidation Guidance On February 18, 2015, the FASB issued a new consolidation standard to improve targeted areas of the consolidation guidance

More information

Disclosures Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7)

Disclosures Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7) December 2011 Project Summary and Feedback Statement Disclosures Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7) At a glance In December 2011 the International Accounting

More information

First Impressions: Consolidation relief for investment funds

First Impressions: Consolidation relief for investment funds IFRS First Impressions: Consolidation relief for investment funds November 2012 kpmg.com/ifrs Contents Green light for fair value accounting 1 1. Highlights 2 2. How this could affect you 3 3. A two-stage

More information

STATUS Final. EFFECTIVE DATE Annual periods beginning on or after 1 January 2016

STATUS Final. EFFECTIVE DATE Annual periods beginning on or after 1 January 2016 INVESTMENT ENTITIES: APPLYING THE CONSOLIDATION EXCEPTION (AMENDMENTS TO IFRS 10, IFRS 12 AND IAS 28) INTERNATIONAL FINANCIAL REPORTING BULLETIN 2015/01 Summary In December 2014, the International Accounting

More information

January 2016. Project Summary and Feedback Statement. IFRS 16 Leases

January 2016. Project Summary and Feedback Statement. IFRS 16 Leases January 2016 Project Summary and Feedback Statement IFRS 16 Leases At a glance The International Accounting Standards Board (IASB) issued IFRS 16 Leases in January 2016. IFRS 16 sets out the principles

More information

International Financial Reporting Bulletin

International Financial Reporting Bulletin Issue 1/2006 BDO International 17 January 2006 Status: Final Effective date: Immediate Accounting impact: May affect the classification of investments as being in subsidiaries International Financial Reporting

More information

International Accounting Standard 24 Related Party Disclosures. Objective. Scope. Purpose of related party disclosures IAS 24

International Accounting Standard 24 Related Party Disclosures. Objective. Scope. Purpose of related party disclosures IAS 24 International Accounting Standard 24 Related Party Disclosures Objective 1 The objective of this Standard is to ensure that an entity s financial statements contain the disclosures necessary to draw attention

More information

Accounting for Insurance Contracts

Accounting for Insurance Contracts Accounting for Insurance Contracts 2012 ACLI Executive Roundtable Marc Siegel, FASB Board Member This presentation has been prepared by the staff of the FASB to help constituents understand the preliminary

More information

DECEMBER 8, 2010 FINANCIAL MARKETS UPDATE. SEC Proposes Rules Exempting Certain Private Fund Advisers from Investment Adviser Registration.

DECEMBER 8, 2010 FINANCIAL MARKETS UPDATE. SEC Proposes Rules Exempting Certain Private Fund Advisers from Investment Adviser Registration. December 8, 2010 FINANCIAL MARKETS UPDATE SEC Proposes Rules Exempting Certain Private Fund Advisers from Investment Adviser Registration The Securities and Exchange Commission (the SEC ) has published

More information

EXPOSURE DRAFT FINANCIAL REPORTING BUSINESS COMBINATIONS (IFRS 3) & AMENDMENTS TO FRS 2 ACCOUNTING FOR SUBSIDIARY UNDERTAKINGS

EXPOSURE DRAFT FINANCIAL REPORTING BUSINESS COMBINATIONS (IFRS 3) & AMENDMENTS TO FRS 2 ACCOUNTING FOR SUBSIDIARY UNDERTAKINGS ACCOUNTING STANDARDS BOARD JULY 2005 FRED 36 36 BUSINESS COMBINATIONS (IFRS 3) & AMENDMENTS TO FRS 2 ACCOUNTING FOR SUBSIDIARY UNDERTAKINGS (PARTS OF IAS 27 CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS)

More information

Snapshot: Leases. May 2013. Exposure Draft

Snapshot: Leases. May 2013. Exposure Draft May 2013 Exposure Draft Snapshot: Leases This Snapshot introduces the revised Exposure Draft Leases ( ED ) published jointly by the International Accounting Standards Board (IASB) and the US based Financial

More information

New Developments Summary

New Developments Summary April 2, 2014 NDS 2014-04 New Developments Summary Lessee consolidation of lessor entities under common control FASB provides long-requested relief to private companies Summary The FASB recently issued

More information

Lease accounting. Are we there yet? The waiting game may finally be over with substantial convergence achieved and a final standard expected in 2015

Lease accounting. Are we there yet? The waiting game may finally be over with substantial convergence achieved and a final standard expected in 2015 Lease accounting Are we there yet? Dónal Cahalan, Sean Rugers, Warren McGregor The waiting game may finally be over with substantial convergence achieved and a final standard expected in 2015 Where are

More information

HKFRS / IFRS UPDATE 2016/02

HKFRS / IFRS UPDATE 2016/02 ISSUE 2016/02 JUNE 2016 WWW.BDO.COM.HK s HKFRS / IFRS UPDATE 2016/02 IFRS INTERPRETATIONS COMMITTEE - AGENDA REJECTIONS (NOVEMBER 2015) Background This Update summarises issues that the IFRS Interpretations

More information

Practical guide to IFRS

Practical guide to IFRS Practical guide to IFRS IFRS 10 for asset managers At a glance The IASB issued IFRS 10, Consolidated financial statements ( IFRS 10 or the standard ), in May 2011. It introduces new guidance on control

More information

Draft Comment Letter

Draft Comment Letter Draft Comment Letter Comments should be submitted by 5 September 2014 to commentletters@efrag.org [Date] International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Sir/Madam,

More information

Comment on the Exposure Draft Insurance Contracts

Comment on the Exposure Draft Insurance Contracts 30 November 2010 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Sir or Madame, Comment on the Exposure Draft Insurance Contracts We appreciate the longstanding

More information

ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2013 International Financial Reporting Standards

ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2013 International Financial Reporting Standards ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2013 International Financial Reporting Standards 2 A Layout (International) Group Ltd Annual report and financial statements For the year ended

More information

IFRS Project Insights Insurance Contracts

IFRS Project Insights Insurance Contracts IFRS Project Insights Insurance Contracts December 2015 The International Accounting Standards Board ( IASB / the Board ) is undertaking a comprehensive project on the accounting for insurance contracts,

More information

Issue 19: Joint Arrangements and Associates

Issue 19: Joint Arrangements and Associates www.bdo.ca Assurance and accounting Comparison Series Issue 19: Joint Arrangements and Associates Both and are principle based frameworks, and from a conceptual standpoint many of the general principles

More information

Investments in Associates and Joint Ventures

Investments in Associates and Joint Ventures IFAC Board Exposure Draft 50 October 2013 Comments due: February 28, 2014 Proposed International Public Sector Accounting Standard Investments in Associates and Joint Ventures This Exposure Draft 50, Investments

More information

Date. FASB Roundtable Meetings on IASB Staff Draft Consolidated Financial Statements

Date. FASB Roundtable Meetings on IASB Staff Draft Consolidated Financial Statements IASB Meeting Agenda reference 13A Staff Paper Date Week beginning 13 December 2010 Project Topic Consolidation FASB Roundtable Meetings on IASB Staff Draft Consolidated Financial Statements Introduction

More information

IASB Meeting Agenda reference 4 Week Date. the objective of a limited scope project to amend IAS 12 Income Taxes and

IASB Meeting Agenda reference 4 Week Date. the objective of a limited scope project to amend IAS 12 Income Taxes and IASB Meeting Agenda reference 4 Week Date Staff Paper beginning 15 March 2010 Project Topic Income Tax Scope Cover note Purpose of this paper 1. This paper discusses: the objective of a limited scope project

More information

CONTACT(S) Kenichi Yoshimura kyoshimura@ifrs.org +44 (0)20 7246 6905

CONTACT(S) Kenichi Yoshimura kyoshimura@ifrs.org +44 (0)20 7246 6905 STAFF PAPER IFRS Interpretations Committee Meeting 18 19 September 2012 Project Paper topic IAS 40 Investment Property Accounting for telecommunication tower CONTACT(S) Kenichi Yoshimura kyoshimura@ifrs.org

More information

NEED TO KNOW. Leases A Project Update

NEED TO KNOW. Leases A Project Update NEED TO KNOW Leases A Project Update 2 LEASES - A PROJECT UPDATE TABLE OF CONTENTS Introduction 3 Existing guidance and the rationale for change 4 The IASB/FASB project to date 5 The main proposals 6 Definition

More information

INSURANCE. Moving towards global insurance accounting

INSURANCE. Moving towards global insurance accounting IFRS NEWSLETTER INSURANCE Issue 31, November 2012 The redeliberations are winding down, with an exposure draft in sight next year. Field and user input will be key in evaluating the operationality of the

More information

Understanding Irish Real Estate Investment Trusts. For Financial Advisor Use Only

Understanding Irish Real Estate Investment Trusts. For Financial Advisor Use Only Understanding Irish Real Estate Investment Trusts For Financial Advisor Use Only What is a Real Estate Investment Trust (REIT)? A REIT is a public listed company which has as its main activity the ownership

More information

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands Condensed Interim Consolidated Financial Statements (Unaudited) (in thousands of United States dollars) Condensed Interim Consolidated Statements of Financial Position (in thousands of United States dollars)

More information

IFRS 9 FINANCIAL INSTRUMENTS (2014) INTERNATIONAL FINANCIAL REPORTING BULLETIN 2014/12

IFRS 9 FINANCIAL INSTRUMENTS (2014) INTERNATIONAL FINANCIAL REPORTING BULLETIN 2014/12 IFRS 9 FINANCIAL INSTRUMENTS (2014) INTERNATIONAL FINANCIAL REPORTING BULLETIN 2014/12 Summary On 24 July 2014, the International Accounting Standards Board (IASB) completed its project on financial instruments

More information

Summary of certain differences between International Power s and GDF SUEZ s accounting principles

Summary of certain differences between International Power s and GDF SUEZ s accounting principles GDF Suez Energy International Business Areas and the combined entities (together GDF Suez Energy International ) Combined Financial Information reflects the combination of GDF SUEZ Energy North America,

More information

CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES)

CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES) CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES) Chapter Title Page number 1 The regulatory framework 3 2 What is a group 9 3 Group accounts the statement of financial position

More information

EFRAG Update. EFRAG Update. February 2013. Summary of EFRAG Technical Expert Group meeting. Highlights

EFRAG Update. EFRAG Update. February 2013. Summary of EFRAG Technical Expert Group meeting. Highlights EFRAG Update Summary of EFRAG Technical Expert Group meeting EFRAG TEG held a conference call on 29 January 2013 to discuss EFRAG comment letters on: IASB Exposure Draft Acquisition of an Interest in a

More information

Corporate Governance Code for Banks

Corporate Governance Code for Banks Corporate Governance Code for Banks Foreword Further to issuing the Bank Director s Handbook of Corporate Governance in 2004, the Central Bank of Jordan is continuing in its efforts to enhance corporate

More information

IFRS 10 Consolidated Financial Statements

IFRS 10 Consolidated Financial Statements S U M M A R Y IFRS 10 Consolidated Financial Statements Overview IFRS 10 replaces the part of IAS 27 Consolidated and Separate Financial Statements that addresses accounting for subsidiaries on consolidation.

More information

Corporate Risk Management Advisory Services FX and interest rate solutions for clients

Corporate Risk Management Advisory Services FX and interest rate solutions for clients Corporate Risk Management Advisory Services FX and interest rate solutions for clients Risk Management: The UBS Warburg approach UBS Warburg has built an outstanding reputation in the management of foreign

More information

January 2012. EFRAG Update

January 2012. EFRAG Update January 2012 Summary of EFRAG meetings held in January 2012 EFRAG AISBL - IVZW Square de Meeûs 35 1000 B-BRUSSELS www.efrag.org From 16 to 18 January 2012, EFRAG held its monthly meeting. The following

More information

Similarities and differences*

Similarities and differences* Investment Management & Real Estate Similarities and differences* Global Reporting Revolution June 2007 *connectedthinking Contents How to use this publication 01 Summary of Similarities and Difference

More information

LEASE ACCOUNTING CHANGES: CRE TO TAKE CENTRE STAGE

LEASE ACCOUNTING CHANGES: CRE TO TAKE CENTRE STAGE LEASE ACCOUNTING CHANGES: CRE TO TAKE CENTRE STAGE CONTENTS THE NEED FOR CHANGE 04 THE NEW STANDARD 07 Application at lease start 08 Updates during the lease term 09 Exemptions 09 Transitional arrangements

More information

Broker-dealers: Prepare for the new revenue recognition standard

Broker-dealers: Prepare for the new revenue recognition standard Broker-dealers: Prepare for the new revenue recognition standard Last May, the FASB and IASB issued a converged standard on revenue recognition (Accounting Standards Codification [ASC] Topics 606 and 610;

More information

Comment on Exposure Draft 2014-4 Measuring Quoted Investments in Subsidiaries, Joint Ventures and Associates at Fair Value

Comment on Exposure Draft 2014-4 Measuring Quoted Investments in Subsidiaries, Joint Ventures and Associates at Fair Value International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Our ref : IASB 455 C Direct dial : Tel.: (+31) 20 301 0391 / Fax: (+31) 20 301 0302 Date : Amsterdam, December 22

More information

Consolidated Financial Statements

Consolidated Financial Statements AASB Standard AASB 10 August 2011 Consolidated Financial Statements Obtaining a Copy of this Accounting Standard This Standard is available on the AASB website: www.aasb.gov.au. Alternatively, printed

More information

[7] Accounting policies

[7] Accounting policies 121 [7] Accounting policies The Group financial statements have been prepared under the historical cost convention, with the exception of derivative financial instruments, available-for-sale financial

More information

IFRS Hot Topics. Full Text Edition February 2013. ottopics...

IFRS Hot Topics. Full Text Edition February 2013. ottopics... IFRS Hot Topics Full Text Edition February 2013 ottopics... Grant Thornton International Ltd (Grant Thornton International) and the member firms are not a worldwide partnership. Services are delivered

More information

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) FACT SHEET September 2011 IAS 12 Income Taxes (This fact sheet is based on the standard as at 1 January 2011.) Important note: This fact sheet is based on the requirements of the International Financial

More information

Adopting the consolidation suite of standards

Adopting the consolidation suite of standards IFRS PRACTICE ISSUES Adopting the consolidation suite of standards Transition to IFRSs 10, 11 and 12 January 2013 kpmg.com/ifrs Contents Simplifications provide relief 1 1. Extent of relief depends on

More information

Leases: Practical implications of the new Leases Standard

Leases: Practical implications of the new Leases Standard March 2015 Project Update Leases: Practical implications of the new Leases Standard Leases What is the purpose of this document? This document describes the IASB s lessee accounting model and compares

More information

Statement of Recommended Practice:

Statement of Recommended Practice: The Association of Investment Companies Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts Issued November 2014 AIC SORP i Contents Foreword

More information

Adviser alert Under control? A practical guide to IFRS 10 Consolidated Financial Statements

Adviser alert Under control? A practical guide to IFRS 10 Consolidated Financial Statements Adviser alert Under control? A practical guide to IFRS 10 Consolidated Financial Statements August 2012 Overview The Grant Thornton International IFRS team has published a new guide, Under Control? A Practical

More information

Investments in Associates and Joint Ventures

Investments in Associates and Joint Ventures International Accounting Standard 28 Investments in Associates and Joint Ventures In April 2001 the International Accounting Standards Board (IASB) adopted IAS 28 Accounting for Investments in Associates,

More information

Share-based payment. Debt/Equity IFRIC In the pipeline Other news Open for comments. Effective dates. combinations. IFRS News

Share-based payment. Debt/Equity IFRIC In the pipeline Other news Open for comments. Effective dates. combinations. IFRS News IFRS News Welcome to IFRS News a quarterly update from the Grant Thornton International IFRS team. IFRS News offers a summary of the more significant developments in International Financial Reporting Standards

More information

462 IBN18 (MAURITIUS) LIMITED. IBN18 (Mauritius) Limited

462 IBN18 (MAURITIUS) LIMITED. IBN18 (Mauritius) Limited 462 IBN18 (MAURITIUS) LIMITED IBN18 (Mauritius) Limited IBN18 (MAURITIUS) LIMITED 463 Independent Auditors Report Independent Auditors Report to the member of IBN18 (Mauritius) Limited Report on the Financial

More information

New approaches regarding business combinations

New approaches regarding business combinations MPRA Munich Personal RePEc Archive New approaches regarding business combinations Cristina Aurora Bunea-Bontaş and Mihaela Cosmina Petre May 2009 Online at http://mpra.ub.uni-muenchen.de/18133/ MPRA Paper

More information

Sir Chairman and Members of European Financial Reporting Advisory Group. commentletters@efrag.org August 31 2011

Sir Chairman and Members of European Financial Reporting Advisory Group. commentletters@efrag.org August 31 2011 Denise Silva Ferreira Juvenal rio1042370@terra.com.br Accountant Commentary individual Rio de Janeiro / Brazil Sir Chairman and Members of European Financial Reporting Advisory Group EFRAG 35 Square de

More information

Financial Accounting Series

Financial Accounting Series Financial Accounting Series NO. 299-A DECEMBER 2007 Statement of Financial Accounting Standards No. 141 (revised 2007) Business Combinations Financial Accounting Standards Board of the Financial Accounting

More information

SeriousFun Children's Network, Inc. and Subsidiaries

SeriousFun Children's Network, Inc. and Subsidiaries SeriousFun Children's Network, Inc. and Subsidiaries Consolidated Financial Statements and Independent Auditor's Report (With Supplementary Information) December 31, 2015 and 2014 Index Page Independent

More information

Risk and Audit Committee Terms of Reference. 16 June 2016

Risk and Audit Committee Terms of Reference. 16 June 2016 Risk and Audit Committee Terms of Reference 16 June 2016 Risk and Audit Committee Terms of Reference BHP Billiton Limited and BHP Billiton Plc Approved by the Boards of BHP Billiton Limited and BHP Billiton

More information

Presentation of items of Other Comprehensive Income (OCI) Frequently asked questions

Presentation of items of Other Comprehensive Income (OCI) Frequently asked questions Presentation of items of Other Comprehensive Income (OCI) Amendment to IAS 1 Presentation of Financial Statements Frequently asked questions 1. What are the current requirements for presenting profit or

More information

Consolidated Financial Statements

Consolidated Financial Statements HKFRS 10 Revised October 2014January 2015 Effective for annual periods beginning on or after 1 January 2013 Hong Kong Financial Reporting Standard 10 Consolidated Financial Statements COPYRIGHT Copyright

More information

IFRS AT A GLANCE IFRS 10 Consolidated Financial Statements

IFRS AT A GLANCE IFRS 10 Consolidated Financial Statements IFRS AT A GLANCE IFRS 10 Consolidated Financial Statements As at 1 January 2016 Page 1 of 2 CONTINUOUS ASSESSMENT IFRS 10 Consolidated Financial Statements SCOPE THE CONTROL MODEL Effective Date Periods

More information

Corporate Governance Report

Corporate Governance Report Corporate Governance Report Chairman s introduction From 1 January 2015 until 31 December 2015, the company applied the 2014 edition of the UK Corporate Governance Code (the Code ). 1. BOARD COMPOSITION

More information

IFRS Viewpoint. What s the issue? Common control business combinations

IFRS Viewpoint. What s the issue? Common control business combinations IFRS Viewpoint Common control business combinations Our IFRS Viewpoint series provides insights from our global IFRS team on applying IFRSs in challenging situations. Each issue will focus on an area where

More information

TIGroup Shareholder Update: Fiscal 2008 Major Goals Met or Exceeded. Revenue Run Rate Reaches $40M. Positive 2009 Outlook

TIGroup Shareholder Update: Fiscal 2008 Major Goals Met or Exceeded. Revenue Run Rate Reaches $40M. Positive 2009 Outlook News Release: FOR IMMEDIATE RELEASE TIGroup Shareholder Update: Fiscal 2008 Major Goals Met or Exceeded. Revenue Run Rate Reaches $40M. Positive 2009 Outlook BEVERLY HILLS, Calif. January 13, 2009 -- Tri-Isthmus

More information

Consolidation (Topic 810)

Consolidation (Topic 810) No. 2010-10 February 2010 Consolidation (Topic 810) Amendments for Certain Investment Funds The FASB Accounting Standards Codification is the source of authoritative generally accepted accounting principles

More information

November 2007. Comment Letter. Discussion Paper: Preliminary Views on Insurance Contracts

November 2007. Comment Letter. Discussion Paper: Preliminary Views on Insurance Contracts November 2007 Comment Letter Discussion Paper: Preliminary Views on Insurance Contracts The Austrian Financial Reporting and Auditing Committee (AFRAC) is the privately organised standard-setting body

More information

CONTACT(S) Kazuhiro Sakaguchi ksakaguchi@ifrs.org +44 (0)20 7246 6930

CONTACT(S) Kazuhiro Sakaguchi ksakaguchi@ifrs.org +44 (0)20 7246 6930 STAFF PAPER IFRS Interpretations Committee Meeting January 2013 Project Paper topic IAS 28 Investments in Associates and Joint Ventures/IFRS 3 Business Combinations Acquisition of an interest in an associate

More information

A practical guide to capitalisation of borrowing costs. November 2008

A practical guide to capitalisation of borrowing costs. November 2008 A practical guide to capitalisation of borrowing costs November 2008 PricewaterhouseCoopers IFRS and corporate governance publications and tools 2008 IFRS technical publications IFRS manual of accounting

More information

Need to know Financial Reporting Council issues FRS 103 Insurance Contracts

Need to know Financial Reporting Council issues FRS 103 Insurance Contracts ukgaap: Beyond the detail Need to know Financial Reporting Council issues FRS 103 Insurance Contracts In a nutshell The Financial Reporting Council (FRC) has issued FRS 103 Insurance Contracts. The standard

More information

Understanding the changes to the Private Equity Valuation Guidelines.

Understanding the changes to the Private Equity Valuation Guidelines. Understanding the changes to the Private Equity Valuation Guidelines. 17 December 2012 Checked and checked again. A revised version of the International Private Equity and Venture Capital Valuation Guidelines

More information

Financial Reporting Brief Special Edition FRS 103 Insurance Contracts

Financial Reporting Brief Special Edition FRS 103 Insurance Contracts March 2014 Financial Reporting Brief Special Edition FRS 103 Insurance Contracts In a nutshell The Financial Reporting Council (FRC) has issued FRS 103 Insurance Contracts. The standard consolidates existing

More information

An entity issues a debt instrument for CU1000. The instrument has a stated maturity date. At maturity, the issuer must deliver a variable

An entity issues a debt instrument for CU1000. The instrument has a stated maturity date. At maturity, the issuer must deliver a variable STAFF PAPER IFRS Interpretations Committee Meeting January 2014 Project Paper topic IAS 32 Financial Instruments: Presentation A financial instrument that is mandatorily convertible into a variable number

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

September 2010 Report No. 11-003

September 2010 Report No. 11-003 John Keel, CPA State Auditor Selected Investment Practices at the Texas Treasury Safekeeping Trust Company, the Employees Retirement System, and the Texas A&M University System Report No. 11-003 Selected

More information

APX GROUP HOLDINGS, INC. REPORTS FIRST QUARTER 2014 FINANCIAL RESULTS

APX GROUP HOLDINGS, INC. REPORTS FIRST QUARTER 2014 FINANCIAL RESULTS APX GROUP HOLDINGS, INC. REPORTS FIRST QUARTER 2014 FINANCIAL RESULTS 1st Quarter Financial Highlights Total revenues of $130.2 million for the first quarter 2014, an increase of 21.8%, compared to $106.9

More information

International Financial Reporting Standards What it means for private company reporting

International Financial Reporting Standards What it means for private company reporting International Financial Reporting Standards What it means for private company reporting IFRS: What it means for private company reporting This point of view discusses the movement toward International

More information

IPSAS 7 INVESTMENTS IN ASSOCIATES

IPSAS 7 INVESTMENTS IN ASSOCIATES IPSAS 7 INVESTMENTS IN ASSOCIATES Acknowledgment This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 28 (Revised 2003), Investments

More information

Financial Statements Study and assessment guide. 2013 AAT Accounting Qualification Version date: April 2013 (version 2)

Financial Statements Study and assessment guide. 2013 AAT Accounting Qualification Version date: April 2013 (version 2) Financial Statements Study and assessment guide 2013 AAT Accounting Qualification Version date: April 2013 (version 2) Financial Statements (FSTM) Introduction The unit is concerned with competence in

More information

CONTACT(S) Koichiro Kuramochi kkuramochi@ifrs.org +44 (0)20 7246 6496

CONTACT(S) Koichiro Kuramochi kkuramochi@ifrs.org +44 (0)20 7246 6496 IASB Agenda ref 12C STAFF PAPER March 2014 IASB Meeting IFRS IC Nov 2013 and Jan 2014 Project Paper topic Narrow-scope amendments to IFRS 10 Consolidated Financial Statements Investment Entities Amendments

More information

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1.

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1. Volex Group plc Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement 1. Introduction The consolidated financial statements of Volex Group plc

More information

New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements (NZ IAS 1)

New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements (NZ IAS 1) New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements (NZ IAS 1) Issued November 2007 and incorporates amendments up to and including 31 October 2010 other

More information

Article 23/FUND 3.2.2R Disclosures

Article 23/FUND 3.2.2R Disclosures Article 23/ Disclosures Phoenix Asset Management Partners Ltd. is authorised and regulated by the Financial Conduct Authority (FCA) 64 66 Glentham Road London SW13 9JJ +44 (0) 208 600 0100 phoenix@pamp.co.uk

More information

Minutes from GPF meeting November 2014

Minutes from GPF meeting November 2014 Minutes from GPF meeting November 2014 CONTACT(S) Izabela Ruta iruta@ifrs.org +44 (0)20 7246 6957 Introduction 1. The Global Preparers Forum (GPF) held a meeting in London on 6 November 2014. Martin Edelman

More information

Omidyar Network Fund, Inc. Financial Statements December 31, 2013 and 2012

Omidyar Network Fund, Inc. Financial Statements December 31, 2013 and 2012 Financial Statements Index Page(s) Independent Auditor s Report... 1 Financial Statements Statements of Financial Position... 2 Statements of Activities and Changes in Net Assets... 3 Statements of Cash

More information

IPSAS 7 INVESTMENTS IN ASSOCIATES

IPSAS 7 INVESTMENTS IN ASSOCIATES IPSAS 7 INVESTMENTS IN ASSOCIATES Acknowledgment This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 28 (Revised 2003), Investments

More information

How does the new investment company accounting literature apply to real estate entities? kpmg.com

How does the new investment company accounting literature apply to real estate entities? kpmg.com How does the new investment company accounting literature apply to real estate entities? kpmg.com 1 How does the new investment company accounting literature apply to real estate entities? Introduction

More information

Survey on Accounting Standards

Survey on Accounting Standards Survey on Accounting Standards In June 2010, the Securities Analysts Association of Japan conducted an opinion survey of its members regarding accounting issues. A questionnaire was sent by e-mail to 17,363

More information

Joint Forum of Financial Market Regulators Forum conjoint des autorités de réglementation du marché financier

Joint Forum of Financial Market Regulators Forum conjoint des autorités de réglementation du marché financier Joint Forum of Financial Market Regulators Forum conjoint des autorités de réglementation du marché financier Guidelines for Capital Accumulation Plans May 28, 2004 5160 Yonge Street, Box 85, 17 th Floor,

More information

FINANCIAL REPORTING COUNCIL GOING CONCERN AND LIQUIDITY RISK: GUIDANCE FOR DIRECTORS OF UK COMPANIES 2009

FINANCIAL REPORTING COUNCIL GOING CONCERN AND LIQUIDITY RISK: GUIDANCE FOR DIRECTORS OF UK COMPANIES 2009 FINANCIAL REPORTING COUNCIL GOING CONCERN AND LIQUIDITY RISK: GUIDANCE FOR DIRECTORS OF UK COMPANIES 2009 THE PRINCIPLES ASSESSING GOING CONCERN 1 Directors should make and document a rigorous assessment

More information