TAILIEUCHUNG - PROPOSALS RESPOND TO CONSTITUENT CONCERNS, BUT DO THEY GO FAR ENOUGH?

The contributions brought by our approach are threefold. First, we account for luck by measuring the proportion of lucky funds at different significant levels. Second, we examine how the F DR varies as the significant level rises. This indicates whether funds with genuine differential performance are concentrated or more dispersed in the tails of the cross-sectional alpha distribution. Third, we provide explicit estimates of the proportion of funds in the population which have truly positive and negative alphas (as opposed to significant only) | Contents 1. Highlights 2 2. How this could affect you 3 3. A joint project with the FASB 4 4. Aligning internal and external reporting 5 5. Not all investment funds would qualify 6 Activities 6 Investors 11 Fair value management 12 6. Exception not carried through to the parent 14 7. Illustrative examples 16 71 Technology fund 16 72 Private equity fund 17 73 Master-feeder structure 18 74 Real estate fund 19 8. Disclosures expanded 20 9. Changes in status accounted for prospectively 22 Qualifying for the first time 22 Ceasing to qualify 23 10. Effective date expected to be aligned with IFRS 10 24 11. Not all Board members agree 25 About this publication 26 Acknowledgements 27 Contacts 28 New on the Horizon Investment entities 1 Proposals respond to constituent concerns but do they go far enough We welcome the lASB s proposals to amend IFRS 10 Consolidated Financial Statements in relation to consolidation requirements for investment entities. The amendments would require qualifying investment funds to recognise their investments in controlled entities in a single line item on the balance sheet measured at fair value through profit or loss. Currently such investments are consolidated. The proposals respond to the concerns of constituents who expressed support for a consolidation exception for investment funds in comment letters during the development of IFRS 10. US GAAP already has a somewhat similar exception and some investment funds particularly in the private equity sector have historically been choosing US GAAP or other local GAAP over IFRS to achieve fair value accounting for investments when such a reporting framework choice was available. The proposals could encourage qualifying investment funds to switch to IFRS. The proposals would significantly reduce the difference between IFRS and US GAAP in this area. A FASB Proposed Accounting Standards Update due for release in the near future is expected to be largely the same as the IASB s .

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