The 1st PEAI Annual Practitioners Seminar on 2011 YEAR-END ACCOUNTING, REPORTING & VALUATION CHALLENGES FOR PRIVATE EQUITY & REAL ESTATE FUNDS

Transcription

1 2011 YEAR-END ACCOUNTING, REPORTING & VALUATION CHALLENGES OUR MISSION AND COMMITMENT TO YOU: TO HAVE ALL YOUR VALUATION & ACCOUNTING QUESTIONS ANSWERED DURING THE SEMINAR TOPICS TO BE DISCUSSED: The Auditor's Perspective on the Year-end Process for Private Equity and Real Estate Funds Most Common Mistakes and to Avoid Them and Make the Process Flawless The Importance of the Interaction between Tax Allocations and the Preparation of the Fund Accounts 2011 Valuation Challenges for Private Equity Funds 2011 Valuation Challenges for Real Estate Funds What is New for 2011 and the Years to Come - Update on the Major Accounting Frameworks (IFRS, UK GAAP and US GAAP) and the Changes Would Impact the Private Equity and Real Estate Funds and other entities within the fund structures (GP, FP, Fund Manager) Is This the End of Consolidation under IFRS for Private Equity and Real Estate and Other Thoughts on Consolidation: Insights from the Kitchen of IASB The Future of UK GAAP and LPA GAAP: will the UK GAAP and the Flexible Investor Defined/LPA GAAP Become Extinct? A PRIVATE EQUITY AND REAL ESTATE MUST-ATTEND INDUSTRY EVENT FOR Fund Chief Financial Officers Fund Controllers and Fund Financial Controllers working for PE and RE houses Fund Valuation Officers Senior Fund Accountants and Team Leaders working for PE/RE houses and fund administrators Fund Accountants working for PE/RE houses and fund administrators MODERATOR AND KEYNOTE ADDRESS: Mariya Stefanova Private Equity Accounting Insights SPEAKERS Angela Crawford-Ingle Ambre s Nick Rea Philip Parnell Drivers Jonas Deloitte Richard McGuire Director Attul Karir Director Gurpreet Manku Senior Manager Deloitte

2 830 a.m. 9 a.m. Registration and Breakfast Seminar Agenda Mariya Stefanova s Keynote Address A Check-list for 2011 Year-end: Brief Overview of What is New for a.m. The Auditor's Perspective on the Year-end Process for Private Equity and Real Estate Funds - Most Common Mistakes and to Avoid Them and Make the Process Flawless Speaker: Gurpreet Manku, Senior Manager, Deloitte The most common mistakes found during audits for all entities within the fund structure (Fund, GP, FP, Manager, etc.) to avoid the most common mistakes to make the audit process flawless to plan your audit and manage your auditor s expectations to avoid last-minute surprises Importance of the Interaction between Tax Allocations and 10 a.m. The the Preparation of the Fund Accounts to Design Your Accounts to Support the Tax Allocations Speaker: Richard McGuire, Director, Why it is important to ensure that your accounting and tax reporting are synchronised Common mistakes in designing fund accounts that hamper the tax reporting to make sure that the fund accounts support the tax allocations Potential risks associated with the implementation of fund and investment structures 1045 a.m. Mid-morning Refreshment Break 11 a.m Valuation Challenges for Private Equity and Real Estate Funds Speakers: Nick Rea,, Attul Karir, Director, Reminder of the fair value requirements for PE funds Specific challenges in fair valuing in today's market Level of scrutiny from investors and regulators Insights on this year's valuation outcome 12 a.m. Lunch 110 p.m. Mariya Stefanova s Afternoon Opening Remarks Speakers Information Mariya Stefanova, - PRIVATE EQUITY ACCOUNTING INSIGHTS Mariya Stefanova is the author of 'Private Equity Accounting' and a founder partner of Private Equity Accounting Insights (PEAI), a private equity accounting training and consultancy firm, providing specialist training and technical advice for private equity houses, fund administrators and individual fund accountants. She has more than seven years of experience in private equity accounting and more than three years of experience in training fund accountants during which period she has trained over 160 fund accountants. Previously Mariya was working in the technical department of Augentius Fund Administration LLP, a premium provider of fund administration services specialised in private equity and real estate funds. She was in charge of the technical training of the client services accountants and keeping them up-to-date with the industry and accounting developments. Mariya also provided advice to clients and client-services accountants in resolving complex technical issues, as well as performing technical reviews of accounts, quarterly investors reports and complex calculations. Before Augentius, Mariya s professional experience spans roles at Mourant International Finance Administration (now part of State Street), French investment bank Calyon and private equity real estate manager Patron Capital s. Gurpreet Manku, Senior Manager, DELOITTE Gurpreet is a Senior Manager at Deloitte s Investment Management practice with nine years of experience on a varied portfolio of Financial Services clients. She leads the London Private Equity Audit practice and is specialised in the audits of private equity funds and corporates, including regulatory reviews. Gurpreet has provided a range of advisory services in the private equity industry which has recently included supporting a private equity firm with accounting and regulatory advice as they seek to spin out from their parent company; supporting regulated fund managers and sub-advisors as they convert their businesses to limited liability partnerships; internal audit assignments at the UK office of a large sovereign wealth fund and accounting advice under IFRS on remuneration schemes. Gurpreet has also been speaking at seminars on key IFRS and private equity specific accounting matters for investment managers and funds. Nick Rea, - Nick is a partner in s Valuations practice in the UK with 2 specialists in the area of valuation and strategic advice. This group is part of s global valuation network. He has over 16 years of experience in advising large corporations on strategic, financial and valuation issues. Nick is an expert in valuations for private equity and hedge funds under US Guidelines and International Private Equity and Venture Capital guidelines. He and his team assist many of s clients in reviewing valuations performed for financial reporting purposes in the financial services sectors for audit and non-audit clients. He also presents at a number of s external and internal conferences on this subject. Attul Karir, Director - Attul is a director in s Valuations practice. Attul has been providing valuation support to private equity and hedge fund managers for six years. He returned from a two year secondment to the US firm s valuation team in 29 to lead the UK firm's provision of valuation services to the alternative investments industry. Attul has worked for PricewaterhouseCoopers for more than 11 years and specialises in the investment management and banking sector. He is a qualified chartered accountant and audited private equity businesses before joining the Financial Services Valuations team. He has previously spoken at sponsored events and externally at events such as the Annual Oxford University Business School Private Equity Forum and Redcliffe s Private Equity conference.

3 15 1 p.m Valuation Challenges for Real Estate Funds Speaker: Philip Parnell,, Drivers Jonas Deloitte Real Estate market overview Benchmarks versus asset/sector specific reality Real Estate values - Devil in the detail? Addressing certainty - Is RICS GN1 in line to be tested? 2 p.m. Is This the End of Consolidation under IFRS for Private Equity and Real Estate and Other Thoughts on Consolidation: Insights from the Kitchen of IASB Speaker: Angela Crawford-Ingle,, Ambre s The debate: does everybody want the Investment Entities consolidation exemption or would there be a resistance? What it is likely to happen with the Investment Entities consolidation exemption would the new IFRS 10, 11 and 12 impact the private equity industry do we prepare for all the changes and when we shall start making adjustments 45 2 p.m. Mid-afternoon Refreshment Break 3 p.m. Update on the Major Accounting Frameworks (IFRS, UK GAAP and US GAAP) and the Changes Would Impact the Private Equity and Real Estate Funds IFRS Update Speaker: Gurpreet Manku, Senior Manager, Deloitte Update on IASB/FASB convergence project and the resulting changes that would impact our industry IFRS 9 Financial Instruments: Transition from IAS 39 to IFRS 9 when we shall start planning the transition in the light of the deferral of IFRS 9 IFRS 13 Fair Value Reporting 45 3 p.m. The Future of UK GAAP and LPA GAAP: will the UK GAAP and the Flexible Investor Defined/LPA GAAP Become Extinct? Speakers: Angela Crawford-Ingle,, Ambre s and Gurpreet Manku, Senior Manager, Deloitteü What will happen with UK GAAP and how we should plan the transition Qualifying ships is the change of the definition still an imminent threat to the Privacy of private equity/real estate funds and the use of LPA GAAP and shall we start restructuring? Amendments to other statutory instruments 30 4 p.m. Update on US GAAP: New Pronouncements Speakers: Angela Crawford-Ingle,, Ambre s 5 p.m. Q&A Session 30 5 p.m. Close of Day Seminar Agenda Speakers Information Philip Parnell, DRIVERS JONAS DELOITTE Philip is a partner at Drivers Jonas Deloitte. He joined Drivers Jonas in 1995 and has specialised in Real Estate Valuation since 1997, undertaking a wide variety of assignments ranging from the valuation of single assets for loan security purposes to large portfolios for accounts and unit pricing. Following Drivers Jonas merger with Deloitte LLP, he now heads the combined Firm s Real Estate Management and Valuation Group. Regularly consulted by clients in connection with prospective acquisitions and disposal and also the valuation implications of asset management initiatives, Philip prides himself on providing trusted adviser input whilst maintaining absolute objectivity and independence. Angela Crawford-Ingle, AMBRE PARTNERS The 1st PEAI Annual Practitioners Seminar on 2011 YEAR-END ACCOUNTING, REPORTING & VALUATION CHALLENGES Date: Venue Details:ECT Venues, Central London Richard McGuire, Director Richard is a Director in 's Asset Management Assurance practice and has been working specifically in the Private Equity industry for over ten years. Richard leads the audit of a number of Private Equity Limited ships and General s, reporting under UK GAAP, IFRS and US GAAP. He also has experience of working with Private Equity houses on reviewing carried interest models, advising on the accounting implications of Limited ship Agreements, controls reporting and track record assurance. Richard also designs and delivers industry focussed training for clients, administrators and for the BVCA. Angela Crawford-Ingle, a partner in Ambre s which provides a range of services to private equity covering the entire investment lifecycle which include pre-acquisition assessment, strategic business plans, post-acquisition integration, operational problem-resolution, technical accounting assistance, preparation for exit as well as providing support to private equity managers. She is a vice-chair of the BVCA Legal and Technical Committee and is actively involved in influencing solutions relevant to the industry such as the new IASB release for investment entities. Previously, Angela was a senior partner at with executive responsibility for running the Investment Management and Insurance Division. She was a board member of the European Investment Management Practice and a market leader for alternative investments with extensive experience of the private equity industry. Angela is experienced in developing business platforms and teams across Europe and in the Middle East. She has advised company boards on their strategic issues and provides a blend of technical and commercial expertise: these companies have ranged in scale from global public-reporting entities to start-up ventures. Projects have included strategy reviews, rationalisation and selection of operating systems, design of appropriate reporting framework and reports, resolution of data issues and implementation of control systems.

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