TAILIEUCHUNG - IN THIS ISSUE: LIABILITY VS EQUITY CLASSIFICATION FOR FINANCIAL INSTRUMENTS ISSUED BY INVESTMENT FUNDS

The study aims at indicating determinants for Thai mutual fund growth based on two disciplines. The first discipline is the exploratory of Thai mutual funds via descriptive study or fact finding which indicates Thai mutual funds structure in terms of product concentration and the competitive situation as discussed in the last section. The second discipline is econometric model namely fixed effect model testing whether management fees, administrative fees, and other determinants affect the mutual fund growth. Regression model that controls for asset turnover, size of mutual fund, and expense ratio of the fund other than management fees is used. | cutting through complexity IFRS FOR INVESTMENT FUNDS February 2012 Issue 3 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. The upcoming issues will cover such topics as fair value measurement consolidation and IFRS 9 Financial Instruments. This series considers accounting issues arising from currently effective IFRS as well as forthcoming requirements. Further discussion and analysis about IFRS is included in our publication Insights into IFRS. In this issue Liability vs equity classification for financial instruments issued by investment funds Investment funds frequently issue shares or units with unique entity-specific characteristics. As a result a significant effort may be required in applying the IFRS guidance to the contractual terms of these instruments to determine whether they should be classified as a liability or equity. This publication focuses on the classification of puttable instruments and instruments that impose on the entity an obligation to deliver a pro rata share of the entity s net assets only on liquidation obligations arising on liquidation . These are the most common types of financial instruments issued by investment funds. This issue covers the following issues arising from the application of IAS 32 Financial Instruments Presentation. 1. Liability or equity Where do you start the analysis 2. When are puttable instruments and obligations arising on liquidation classified as equity 3. How do you classify a component of an instrument that imposes an obligation only on liquidation 4. How do you classify redeemable shares issued by umbrella structures 5. When should a financial instrument be reclassified between liability and equity The scope of this publication is limited to non-derivative financial instruments issued by investment funds. 2

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