Macquarie High Yield Bond Fund. ARSN Annual report - 30 June 2014

Size: px
Start display at page:

Download "Macquarie High Yield Bond Fund. ARSN 094 159 501 Annual report - 30 June 2014"

Transcription

1 ARSN Annual report - 30 June 2014

2 ARSN Annual report - 30 June 2014 Contents Page Directors' Report 1 Auditor's Independence Declaration 4 Statement of Comprehensive Income 5 Statement of Financial Position 6 Statement of Changes in Equity 7 Statement of Cash Flows 8 9 Directors' Declaration 34 Independent Auditor's Report 35 This financial report covers Macquarie High Yield Bond Fund as an individual entity. The Responsible Entity of Macquarie High Yield Bond Fund is Macquarie Investment Management Limited (ABN ). The Responsible Entity's registered office is No. 1 Martin Place, Sydney, NSW 2000.

3 Directors' Report 30 June 2014 The directors of Macquarie Investment Management Limited, a wholly owned subsidiary of Macquarie Group Limited, the Responsible Entity of Macquarie High Yield Bond Fund, present their report together with the financial report of Macquarie High Yield Bond Fund (the "Trust") for the year ended 30 June Principal activities The Trust invests in listed equities, debt securities and derivatives in accordance with the Trust Constitution. The Trust did not have any employees during the year. There were no significant changes in the nature of the Trust s activities during the year. Directors The following persons held office as directors of Macquarie Investment Management Limited during the year or since the end of the year and up to the date of this report: B Terry J Edstein (appointed 01/07/2013) J Skender (appointed 01/07/2013, resigned 30/06/2014) I Miller (appointed 01/07/2013) H Brown (appointed 01/07/2014) Review and results of operations During the year, the Trust continued to be managed in accordance with the investment objective and strategy set out in the Trust s offer document and in accordance with the Trust Constitution. Results The performance of the Trust, as represented by the results of its operations, was as follows: Operating profit before finance costs attributable to unitholders () 15,517 33,743 Distributions Distribution paid and payable () 22,365 24,258 Distribution (cents per unit) Significant changes in state of affairs In the opinion of the directors, there were no significant changes in the state of affairs of the Trust that occurred during the financial year under review. 1

4 Directors' Report 30 June 2014 Matters subsequent to the end of the financial year No matter or circumstance has arisen since 30 June 2014 that has significantly affected, or may significantly affect: (i) the operations of the Trust in future financial years, or (ii) the results of those operations in future financial years, or (iii) the state of affairs of the Trust in future financial years. Likely developments and expected results of operations The Trust will continue to be managed in accordance with the investment objective and strategy set out in the Trust s offer document and in accordance with the Trust Constitution. The results of the Trust's operations will be affected by a number of factors, including the performance of investment markets in which the Trust invests. Investment performance is not guaranteed and future returns may differ from past returns. As investment conditions change over time, past returns should not be used to predict future returns. Further information on likely developments in the operations of the Trust and the expected results of those operations have not been included in this report because the Responsible Entity believes it would be likely to result in unreasonable prejudice to the Trust. Indemnification and insurance of officers and auditors No insurance premiums are paid for out of the assets of the Trust in regards to insurance cover provided to either the officers of Macquarie Investment Management Limited or the auditors of the Trust. Under the Trust Constitution, Macquarie Investment Management Limited as Responsible Entity of the Trust is entitled to be indemnified out of the assets of the Trust for any liability incurred by it in properly performing or exercising any of its powers or duties in relation to the Trust. Fees paid to and interests held in the Trust by the Responsible Entity or its associates Fees paid to the Responsible Entity and its associates out of Trust property during the year are disclosed in note 10 of the financial statements. No fees were paid out of Trust property to the directors of the Responsible Entity during the year (2013: Nil). The number of interests in the Trust held by the Responsible Entity, its directors or its associates as at the end of the financial year are disclosed in note 10 of the financial statements. Interests in the Trust The movement in units on issue in the Trust during the year is disclosed in note 6 of the financial statements. The value of the Trust s assets and liabilities is disclosed on the statement of financial position and derived using the basis set out in note 2 of the financial statements. Environmental regulation The operations of the Trust are not subject to any particular or significant environmental regulations under a Commonwealth, State or Territory law. 2

5 Directors' Report 30 June 2014 Rounding of amounts to the nearest thousand dollars Pursuant to Class Order 98/100 issued by the Australian Securities & Investments Commission, relating to the "rounding off" of amounts in the directors' report and financial report, amounts in the directors' report and financial report have been rounded off to the nearest thousand dollars in accordance with that Class Order, unless otherwise indicated. Auditor's independence declaration A copy of the Auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 4. This report is made in accordance with a resolution of the directors. Director:... B Terry Sydney 16 September

6 Ernst & Young 680 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: Fax: ey.com/au Auditor s Independence Declaration to the Directors of Macquarie Investment Management Limited In relation to our audit of the financial report of Macquarie High Yield Bond Fund for the financial year ended 30 June 2014, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct. Ernst & Young Darren Handley-Greaves Partner 16 September 2014 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

7 Statement of Comprehensive Income Notes Investment income Interest income - 3 Dividend income Net gains on financial instruments held at fair value through profit or loss 5 16,245 35,273 Total net investment income 16,264 35,387 Expenses Responsible Entity/Investment Manager fees ,563 Other operating expenses Total operating expenses 747 1,644 Operating profit 15,517 33,743 Finance costs attributable to unitholders Distributions to unitholders (22,365) (24,258) Decrease/(increase) in net assets attributable to unitholders 6 6,848 (9,485) Profit/(loss) for the year - - Other comprehensive income for the year - - Total comprehensive income for the year - - The above statement of comprehensive income should be read in conjunction with the accompanying notes. 5

8 Statement of Financial Position As at 30 June 2014 Notes Assets Cash and cash equivalents 7 5, Due from brokers - receivable for securities sold 480 7,258 Interest receivable Other receivables Financial assets held at fair value through profit or loss 8 107, ,934 Total assets 113, ,401 Liabilities Due to brokers - payable for securities purchased 1, Responsible Entity/Investment Manager fees payable Financial liabilities held at fair value through profit or loss ,998 Total liabilities (excluding net assets attributable to unitholders) 2,207 8,752 Net assets attributable to unitholders - liability 6 111, ,649 The above statement of financial position should be read in conjunction with the accompanying notes. 6

9 Statement of Changes in Equity Total equity at the beginning of the year - - Total comprehensive income for the year - - Transactions with owners in their capacity as owners - - Total equity at the end of the year - - Under Australian Accounting Standards, net assets attributable to unitholders are classified as a liability rather than equity. As a result there was no equity at the start or end of the year. The above statement of changes in equity should be read in conjunction with the accompanying notes. 7

10 Statement of Cash Flows Notes Cash flows from operating activities: Proceeds from sale of financial instruments held at fair value through profit or loss 176, ,779 Purchase of financial instruments held at fair value through profit or loss (100,154) (208,826) Dividends received Interest received 6,786 16,720 Other income received 19 - Responsible Entity/Investment Manager fees paid (896) (1,572) Payment of other expenses (42) (85) Net cash inflow from operating activities 11(a) 82,013 97,127 Cash flows from financing activities: Proceeds from applications by unitholders 1,808 47,675 Payments for redemptions by unitholders (77,856) (151,000) Net cash outflow from financing activities (76,048) (103,325) Net increase/(decrease) in cash and cash equivalents 5,965 (6,198) Cash and cash equivalents at the beginning of the year 70 6,055 Effects of foreign currency exchange rate changes on cash and cash equivalents (676) 213 Cash and cash equivalents at the end of the year 7 5, Non-cash financing activities 11(b) 22,365 24,258 The above statement of cash flows should be read in conjunction with the accompanying notes. 8

11 1 General Information This financial report covers Macquarie High Yield Bond Fund (the "Trust") as an individual entity. The Trust was constituted on 15 August The Trust is a registered managed investment scheme domiciled in Australia. The Responsible Entity of the Trust is Macquarie Investment Management Limited (the "Responsible Entity''). The Responsible Entity s registered office is No. 1 Martin Place, Sydney, NSW The financial report is presented in Australian dollars. The Investment Manager of the Trust is Wellington Management Company, LLP (the "Investment Manager"). The parent and ultimate parent of the Trust is Macquarie Diversified Fixed Interest Fund. During the year, the Trust continued to be managed in accordance with the investment objective and strategy set out in the Trust s offer document and in accordance with the Trust Constitution. The financial statements were authorised for issue by the directors on 16 September The directors of the Responsible Entity have the power to amend and reissue the financial report. 2 Summary of Significant Accounting Policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated in the following text. (a) Basis of Preparation This general purpose financial report has been prepared in accordance with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001 in Australia. The financial report is prepared on the basis of fair value measurement of assets and liabilities except where otherwise stated. The statement of financial position is presented on a liquidity basis. Assets and liabilities are presented in decreasing order of liquidity and do not distinguish between current and non-current. All balances are expected to be recovered or settled within twelve months, except for investments in financial assets and net assets attributable to unitholders. The amount expected to be recovered or settled within twelve months after the end of each reporting period cannot be reliably determined. Where necessary, comparative information has been reclassified to be consistent with current period disclosures. Changes in Australian Accounting Standards The Trust has adopted all mandatory Australian Accounting Standards and Interpretations for the financial year beginning on or after 1 July The following key Accounting Standards and amendments to Accounting Standards became applicable in the current financial year: (i) AASB 10 Consolidated Financial Statements and related standards AASB 11 Joint Arrangements, AASB 12 Disclosure of Interest in Other Entities (effective from 1 January 2013) AASB 10 Consolidated Financial Statements establishes a new control model that applies to all entities. It replaces parts of AASB 127 Consolidated and Separate Financial Statements dealing with the accounting for consolidated financial statements and UIG Consolidation - Special Purpose Entities. 9

12 2 Summary of Significant Accounting Policies (continued) (a) Basis of Preparation (continued) (i) AASB 10 Consolidated Financial Statements and related standards AASB 11 Joint Arrangements, AASB 12 Disclosure of Interest in Other Entities (effective from 1 January 2013) (continued) AASB 11 Joint Arrangements and AASB 12 Disclosure of Interest in Other Entities affect the level of disclosures surrounding the Trust s interests in subsidiaries, associates, joint ventures and unconsolidated structured entities. Adoption of these standards has not had any effect on the financial position, performance or financial report disclosures of the Trust. (ii) AASB 13 Fair Value Measurement (effective from 1 January 2013) AASB 13 Fair Value Measurement establishes a single source of guidance under AASB for determining the fair value of assets and liabilities. AASB 13 Fair Value Measurement does not change when an entity is required to use fair value, but rather, provides guidance on how to determine fair value when fair value is required or permitted. Application of this definition may result in different fair values being determined for the relevant assets. AASB 13 Fair Value Measurement also expands the disclosure requirements for all assets or liabilities carried at fair value. This includes information about the assumptions made and the qualitative impact of those assumptions on the fair value determined. Adoption of this standard has not had any effect on the financial position, performance or financial report disclosures of the Trust. (iii) AASB Amendments to Australian Accounting Standards - Disclosures - Offsetting Financial Assets and Financial Liabilities (effective from 1 January 2013) These amendments require an entity to disclose information about rights of set-off and related arrangements (such as collateral agreements). The aim of the amendments is to provide users of financial statements with information about the effect or potential effect of such rights and arrangements on the Trust s financial position. The new disclosures are required for all recognised financial instruments that are set off in accordance with AASB 132 Financial Instruments: Presentation. These disclosures also apply to recognised financial instruments that are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are set off in accordance with AASB 132 Financial Instruments: Presentation. The application of these amendments has not had any effect on the financial position or performance of the Trust; however the disclosure requirements are more comprehensive than the previously existing disclosure requirements. AASB Amendments to Australian Accounting Standards - Disclosures - Offsetting - Financial Assets and Financial Liabilities, disclosures are provided in note 3(f). Compliance with International Financial Reporting Standards The financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board. 10

13 2 Summary of Significant Accounting Policies (continued) (b) Financial instruments (i) Classification The Trust's investments are categorised as at fair value through profit or loss. They comprise:! Financial instruments held for trading These include derivative financial instruments such as credit default swaps and foreign currency forward contracts. The Trust does not designate any derivatives as hedges in a hedging relationship.! Financial instruments designated at fair value through profit or loss upon initial recognition These include financial assets that are not held for trading purposes and which may be sold. These include investments in exchange traded equity securities and debt securities. Financial assets and financial liabilities designated at fair value through profit or loss at inception are those that are managed and their performance evaluated on a fair value basis in accordance with the Trust s documented investment strategy. The Trust s policy is for the Responsible Entity to evaluate the information about these financial assets on a fair value basis together with other related financial information. Loans and receivables comprise amounts due to the Trust. (ii) Recognition/derecognition The Trust recognises financial assets and financial liabilities on the date it becomes party to the contractual agreement (trade date) and recognises changes in fair value of the financial assets or financial liabilities from this date. Investments are derecognised when the right to receive cashflows from the investments has expired or the Trust has transferred substantially all risks and rewards of ownership. (iii) Measurement (a) Financial assets and financial liabilities held at fair value through profit or loss Financial assets and financial liabilities held at fair value through profit or loss are measured initially at fair value excluding any transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. Transaction costs on financial assets and financial liabilities at fair value through profit or loss are expensed immediately. Subsequent to initial recognition, all instruments held at fair value through profit or loss are measured at fair value with changes in their fair value recognised in the statement of comprehensive income.! Fair value in an active market The fair value of financial assets and financial liabilities traded in active markets is based on their quoted market prices at the statement of financial position date without any deduction for estimated future selling costs. Financial assets are priced at current bid prices, while financial liabilities are priced at current asking prices. 11

14 2 Summary of Significant Accounting Policies (continued) (b) Financial instruments (continued) (iii) Measurement (continued) (a) Financial assets and financial liabilities held at fair value through profit or loss (continued)! Fair value in an inactive or unquoted market The fair value of financial assets and financial liabilities that are not traded in an active market is determined using valuation techniques. These include the use of recent arm s length market transactions, reference to the current fair value of a substantially similar other instrument, discounted cash flow techniques, option pricing models or any other valuation technique that provides a reliable estimate of prices obtained in actual market transactions. Where discounted cash flow techniques are used, estimated future cash flows are based on management s best estimates and the discount rate used in a market rate at the statement of financial position date applicable for an instrument with similar terms and conditions. For other pricing models, inputs are based on market data at the statement of financial position date. Fair values for unquoted equity investments are estimated, if possible, using applicable pricing/earnings ratios for similar listed companies adjusted to reflect the specific circumstances of the issuer. The fair value of derivatives that are not exchange traded is estimated at the amount that the Trust would receive or pay to terminate the contract at the statement of financial position date taking into account current market conditions (volatility and appropriate yield curve) and the current creditworthiness of the counterparties. Details on how the fair value of financial instruments is determined are disclosed in note 3(e). (b) Loans and receivables Loans and receivables are measured initially at fair value plus transaction costs and subsequently amortised using the effective interest method, less impairment losses if any. Such assets are reviewed at each statement of financial position date to determine whether there is objective evidence of impairment. If any such indication of impairment exists, an impairment calculation is undertaken and any impairment loss is recognised in the statement of comprehensive income as the difference between the asset s carrying amount and the present value of estimated future cash flows discounted at the original effective interest rate. If in a subsequent period the amount of an impairment loss recognised on a financial asset carried at amortised cost decreases and the decrease can be linked objectively to an event occurring after the write-down, the write-down is reversed through the statement of comprehensive income. (iv) Offsetting financial instruments Financial assets and financial liabilities are offset and the net amount reported in the statement of financial position if, and only if, there is a legally enforceable right to offset the recognised amounts at all times and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. 12

15 2 Summary of Significant Accounting Policies (continued) (c) Net assets attributable to unitholders Units are redeemable at the unitholders' option and are therefore classified as financial liabilities. The units can be put back to the Trust at any time for cash based on the redemption price. The fair value of redeemable units is measured at the redemption amount that is payable (based on the redemption unit price) at the statement of financial position date if unitholders exercised their right to put the units back to the Trust. (d) Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash includes cash on hand and deposits held at call with financial institutions. Cash equivalents include other short-term, highly liquid investments with original maturities of three months or less from the date of acquisition that are readily convertible to known amounts of cash, which are subject to an insignificant risk of changes in value and are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. Bank overdrafts, if any, are shown separately on the statement of financial position. Payments and receipts relating to the purchase and sale of investment securities are classified as cash flows from operating activities, as movements in the fair value of these securities represent the Trust's main income generating activity. (e) Investment income Interest income is recognised in the statement of comprehensive income for all financial instruments that are not held at fair value through profit or loss using the effective interest method. Interest income on assets held at fair value through profit or loss is included in the net gains on financial instruments. Other changes in fair value for such instruments are recorded in accordance with the policies described in note 2(b). The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where applicable, to the net carrying amount of the financial asset or liability. When calculating the effective interest rate, the Trust estimates cash flows considering all contractual terms of the financial instrument (for example, prepayment options) but does not consider future credit losses. The calculation includes all fees paid or received between the parties to the contract that are an integral part of the effective interest rate, including transaction costs and all other premiums or discounts. Dividend income is recognised on the ex-dividend date. (f) Expenses All expenses, including Responsible Entity/Investment Manager fees, are recognised in the statement of comprehensive income on an accruals basis. (g) Income tax Under current legislation, the Trust is not subject to income tax as unitholders are presently entitled to the income of the Trust. 13

16 2 Summary of Significant Accounting Policies (continued) (g) Income tax (continued) Financial instruments held at fair value may include unrealised capital gains. Should such a gain be realised, that portion of the gain that is subject to capital gains tax will be distributed so that the Trust is not subject to capital gains tax. Realised capital losses are not distributed to unitholders but are retained in the Trust to be offset against any realised capital gains. If realised capital gains exceed realised capital losses, the excess is distributed to unitholders. The benefits of imputation credits and tax paid are passed on to unitholders. (h) Distributions In accordance with the Trust Constitution, the Trust distributes its distributable income, and any other amounts determined by the Responsible Entity, to unitholders by cash or reinvestment. The distributions are recognised in the statement of comprehensive income as finance costs attributable to unitholders. (i) Increase/decrease in net assets attributable to unitholders Income not distributed is included in net assets attributable to unitholders. Movements in net assets attributable to unitholders are recognised in the statement of comprehensive income as finance costs. (j) Foreign currency translation (i) Functional and presentation currency Items included in the Trust s financial statements are measured using the currency of the primary economic environment in which it operates (the functional currency ). This is the Australian dollar, which reflects the currency of the economy in which the Trust competes for funds and is regulated. The Australian dollar is also the Trust s presentation currency. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translations at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income. The Trust does not isolate that portion of gains or losses on securities and derivative financial instruments that are measured at fair value through profit or loss and which is due to changes in foreign exchange rates from that which is due to changes in the market price of securities. Such fluctuations are included with the net gains on financial instruments at fair value through profit or loss. (k) Due from/to brokers Amounts due from/to brokers represent receivables for securities sold and payables for securities purchased that have been contracted for but not yet delivered by the end of the year. A provision for impairment of amounts due from brokers is established when there is objective evidence that the Trust will not be able to collect all amounts due from the relevant broker. Significant financial difficulties of the broker, probability that the broker will enter bankruptcy or financial reorganisation, and default in payments are considered indicators that the amount due from brokers is impaired. 14

17 2 Summary of Significant Accounting Policies (continued) (l) Receivables Receivables may include amounts for interest and dividends. Interest is accrued at the reporting date from the time of last payment in accordance with the policy set out in note 2(e) above. Dividends are accrued when the right to receive payment is established. Amounts are generally received within 30 days of being recorded as receivables. Receivables may include such items as Reduced Input Tax Credits (RITC). (m) Payables Payables include liabilities and accrued expenses owing by the Trust which are unpaid as at year end. (n) Applications and redemptions Applications received for units in the Trust are recorded net of any entry fees payable prior to the issue of units in the Trust. Redemptions from the Trust are recorded gross of any exit fees payable after the cancellation of units redeemed. (o) Goods and Services Tax (GST) The GST incurred on the costs of various services provided to the Trust by third parties such as Responsible Entity/Investment Manager fees have been passed onto the Trust. The Trust qualifies for RITC hence Responsible Entity/Investment Manager fees and other expenses have been recognised in the statement of comprehensive income net of the amount of GST recoverable from the Australian Taxation Office (ATO). Accounts payable are inclusive of GST. The net amount of GST recoverable from the ATO is included in receivables in the statement of financial position. Cash flows relating to GST are included as cash flows from operating activities in the statement of cash flows on a gross basis. (p) Use of estimates The Trust makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. Estimates are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Certain financial instruments, for example, over-the-counter derivatives or unquoted securities are fair valued using valuation techniques. Where valuation techniques (for example, pricing models) are used to determine fair values, they are validated and periodically reviewed by experienced personnel of the Responsible Entity, independent of the area that created them. Models are calibrated by back-testing to actual transactions to ensure that outputs are reliable. Models use observable data to the extent practicable. However, inputs such as credit risk (both own and counterparty), volatilities and correlations require management to make estimates. Changes in assumptions about these inputs could affect the reported fair value of financial instruments. For certain other financial instruments, including amounts due from/to brokers and accounts payable, the carrying amounts approximate fair value due to the immediate or short-term nature of these financial instruments. 15

18 2 Summary of Significant Accounting Policies (continued) (q) New accounting standards and interpretations Certain new accounting standards and interpretations have been published that are not mandatory for the 30 June 2014 reporting periods. The Responsible Entity s assessment of the impact of these new standards (to the extent relevant to the Trust) and interpretations is set out below: (i) AASB 9 Financial Instruments, AASB Amendments to Australian Accounting Standards arising from AASB 9, AASB Amendments to Australian Accounting Standards - Conceptual Framework, Materiality and Financial Instruments - Part C and related amendment AASB and AASB Amendments to Accounting Standards AASB 9 Financial Instruments applies to annual reporting periods beginning on or after 1 January 2018 and will therefore apply to the Trust from 1 July AASB 9 Financial Instruments requires all financial instruments to be measured at fair value unless the criteria for amortised cost are met. The application of the standard is not expected to change the measurement basis of any of the Trust's current financial instruments, however, AASB 9 Financial Instruments allows the Trust to elect to present gains and losses on equity securities through other comprehensive income, which may impact the presentation of these gains and losses. The impact of the standard may also change if the nature of the Trust's activities or investments changes prior to initial application. The Trust does not intend to early adopt AASB 9 Financial Instruments as permitted by the standard, and the actual impact on intial application will depend on certain elections as disclosed above. (ii) AASB Amendments to Australian Accounting Standards - Offsetting Financial Assets and Financial Liabilities These amendments clarify the meaning of a legally enforceable right to set-off. The amendments also clarify the application of AASB 132 Financial Instruments: Presentation offsetting criteria to settlement systems (such as central clearing house systems) which apply gross settlement mechanisms that are not simultaneous. These amendments are not expected to impact the Trust s financial position or performance and become effective for annual periods beginning on or after 1 January 2014 and will therefore apply to the Trust from 1 July The Trust does not intend to early adopt AASB Amendments to Australian Accounting Standards - Offsetting Financial Assets and Financial Liabilities as permitted by the standard. Management does not expect these amendments will have a significant effect on the financial position, performance or financial report disclosures of the Trust. (iii) AASB Amendments to Australian Accounting Standards - Investment Entities AASB Amendments to Australian Accounting Standards - Investment Entities applies to annual reporting periods beginning on or after 1 January 2014 and will therefore apply to the Trust from 1 July Under AASB Amendments to Australian Accounting Standards - Investment Entities, an investment entity may apply the exemption to consolidation and instead account for its investments in subsidiaries at fair value through profit and loss. Where the Trust qualifies as an investment entity, the change in accounting policy will be applied retrospectively in accordance with the transition provisions of AASB 10 Consolidated Financial Statements. The amendments also introduce new disclosure requirements for investment entities to AASB 12 Disclosure of Interests in Other Entities and AASB 127 Separate Financial Statements. 16

19 2 Summary of Significant Accounting Policies (continued) (q) New accounting standards and interpretations (continued) (iii) AASB Amendments to Australian Accounting Standards - Investment Entities (continued) The Trust does not intend to early adopt AASB Amendments to Australian Accounting Standards - Investment Entities as permitted by the standard. Management does not expect these amendments will have a significant effect on the financial position, performance or financial report disclosures of the Trust. Standards and interpretations that are not expected to have a material impact on the Trust have not been included. (r) Rounding of amounts Pursuant to Class Order 98/100 issued by the Australian Securities & Investments Commission, relating to the "rounding off" of amounts in the directors' report and financial report, amounts in the directors' report and financial report have been rounded off to the nearest thousand dollars in accordance with that Class Order, unless otherwise indicated. 3 Financial risk management (a) Strategy in using financial instruments The Trust s activities expose it to a variety of financial risks: market risk (which may include price risk, foreign exchange risk and interest rate and credit spread risk), credit risk and liquidity risk. The Trust s overall risk management programme focuses on ensuring compliance with the Trust s investment guidelines and seeks to maximise the returns derived for the level of risk to which the Trust is exposed. The Trust uses derivatives and other instruments for trading purposes and in connection with its risk management activities. The Trust may use derivative financial instruments:! to gain or reduce market exposure in the portfolio! for currency hedging! to hedge the credit exposure within the portfolio. Derivatives are not used to gear (leverage) the portfolio. Gearing a portfolio would occur if the level of exposure to the markets exceed the underlying value of the Trust. Financial risk management is monitored by the Responsible Entity's risk management department under the terms of the investment management agreement between the Responsible Entity and the Investment Manager. (b) Market risk (i) Price risk Price risk for the Trust's debt securities and derivatives is a function of foreign exchange risk, interest rate and credit spread risk, credit risk and liquidity risk. 17

20 3 Financial risk management (continued) (b) Market risk (continued) (i) Price risk (continued) The Trust trades in financial instruments such as exchange traded and over-the-counter instruments, including derivatives. Price risk is managed by seeking to ensure that the Trust is investing in accordance with its stated objectives. The Trust's listed equity securities are susceptible to market price risk arising from uncertainties about future prices of the instruments. At 30 June 2014, the Trust's market risk is not affected by changes in market prices. At 30 June 2013, the Trust's market risk is affected by changes in market prices. If the exposure of financial assets and financial liabilities at 30 June 2013 had increased by 10% with all other variables held constant, this would have increased net assets attributable to unitholders by approximately $106,376. Conversely, if the exposure of financial assets and financial liabilities at 30 June 2013 had decreased by 10% with all other variables held constant, this would have decreased net assets attributable to unitholders by approximately $106,376. (ii) Foreign exchange risk The Trust holds both monetary and non-monetary assets and liabilities denominated in currencies other than the Australian dollar. The foreign exchange risk relating to non-monetary assets and liabilities is a component of price risk. Foreign exchange risk arises as the value of monetary assets and liabilities denominated in other currencies will fluctuate due to changes in exchange rates. Foreign exchange risk on monetary and non-monetary assets and liabilities is managed by hedging undesired currency exposure. 18

21 3 Financial risk management (continued) (b) Market risk (continued) (ii) Foreign exchange risk (continued) The table below summarises the Trust s monetary and non-monetary assets and liabilities denominated in Australian dollar and other currencies. Australian Dollars US Dollars Euro Other currencies Total 30 June 2014 A A A A A Assets Cash and cash equivalents 238 5, ,359 Due from brokers - receivable for securities sold - (272) Other receivables Financial assets held at fair value through profit or loss ,439 20,655 1, ,474 Total assets ,282 21,403 1, ,325 Liabilities Due to brokers - payable for securities purchased - 1, ,867 Responsible Entity/Investment Manager fees payable Financial liabilities held at fair value through profit or loss Total liabilities (excluding net assets attributable to unitholders) 168 1, ,207 Net assets attributable to unitholders - liability ,923 20,730 1, ,118 19

22 3 Financial risk management (continued) (b) Market risk (continued) (ii) Foreign exchange risk (continued) Australian Dollars US Dollars Euro Other currencies Total 30 June 2013 A A A A A Assets Cash and cash equivalents 206 (138) 2-70 Due from brokers - receivable for securities sold - 6, ,258 Interest receivable Other receivables Financial assets held at fair value through profit or loss - 138,059 30,276 4, ,934 Total assets ,382 31,183 4, ,401 Liabilities Due to brokers - payable for securities purchased Responsible Entity/Investment Manager fees payable Financial liabilities held at fair value through profit or loss 7, ,998 Total liabilities (excluding net assets attributable to unitholders) 8, ,752 Net assets attributable to unitholders - liability (8,125) 144,230 30,945 4, ,649 All other currencies are individually not material to the Trust. Foreign exchange risk on monetary assets and monetary liabilities is measured using sensitivity analysis. The following table summarises the sensitivity of the Trust to foreign exchange risk as at 30 June 2014 and 30 June The sensitivity of profit/(loss) for the year and the impact on net assets attributable to unitholders is the effect of a reasonably possible change in foreign exchange rates on monetary assets and liabilities held at year end. If exchange rates increased or decreased by 10%/15%, with all other variables remaining constant, the approximate movement in net assets attributable to unitholders would amount to the following. In practice, the actual results may differ from the below sensitivity analysis and the difference could be significant. Foreign exchange risk Impact on operating profit/net assets attributable to unitholders +10% USD A -10% USD A +15% EUR A -15% EUR A 30 June (349) 35 (35) 30 June (617) 100 (100) 20

23 3 Financial risk management (continued) (b) Market risk (continued) (iii) Interest rate and credit spread risk The Trust is subject to risk due to fluctuations in the prevailing levels of market interest rates and credit spreads. Any excess cash and cash equivalents are invested at short-term market interest rates. Interest rate and credit spread risk is managed by:! only allowing investments into certain instrument types! limiting the term of interest rate securities. The Board Audit Risk and Compliance Committee of the Responsible Entity reviews any identified exceptions to internal risk policies and procedures on a quarterly basis. The Trust's financial assets and financial liabilities expose it to risks associated with the effects of fluctuations in the prevailing levels of market interest rates and credit spreads on its financial position and cash flow. The table below demonstrates the sensitivity of the Trust's profit/(loss) for the year to a reasonably possible change in interest rates and credit spreads, with all other variables held constant. The sensitivity of the profit/(loss) for the year is the effect of the assumed changes in interest rates and credit spreads on income for the year based on the floating rate financial assets at year end and changes in fair value of investments for the year based on revaluing fixed rate financial assets at year end. In practice, the actual results may differ from the below sensitivity analysis and the difference could be significant. Change in basis points Increase/ (decrease) Sensitivity of changes in fair value of investments relating to a change in interest rates Increase/ (decrease) Sensitivity of changes in fair value of investments relating to a change in credit spreads Increase/ (decrease) 30 June /(25) (1,028)/1,028 (1,053)/1, June /(25) (1,819)/1,819 (1,811)/1,811 21

24 3 Financial risk management (continued) (c) Credit risk Credit risk arises from the Trust's investment in debt securities. Other credit risk arises from cash and cash equivalents, deposits with banks and other financial institutions, counterparties to derivatives and amounts due from brokers. None of these assets are impaired nor past due but not impaired. Credit risk is managed by:! managing exposures to issuers, deposit taking institutions, brokers and other counterparties! using credit default swaps to manage credit exposure. Credit default swap exposures are managed through limiting the aggregate long, short and net exposures permitted to such instruments by the Trust. Credit default exposures are also incorporated in existing Trust exposure limits by "looking-through" the contract to the underlying issuer-level exposure being provided. The exposure to credit risk for cash and cash equivalents, deposits with banks and other financial institutions and counterparties to derivatives is low as all counterparties have a rating of at least A- (2013: A-) as determined by Standard and Poor's rating agency. In accordance with the Trust s policy, the Responsible Entity's risk management department monitors the Trust s credit exposure on a daily basis. The Board Audit Risk and Compliance Committee of the Responsible Entity reviews any identified exceptions to internal risk policies and procedures on a quarterly basis. 22

25 3 Financial risk management (continued) (c) Credit risk (continued) The maximum exposure to credit risk at the reporting date is the carrying amount of cash and cash equivalents and other financial assets. An analysis of debt securities by credit rating is set out in the table below: S&P long term ratings Debt securities A BBB 513 3,509 BBB- 1,717 9,694 BB+ 12,347 13,644 BB 17,301 25,309 BB- 14,445 25,444 B+ 11,957 22,917 B 16,775 17,595 B- 12,737 19,552 CCC+ 12,651 18,841 CCC 2,225 6,688 CCC ,036 D 1,088 - Unrated 3,265 5,963 Total debt securities 107, ,813 (d) Liquidity risk The Trust is exposed to daily cash redemptions of redeemable units. It therefore invests the majority of its assets in investments that can be generally liquidated within a short period of time. The investments of the Trust may become illiquid. As a result, the Trust may not be able to liquidate quickly its investments in these instruments at an amount close to their fair value, or at all, to meet its liquidity requirements. No such investments were held at the statement of financial position date. Liquidity risk is managed by managing the exposure to less liquid securities. The Board Audit Risk and Compliance Committee of the Responsible Entity reviews any identified exceptions to internal risk policies and procedures on a quarterly basis. Redeemable units are redeemed at the request of unitholders subject to the Trust's offer document and Trust Constitution (as applicable). All other liabilities are payable within 30 days except for swaps which are due in 5 years. 23

26 3 Financial risk management (continued) (e) Fair value estimation The carrying amounts of all the Trust's financial assets and financial liabilities at the end of each reporting period approximated their fair values as all financial assets and financial liabilities not fair valued are short-term in nature. The Trust classifies fair value measurements using a fair value hierarchy that reflects the subjectivity of the inputs used in making the measurements. The fair value hierarchy has the following levels:! Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).! Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).! Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability. The determination of what constitutes 'observable' requires significant judgement by the Trust. The Trust considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. 24

27 3 Financial risk management (continued) (e) Fair value estimation (continued) The following table analyses within the fair value hierarchy the Trust's financial assets and financial liabilities (by class) measured at fair value at 30 June 2014 and 30 June Level 1 Level 2 Level 3 Total 30 June 2014 Financial assets Financial assets held for trading: - Derivatives Financial assets designated at fair value through profit or loss at inception: - Debt securities - 107, ,298 Total financial assets - 107, ,474 Financial liabilities Financial liabilities held for trading: - Derivatives Total financial liabilities Level 1 Level 2 Level 3 Total 30 June 2013 Financial assets Financial assets held for trading: - Derivatives - 1,058-1,058 Financial assets designated at fair value through profit or loss at inception: - Equity securities 1, ,063 - Debt securities - 170, ,813 Total financial assets 1, , ,934 Financial liabilities Financial liabilities held for trading: - Derivatives - 7,998-7,998 Total financial liabilities - 7,998-7,998 25

28 3 Financial risk management (continued) (e) Fair value estimation (continued) During the year, there were no transfers between level 1 and 2 or into/out of level 3 (2013: Nil). The fair value of listed equity securities is based on quoted market prices or binding dealer price quotations at the reporting date (bid price for long positions and ask price for short positions) and have therefore been classified as level 1 in the fair value hierarchy. For debt securities and over-the-counter derivatives, fair value is determined using valuation techniques. Valuation techniques include net present value techniques, comparison to similar instruments for which market observable prices exist, options pricing models and other relevant valuation models. These financial instruments have therefore been classified as level 2 in the fair value hierarchy. (f) Offsetting financial instruments Financial assets and financial liabilities are presented net in the statement of financial position where the Trust currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Certain derivative assets and liabilities are subject to legally enforceable master netting arrangements, such as an International Swaps and Derivatives Association (ISDA) master netting agreement. The ISDA agreements in place meet the criteria for offsetting in the statement of financial position as the Trust has a currently legally enforceable right to offset recognised amounts. In certain circumstances, for example, when a credit event such as a default occurs, all outstanding transactions under an ISDA agreement are terminated, the termination value is assessed and only a net amount is payable in settlement of all transactions. As at 30 June 2014, if this netting agreement was applied to the derivative portfolio the derivative assets of $176,053 (2013: $1,058,232) would be reduced by $165,810 (2013: $971,004) to the net amount of $10,243 (2013: $87,228) and the derivative liabilities of $171,620 (2013: $7,998,149) would be reduced by $165,810 (2013: $971,004) to the net amount of $5,810 (2013: $7,027,145). 4 Auditor's remuneration During the year the following fees were paid or payable for services provided by the auditor of the Trust: 2014 $ 2013 $ Audit services Ernst & Young Australian firm Audit of financial reports 5,212 4,972 Other audit work under the Corporations Act Total remuneration for audit services 5,558 5,308 Audit fees are paid out of the Investment Manager's own resources. 26

Macquarie High Yield Bond Fund. ARSN 094 159 501 Annual report - 30 June 2015

Macquarie High Yield Bond Fund. ARSN 094 159 501 Annual report - 30 June 2015 ARSN 094 159 501 Annual report - 30 June 2015 ARSN 094 159 501 Annual report - 30 June 2015 Contents Page Directors' Report 1 Auditor's Independence Declaration 4 Statement of Comprehensive Income 5 Statement

More information

Wellington Management Portfolios (Australia) - Global Contrarian Equity Portfolio

Wellington Management Portfolios (Australia) - Global Contrarian Equity Portfolio Wellington Management Portfolios (Australia) - Global Contrarian Equity Portfolio ARSN 129 581 675 Annual report - 30 June 2015 ARSN 129 581 675 Annual report - 30 June 2015 Contents Page Directors' Report

More information

Elements Trust. ARSN 149 925 708 Annual report - 31 March 2015

Elements Trust. ARSN 149 925 708 Annual report - 31 March 2015 ARSN 149 925 708 Annual report - 31 March ARSN 149 925 708 Annual report - 31 March Contents Page Directors' Report 1 Auditor's Independence Declaration 5 Statement of Comprehensive Income 6 Statement

More information

Macquarie Investment Grade Bond Fund ARSN 094 159476. Annual report - 30 June 2011

Macquarie Investment Grade Bond Fund ARSN 094 159476. Annual report - 30 June 2011 ARSN 094 159476 Annual report - ARSN 094 159476 Annual report - Contents Directors' report Auditor's independence declaration Statement of comprehensive income Statement of financial position Statement

More information

BetaShares Geared U.S. Equity Fund - Currency Hedged (hedge fund) ASX code: GGUS

BetaShares Geared U.S. Equity Fund - Currency Hedged (hedge fund) ASX code: GGUS BetaShares Geared U.S. Equity Fund - Currency Hedged (hedge fund) ASX code: GGUS ARSN 602 666 615 Annual Financial Report for the period 10 November 2014 to 30 June 2015 BetaShares Geared U.S. Equity Fund

More information

Macquarie Global Equities Fund. ARSN 091 486 707 Annual report - 30 June 2015

Macquarie Global Equities Fund. ARSN 091 486 707 Annual report - 30 June 2015 ARSN 091 486 707 Annual report - 30 June ARSN 091 486 707 Annual report - 30 June Contents Page Directors' Report 1 Auditor's Independence Declaration 4 Statement of Comprehensive Income 5 Statement of

More information

Macquarie Treasury Fund ARSN 091 491 084. Annual report - 30 June 2011

Macquarie Treasury Fund ARSN 091 491 084. Annual report - 30 June 2011 ARSN 091 491 084 Annual report - 2011 / Macquarie Treasury Fund ARSN 091 491 084 Annual report - 2011 Contents Directors' report Auditor's independence declaration Statement of comprehensive income Statement

More information

AMP CAPITAL BALANCED GROWTH FUND ARSN 089 594 623 DIRECTORS' REPORT AND FINANCIAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015

AMP CAPITAL BALANCED GROWTH FUND ARSN 089 594 623 DIRECTORS' REPORT AND FINANCIAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 ARSN 089 594 623 DIRECTORS' REPORT AND FINANCIAL REPORT AMP Capital Funds Management Limited 33 Alfred Street, Sydney, NSW 2000 ACN 159 557 721 TABLE OF CONTENTS Page Directors' Report 1-2 Auditor's Independence

More information

PERPETUAL AUSTRALIAN SHARE FUND

PERPETUAL AUSTRALIAN SHARE FUND PERPETUAL AUSTRALIAN SHARE FUND Annual Financial Report 30 June 2013 ARSN 093 183 165 Perpetual Investment Management Limited ABN 18 000 866 535 AFSL 234426 ARSN 093 183 165 Annual Financial Report - 30

More information

AMP CAPITAL SPECIALIST DIVERSIFIED FIXED INCOME FUND ARSN 169 626 475

AMP CAPITAL SPECIALIST DIVERSIFIED FIXED INCOME FUND ARSN 169 626 475 ARSN 169 626 475 DIRECTORS' REPORT AND FINANCIAL REPORT AMP Capital Funds Management Limited 33 Alfred Street, Sydney, NSW 2000 ACN 159 557 721 TABLE OF CONTENTS Page Directors' Report 1-2 Auditor's Independence

More information

BT Global Emerging Markets Opportunities Fund ARSN 159 605 811 Annual report - for the period from 1 July 2014 to 30 September 2015

BT Global Emerging Markets Opportunities Fund ARSN 159 605 811 Annual report - for the period from 1 July 2014 to 30 September 2015 ARSN 159 605 811 Annual report - for the period from 1 July to ARSN 159 605 811 Annual report - for the period from 1 July to Contents Page Directors' report 2 Auditor's independence declaration 6 Statement

More information

Russell Australian Shares Tracker Fund

Russell Australian Shares Tracker Fund ANNUAL FINANCIAL REPORT Russell Australian Shares Tracker Fund For the year ending Russell Investment Management Ltd ABN 53 068 338 974 AFSL 247185 ARSN 125 507 226 Financial report For the year ended

More information

Challenger Guaranteed Income Fund (CHYF) ARSN 147 935 411 Financial report - 30 June 2013

Challenger Guaranteed Income Fund (CHYF) ARSN 147 935 411 Financial report - 30 June 2013 ARSN 147 935 411 Financial report - ARSN 147 935 411 Financial report - Contents Page Financial highlights 2 Directors' report 3 Auditor's independence declaration 6 Statement of comprehensive income 7

More information

Australian Ethical World Trust ARSN 123 618 520. Annual Financial Report for the year ended 30 June 2013

Australian Ethical World Trust ARSN 123 618 520. Annual Financial Report for the year ended 30 June 2013 ARSN 123 618 520 Annual Financial Report for the year ended 30 June 2013 (AEWT) Annual Financial Report for the year ended 30 June 2013 Contents Page Directors' Report 1 Statement of Profit or Loss and

More information

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 TCS Financial Solutions Australia (Holdings) Pty Limited ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 Contents Page Directors' report 3 Statement of profit or loss and other

More information

AUFM Managed Fund No.1 ARSN 160 420 986. Annual financial statements for the reporting period ended 30 June 2015

AUFM Managed Fund No.1 ARSN 160 420 986. Annual financial statements for the reporting period ended 30 June 2015 ARSN 160 420 986 Annual financial statements for the reporting period ended 30 June 2015 ARSN 160 420 986 Annual financial statements for the reporting period ended 30 June 2015 Contents Page Directors'

More information

Macquarie Global Equities Fund ARSN 091 486 707. Annual report - 30 June 2009

Macquarie Global Equities Fund ARSN 091 486 707. Annual report - 30 June 2009 ARSN 091 486 707 Annual report - ARSN 091 486 707 Annual report - Contents Directors' report Auditor's independence declaration Income statements Balance sheets Statements of changes in equity Cash flow

More information

MACQUARIE EUCALYPT PROJECT 2004 ARSN 107 510565 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2011

MACQUARIE EUCALYPT PROJECT 2004 ARSN 107 510565 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2011 MACQUARIE EUCALYPT PROJECT 2004 ARSN 107 510565 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2011 omacquarie Annual Report Contents Directors' Report 2 Auditor's Independence Declaration 5 Statement

More information

G8 Education Limited ABN: 95 123 828 553. Accounting Policies

G8 Education Limited ABN: 95 123 828 553. Accounting Policies G8 Education Limited ABN: 95 123 828 553 Accounting Policies Table of Contents Note 1: Summary of significant accounting policies... 3 (a) Basis of preparation... 3 (b) Principles of consolidation... 3

More information

Global Value Fund Limited A.B.N. 90 168 653 521. Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015

Global Value Fund Limited A.B.N. 90 168 653 521. Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015 A.B.N. 90 168 653 521 Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015 Appendix 4E - Preliminary Financial Report For the year ended 30 June 2015 Preliminary Report This preliminary

More information

ANNUAL FINANCIAL REPORT

ANNUAL FINANCIAL REPORT ANNUAL FINANCIAL REPORT 2015 BlackRock Investment Management (Australia) Limited 13 006 165 975 Australian Financial Services Licence No 230523 BlackRock Indexed Emerging Markets IMI Equity Fund ARSN 142

More information

ANNUAL FINANCIAL REPORT

ANNUAL FINANCIAL REPORT ANNUAL FINANCIAL REPORT 2015 BlackRock Investment Management (Australia) Limited 13 006 165 975 Australian Financial Services Licence No 230523 ishares S&P/ASX Small Ordinaries ETF ARSN 146 080 739 ARSN

More information

FINANCE POLICY POLICY NO F.6 SIGNIFICANT ACCOUNTING POLICIES. FILE NUMBER FIN 2 ADOPTION DATE 13 June 2002

FINANCE POLICY POLICY NO F.6 SIGNIFICANT ACCOUNTING POLICIES. FILE NUMBER FIN 2 ADOPTION DATE 13 June 2002 POLICY NO F.6 POLICY SUBJECT FILE NUMBER FIN 2 ADOPTION DATE 13 June 2002 Shire of Toodyay Policy Manual FINANCE POLICY SIGNIFICANT ACCOUNTING POLICIES LAST REVIEW 22 July 2014 (Council Resolution No 201/07/14)

More information

POLICY MANUAL. Financial Management Significant Accounting Policies (July 2015)

POLICY MANUAL. Financial Management Significant Accounting Policies (July 2015) POLICY 1. Objective To adopt Full Accrual Accounting and all other applicable Accounting Standards. 2. Local Government Reference Local Government Act 1995 Local Government (Financial Management) Regulations

More information

SPDR FTSE Greater China ETF A Sub-Fund of the SPDR ETFs Stock Code: 3073 Website: www.spdrs.com.hk/etf/fund/fund_detail_3073_en.

SPDR FTSE Greater China ETF A Sub-Fund of the SPDR ETFs Stock Code: 3073 Website: www.spdrs.com.hk/etf/fund/fund_detail_3073_en. A Sub-Fund of the SPDR ETFs Stock Code: 3073 Website: www.spdrs.com.hk/etf/fund/fund_detail_3073_en.html Annual Report 1st October 2014 to A Sub-Fund of the SPDR ETFs Stock Code: 3073 Website: www.spdrs.com.hk/etf/fund/fund_detail_3073_en.html

More information

Roche Capital Market Ltd Financial Statements 2014

Roche Capital Market Ltd Financial Statements 2014 Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive

More information

Roche Capital Market Ltd Financial Statements 2009

Roche Capital Market Ltd Financial Statements 2009 R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,

More information

SHIRE OF CARNARVON POLICY

SHIRE OF CARNARVON POLICY SHIRE OF CARNARVON POLICY POLICY NO C010 POLICY SIGNIFICANT ACCOUNTING POLICIES RESPONSIBLE DIRECTORATE CORPORATE COUNCIL ADOPTION Date: 27.5.14 Resolution No. FC 5/5/14 REVIEWED/MODIFIED Date: Resolution

More information

Financial Risk Management

Financial Risk Management 176 Financial Risk Management For the year ended 31 December 2014 1. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES s major financial instruments include cash and bank balances, time deposits, principal-protected

More information

ACCOUNTING POLICY INVESTMENTS AND OTHER FINANCIAL ASSETS

ACCOUNTING POLICY INVESTMENTS AND OTHER FINANCIAL ASSETS Responsible Officer ACCOUNTING POLICY INVESTMENTS AND OTHER FINANCIAL ASSETS Director, Shared Services and Corporate Finance & Advisory Services Contact Officer Senior Group Statutory Reporting Manager,

More information

Preferred Capital Limited

Preferred Capital Limited Preferred Capital Limited ABN 68 101 938 176 Annual Financial Report For the year ended 30 June 2014 Not guaranteed by Commonwealth Bank of Australia Preferred Capital Limited Annual Report Contents Page

More information

How To Write A Budget For The Council

How To Write A Budget For The Council FP5 SIGNIFICANT ACCOUNTING POLICIES - BUDGET Adopted: Audit Committee 20 June 2013 Committee Decision No. 10 Audit Committee Minutes endorsed by Council OMC 18 July 2013 Council Decision No. 2753 AASB

More information

Dick Smith Holdings Limited ACN 166 237 841

Dick Smith Holdings Limited ACN 166 237 841 Appendix 4D Dick Smith Holdings Limited ACN 166 237 841 Half-year financial report For the 26 weeks ended This half-year financial report is provided to the Australian Securities Exchange (ASX) under ASX

More information

Roche Capital Market Ltd Financial Statements 2012

Roche Capital Market Ltd Financial Statements 2012 R Roche Capital Market Ltd Financial Statements 2012 1 Roche Capital Market Ltd - Financial Statements 2012 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes

More information

Türkiye İş Bankası A.Ş. Separate Financial Statements As at and for the Year Ended 31 December 2015

Türkiye İş Bankası A.Ş. Separate Financial Statements As at and for the Year Ended 31 December 2015 Türkiye İş Bankası A.Ş. Separate Financial Statements As at and for the Year Ended 2015 29 April 2016 This report includes 93 pages of separate financial statements together with their explanatory notes.

More information

DUBLIN CORE METADATA INITIATIVE LIMITED (Co. Reg. No. 200823602C) (Incorporated in the Republic of Singapore)

DUBLIN CORE METADATA INITIATIVE LIMITED (Co. Reg. No. 200823602C) (Incorporated in the Republic of Singapore) (Incorporated in the Republic of Singapore) AUDITED FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION FOR THE PERIOD FROM 23 DECEMBER 2008 (DATE OF INCORPORATION) TO 30 JUNE 2009 LAM/KCH DIRECTORS REPORT

More information

Report and Non-Statutory Accounts

Report and Non-Statutory Accounts Report and Non-Statutory Accounts 31 December Registered No CR - 117363 Cayman Islands Registered office: PO Box 309 GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands Report

More information

Consolidated Financial Statements

Consolidated Financial Statements Consolidated Financial Statements Consolidated Income Statement for the year ended 30 June Consolidated Financial Statements Notes $'000 $'000 Revenue from continuing operations 437,459 336,460 Employee

More information

EMPLUS SUPERANNUATION FUND

EMPLUS SUPERANNUATION FUND EMPLUS SUPERANNUATION FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013 (RSE No. R1067880) Statement of Financial Position as at 30 June 2013 Note 2013 2012 $ 000 $ 000 Assets Cash and cash equivalents

More information

International Financial Reporting Standard 7. Financial Instruments: Disclosures

International Financial Reporting Standard 7. Financial Instruments: Disclosures International Financial Reporting Standard 7 Financial Instruments: Disclosures INTERNATIONAL FINANCIAL REPORTING STANDARD AUGUST 2005 International Financial Reporting Standard 7 Financial Instruments:

More information

EDP Renováveis, S.A. Annual Accounts 31 December 2011. Directors Report 2011. (With Auditors Report Thereon)

EDP Renováveis, S.A. Annual Accounts 31 December 2011. Directors Report 2011. (With Auditors Report Thereon) EDP Renováveis, S.A. Annual Accounts 31 December 2011 Directors Report 2011 (With Auditors Report Thereon) EDP Renováveis, S.A. Balance Sheets at 31 December 2011 and 2010 (Expressed in thousands of Euros)

More information

Financial Instruments: Disclosures

Financial Instruments: Disclosures STATUTORY BOARD SB-FRS 107 FINANCIAL REPORTING STANDARD Financial Instruments: Disclosures This version of the Statutory Board Financial Reporting Standard does not include amendments that are effective

More information

ABN 17 006 852 820 PTY LTD (FORMERLY KNOWN AS AQUAMAX PTY LTD) DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015

ABN 17 006 852 820 PTY LTD (FORMERLY KNOWN AS AQUAMAX PTY LTD) DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015 DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015 In accordance with a resolution of the Directors dated 16 December 2015, the Directors of the Company have pleasure in reporting on the Company for

More information

The financial statements are presented in Hong Kong Dollars (dollars) and rounded to the nearest dollars.

The financial statements are presented in Hong Kong Dollars (dollars) and rounded to the nearest dollars. Notes on the Financial Statements 1 Background Hang Seng Index ETF ( the Fund ) is authorised by the Hong Kong Securities and Futures Commission under Section 104(1) of the Hong Kong Securities and Futures

More information

International Accounting Standard 39 Financial Instruments: Recognition and Measurement

International Accounting Standard 39 Financial Instruments: Recognition and Measurement EC staff consolidated version as of 18 February 2011 FOR INFORMATION PURPOSES ONLY International Accounting Standard 39 Financial Instruments: Recognition and Measurement Objective 1 The objective of this

More information

International Financial Reporting Standard 7 Financial Instruments: Disclosures

International Financial Reporting Standard 7 Financial Instruments: Disclosures EC staff consolidated version as of 21 June 2012, EN EU IFRS 7 FOR INFORMATION PURPOSES ONLY International Financial Reporting Standard 7 Financial Instruments: Disclosures Objective 1 The objective of

More information

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

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

More information

Notes to the consolidated financial statements continued

Notes to the consolidated financial statements continued 144 www.ocadogroup.com Stock Code: OCDO to the consolidated financial statements continued 4.5 instruments Accounting policies assets and financial liabilities are recognised on the balance sheet when

More information

Fair Value Measurement

Fair Value Measurement Indian Accounting Standard (Ind AS) 113 Fair Value Measurement (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type

More information

The acquisition method of accounting is used to account for business combinations by the group.

The acquisition method of accounting is used to account for business combinations by the group. ABN 79 114 456 781 Summary of Significant Accounting Policies Basis of Preparation Huon produce general purpose financial statements which are been prepared in accordance with the Corporations Act 2001,

More information

For personal use only

For personal use only General Purpose Financial Statements For the Half-Year Ended 31 December 2013 Financial Statements CONTENTS Pages Directors Report 2 Auditor s Independence Declaration 4 Independent Review Report 5 Directors

More information

Preliminary Final report

Preliminary Final report Appendix 4E Rule 4.3A Preliminary Final report AMCOR LIMITED ABN 62 000 017 372 1. Details of the reporting period and the previous corresponding period Reporting Period: Year Ended Previous Corresponding

More information

Professional Standards Council of South Australia

Professional Standards Council of South Australia Professional Standards Council of South Australia FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2013 1 Financial Statements 2013 Financial Statements Contents Statement of Comprehensive Income

More information

AL FUJAIRAH NATIONAL INSURANCE COMPANY P.S.C. Independent auditor s report and financial statements for the year ended 31 December 2013

AL FUJAIRAH NATIONAL INSURANCE COMPANY P.S.C. Independent auditor s report and financial statements for the year ended 31 December 2013 AL FUJAIRAH NATIONAL INSURANCE COMPANY P.S.C. Independent auditor s report and financial statements for the year ended 31 December 2013 Al Fujairah National Insurance Company P.S.C. Independent auditor

More information

NORTH AMERICAN HIGH YIELD BOND FUND (PUTNAM)

NORTH AMERICAN HIGH YIELD BOND FUND (PUTNAM) MANAGEMENT REPORT Management s Responsibility for Financial Reporting The accompanying financial statements have been prepared by Mackenzie Financial Corporation, as Manager of North American High Yield

More information

BMO Mutual Funds 2015

BMO Mutual Funds 2015 BMO Mutual Funds 2015 SEMI-ANNUAL FINANCIAL STATEMENTS BMO Select Trust Conservative Portfolio NOTICE OF NO AUDITOR REVIEW OF THE SEMI-ANNUAL FINANCIAL STATEMENTS BMO Investments Inc., the Manager of the

More information

ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C.

ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. Financial statements and independent auditor s report for the year ended 31 December 2012 ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. Contents Pages Independent

More information

EXPLANATORY NOTES. 1. Summary of accounting policies

EXPLANATORY NOTES. 1. Summary of accounting policies 1. Summary of accounting policies Reporting Entity Taranaki Regional Council is a regional local authority governed by the Local Government Act 2002. The Taranaki Regional Council group (TRC) consists

More information

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS 1. Principal activities The Company is an investment holding company and its subsidiaries are principally engaged in the provision of banking and related financial services in Hong Kong. The Company is

More information

European Bank for Reconstruction and Development. The EBRD Green Energy Special Fund

European Bank for Reconstruction and Development. The EBRD Green Energy Special Fund European Bank for Reconstruction and Development The EBRD Green Energy Special Fund Annual Financial Report 31 December 2012 Contents Statement of comprehensive income... 1 Balance sheet... 1 Statement

More information

Transition to International Financial Reporting Standards

Transition to International Financial Reporting Standards Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps

More information

Financial Instruments: Recognition and Measurement

Financial Instruments: Recognition and Measurement STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 39 Financial Instruments: Recognition and Measurement This version of the Statutory Board Financial Reporting Standard does not include amendments that

More information

FINANCIAL STATEMENTS 2013

FINANCIAL STATEMENTS 2013 452/green [A subsidiary of SaskPower] NorthPoint Energy Solutions Inc. FINANCIAL STATEMENTS 2013 711/red Report of Management The financial statements of NorthPoint Energy Solutions Inc. (NorthPoint)

More information

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

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

More information

ANNUAL FINANCIAL RESULTS

ANNUAL FINANCIAL RESULTS ANNUAL FINANCIAL RESULTS For the year ended 31 July 2013 ANNUAL FINANCIAL RESULTS 2013 FONTERRA CO-OPERATIVE GROUP LIMITED Contents: DIRECTORS STATEMENT... 1 INCOME STATEMENT... 2 STATEMENT OF COMPREHENSIVE

More information

SAGICOR FINANCIAL CORPORATION

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

More information

SIGNIFICANT GROUP ACCOUNTING POLICIES

SIGNIFICANT GROUP ACCOUNTING POLICIES SIGNIFICANT GROUP ACCOUNTING POLICIES Basis of consolidation Subsidiaries Subsidiaries are all entities over which the Group has the sole right to exercise control over the operations and govern the financial

More information

136 ST ENGINEERING / ABOVE & BEYOND

136 ST ENGINEERING / ABOVE & BEYOND 136 ST ENGINEERING / ABOVE & BEYOND Independent auditors report Members of the Company Singapore Technologies Engineering Ltd Report on the financial STATEMENTS We have audited the accompanying financial

More information

Significant Accounting Policies

Significant Accounting Policies Apart from the accounting policies presented within the corresponding notes to the financial statements, other significant accounting policies are set out below. These policies have been consistently applied

More information

Financial Instruments: Disclosures

Financial Instruments: Disclosures Compiled Accounting Standard AASB 7 Financial Instruments: Disclosures This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007 but before 1 January 2009 that end on

More information

ANNOUNCEMENT TO AUSTRALIAN SECURITIES EXCHANGE LIMITED

ANNOUNCEMENT TO AUSTRALIAN SECURITIES EXCHANGE LIMITED Registered Office: Unit 10, 62A Albert Street Preston VIC 3072 AUSTRALIA Telephone: National (03) 9416 7133 International +61 3 9416 7133 Facsimile: National (03) 9495 1099 International +61 3 9495 1099

More information

Financial Instruments

Financial Instruments Compiled AASB Standard AASB 9 Financial Instruments This compiled Standard applies to annual reporting periods beginning on or after 1 January 2015. Early application is permitted. It incorporates relevant

More information

COOK S BODY WORKS PTY LTD A.B.N. 42 005 070 084 DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015

COOK S BODY WORKS PTY LTD A.B.N. 42 005 070 084 DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015 DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015 In accordance with a resolution of the Directors dated 16 December 2015 the Directors of the Company have pleasure in reporting on the Company for

More information

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014 46 Unless otherwise stated, the following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements. The Company and

More information

Statement of Cash Flows

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

More information

How To Account In Indian Accounting Standards

How To Account In Indian Accounting Standards Indian Accounting Standard (Ind AS) 39 Financial Instruments: Recognition and Measurement Contents Paragraphs Objective 1 Scope 2 7 Definitions 8 9 Embedded derivatives 10 13 Recognition and derecognition

More information

Banking Department Income Statement for the year to 28 February 2011

Banking Department Income Statement for the year to 28 February 2011 48 Bank of England Annual Report 2011 Banking Department Income Statement for the year to 28 February 2011 Note Profit before tax 4 132 231 Corporation tax net of tax relief on payment to HM Treasury 7

More information

Cash Flow Statements

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

More information

International Accounting Standard 7 Statement of cash flows *

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

More information

International Accounting Standard 32 Financial Instruments: Presentation

International Accounting Standard 32 Financial Instruments: Presentation EC staff consolidated version as of 21 June 2012, EN EU IAS 32 FOR INFORMATION PURPOSES ONLY International Accounting Standard 32 Financial Instruments: Presentation Objective 1 [Deleted] 2 The objective

More information

ALTICE FINANCING S.A.

ALTICE FINANCING S.A. Financial statements as at and for the year ended December 31, 2013 and report of the Réviseur d'entreprises Agréé 3, boulevard Royal L - 2449 LUXEMBOURG R.C.S. Luxembourg: B171.162 Issued capital: EUR

More information

The Uniting Church in Australia - Queensland Synod UnitingCare Queensland. Financial Statements

The Uniting Church in Australia - Queensland Synod UnitingCare Queensland. Financial Statements The Uniting Church in Australia - Queensland Synod Financial Statements Contents Page Consolidated Statement of Profit or Loss and Other Comprehensive Income 1 Consolidated Statement of Financial Position

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

Financial Statements 2013. Rabobank Nederland

Financial Statements 2013. Rabobank Nederland Financial Statements 2013 Rabobank Nederland Contents Annual figures 2 Notes to the financial statements of Rabobank Nederland 5 1 General information 5 2 Accounting policies 5 3 Solvency and capital management

More information

Directors' report & financial report

Directors' report & financial report Suncorp Life & Superannuation Limited ABN 87 073 979 530 Directors' report & financial report for the financial year ended 30 June 2014 Suncorp Life & Superannuation Limited ABN: 87 073 979 530 Directors's

More information

Auditors report to the shareholder of Sun Pharma Holdings (previously known as Nogad Holdings)

Auditors report to the shareholder of Sun Pharma Holdings (previously known as Nogad Holdings) Auditors report to the shareholder of Sun Pharma Holdings (previously known as Nogad Holdings) Report on the Financial Statements We have audited the financial statements of Sun Pharma Holdings, which

More information

PERMANENT HEALTH FUND FINANCIAL STATEMENTS

PERMANENT HEALTH FUND FINANCIAL STATEMENTS FINANCIAL STATEMENTS Years Ended August 31, 2001 and 2000 Deloitte & Touche LLP Suite 2300 333 Clay Street Houston, Texas 77002-4196 Tel: (713) 982-2000 Fax: (713) 982-2001 www.us.deloitte.com INDEPENDENT

More information

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

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

More information

STATEMENT OF COMPLIANCE AND BASIS OF MEASUREMENT

STATEMENT OF COMPLIANCE AND BASIS OF MEASUREMENT Accounting policies REPORTING ENTITY The Waikato Regional Council is a territorial local authority governed by the Local Government Act 2002, and is domiciled in New Zealand. The main purpose of prospective

More information

For personal use only

For personal use only SUNCORP-METWAY LIMITED CONSOLIDATED INTERIM FINANCIAL REPORT SUNCORP-METWAY LIMITED AND SUBSIDIARIES ABN 66 010 831 722 Consolidated interim financial report for the half-year ended 31 December 2015 Contents

More information

Principal Accounting Policies

Principal Accounting Policies 1. Basis of Preparation The accounts have been prepared in accordance with Hong Kong Financial Reporting Standards ( HKFRS ). The accounts have been prepared under the historical cost convention as modified

More information

ACCOUNTING FOR THE EFFECTS OF CHANGES IN FOREIGN CURRENCY EXCHANGE RATES

ACCOUNTING FOR THE EFFECTS OF CHANGES IN FOREIGN CURRENCY EXCHANGE RATES Institute of Chartered Accountants of New Zealand FINANCIAL REPORTING NO. 21 1997 FRS-21 Issued 12/97 Amended 04/98 ACCOUNTING FOR THE EFFECTS OF CHANGES IN FOREIGN CURRENCY EXCHANGE RATES Issued by the

More information

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

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

More information

Section N: Cambridge University Endowment Fund: Reports and financial statements to 30 June 2013. Cambridge University Endowment Fund

Section N: Cambridge University Endowment Fund: Reports and financial statements to 30 June 2013. Cambridge University Endowment Fund Section N: Cambridge University Endowment Fund: Reports and financial statements to 30 June 2013 Cambridge University Endowment Fund Reports and financial statements 30 June 2013 IMPORTANT NOTICE The Cambridge

More information

Fair Value Measurement

Fair Value Measurement AASB Standard AASB 13 September 2011 Fair Value Measurement Obtaining a Copy of this Accounting Standard This Standard is available on the AASB website: www.aasb.gov.au. Alternatively, printed copies of

More information

Financial Instruments: Disclosures

Financial Instruments: Disclosures HKFRS 7 Revised May November 2014 Effective for annual periods beginning on or after 1 January 2007 Hong Kong Financial Reporting Standard 7 Financial Instruments: Disclosures FINANCIAL INSTRUMENTS: DISCLOSURES

More information

Financial report 2014. Deutsche Bahn Finance B.V. Amsterdam

Financial report 2014. Deutsche Bahn Finance B.V. Amsterdam Financial report 2014 Deutsche Bahn Finance B.V. Table of contents Annual report of the directors 3 Balance sheet as at 31 December 2014 4 Profit and loss account for the year ended 31 December 2014 6

More information

18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS

18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS APPROVED by Resolution No. 11 of 27 October 2004 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS

More information

The Wawanesa Life Insurance Company Segregated Funds. Interim Unaudited Financial Statements June 30, 2013

The Wawanesa Life Insurance Company Segregated Funds. Interim Unaudited Financial Statements June 30, 2013 The Wawanesa Life Insurance Company Segregated s Interim Unaudited Financial Statements Segregated s Statements of Net Assets As at (unaudited) and December 31, 2012 (audited) 2013 2012 Investments - at

More information

CONTENTS MMI HOLDINGS LTD ANNUAL FINANCIAL STATEMENTS 30 JUNE 2015

CONTENTS MMI HOLDINGS LTD ANNUAL FINANCIAL STATEMENTS 30 JUNE 2015 CONTENTS MMI HOLDINGS LTD ANNUAL FINANCIAL STATEMENTS 30 JUNE Statement of financial position 238 Income statement 238 Statement of comprehensive income 239 Statement of changes in equity 239 Statement

More information