TAILIEUCHUNG - In this issue: Fair value measurement of financial assets and financial liabilities

A focus on investments in agriculture, agribusinesses and other areas linked to agriculture. Given the research subject, the identified investment funds have a clear focus on investments in agriculture and/or agribusiness. The funds might therefore target agriculture directly or indirectly (. through investments in MFIs that provide access to finance to smallholders). These funds may be part of a “family of funds” managed by a fund manager. One of these fund managers, SEAF, is also reviewed given its long track record of investing in emerging markets with a social as well as business perspective. . | cutting through complexity IFRS FOR INVESTMENT FUNDS September 2012 Issue 5 Welcome to the series Our series of IFRS for Investment Funds publications addresses practical application issues that investment funds may encounter when applying IFRS. It discusses the key requirements and includes guidance and illustrative examples. This series considers accounting issues from currently effective IFRS as well as forthcoming requirements. For details of previous issues see page 29. Further discussion and analysis about IFRS are included in our publication Insights into IFRS. In this issue Fair value measurement of financial assets and financial liabilities Fair value measurement lies at the heart of accounting for investment funds funds that invest in financial instruments because they would commonly measure such investments at fair value for reporting purposes. Here we cover the following questions on the fair value measurement of financial assets and financial liabilities. 1. What is fair value 2. How do you apply the fair value hierarchy 3. Is the price quoted in an active market 4. Bid mid ask or something else 5. What if a transaction is not orderly 6. What are the main considerations when applying a valuation technique 7 What inputs into valuation techniques are commonly used by market participants 8. What if fair value estimates are sourced from brokers or pricing services 9. How do you determine the fair value of an investment in an open-ended investment fund 10. How do you determine the fair value of a financial liability 11. Are there instances when fair value cannot be reliably measured 12. Is it possible to recognise a gain on initial recognition of a financial asset or financial liability This issue does not cover fair value measurement of an entity s own equity instruments. 2 IFRS for Investment Funds Introduction Funds that invest in securities that are traded in an active market and whose prices are readily available will find the fair value measurement .

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