Ifrs Investment Funds Issue 3 6248

7/27/2019 Ifrs Investment Funds Issue 3 6248

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IFRS FOR INVESTMENT FUNDSFebruary 2012,Issue 3

Welcome to theseries

Our series o IFRS or

Investment Funds publications

addresses practical application

issues that investment unds

may encounter when applying

IFRS. It discusses the key

requirements and includes

guidance and illustrative

examples. The upcoming

issues will cover such topics

as air value measurement,

consolidation and IFRS 9

Financial Instruments.

This series considers

accounting issues arising

rom currently eectiveIFRS as well as orthcoming

requirements. Further

discussion and analysis

about IFRS is included in our

publication Insights into IFRS.

In this issue: Liability vs equityclassication or nancial instrumentsissued by investment unds

Investment unds requently issue shares or units with unique, entity-specic

characteristics. As a result, a signicant eort may be required in applying the IFRSguidance to the contractual terms o these instruments to determine whether they

should be classied as a liability or equity.

This publication ocuses on the classication o puttable instruments and

instruments that impose on the entity an obligation to deliver a pro rata share o the

entitys net assets only on liquidation (obligations arising on liquidation). These are

the most common types o nancial instruments issued by investment unds.

This issue covers the ollowing issues arising rom the application o 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 classiedas equity?

3. How do you classiy a component o an instrument that imposes an obligation

only on liquidation?

4. How do you classiy redeemable shares issued by umbrella structures?

5. When should a nancial instrument be reclassied between liability and equity?The scope o this publication is limited to non-derivative nancial instruments issued

by investment unds.


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2 | IFRS or Investment Funds

2012 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.

1. Liability or equity? Where do you start theanalysis?

Shares or units issued by a und are classied as a nancial liability or equity on initial recognition. The table below outlines the

principal considerations or unds in determining whether an instrument meets the denition o equity or liability under the

general denitions in IAS 32.

Financial liability Equity

Key eatures Contains a contractual obligation to transer cash or other nancial assets.

The contractual obligation may arise rom a requirement to repay

principal or to pay interest or dividends.

In our view, such a contractual obligation could be established explicitly

or indirectly, but it should be established through the terms andconditions o the instrument.

In general, any contract that

evidences a residual interest

in the assets o an entity ater

deducting all o its liabilities.

The issuer has no contractual

obligation to deliver cash or

another nancial asset.

I settled in

own equity

instruments

Settlement in a variable number o the entitys own equity instruments. Settlement in a xed number

o the entitys own equity

instruments.

Features that

generally point

to liability

or equity

classication

o an

instrument or

a component

o an

instrument

Instruments with the ollowing eatures may still be classied as

equity i certain conditions are met (see Question 2):

redemption is at the option o the instrument holder

limited lie o a und

und liquidation is at the option o the instrument holder.

Redemption is triggered by an uncertain uture event that is beyond

the control o both the holder and the issuer o the instrument.

Non-discretionary dividends.

Non-redeemable shares or

units.

No specic liquidation date.

Discretionary dividends.

Example 1 Non-discretionary dividends

Fund B issues units that are not puttable and that give the unit holders a right to xed non-discretionary dividends eachperiod and a pro rata share o the unds net assets on its liquidation. B does not have a limited lie and its liquidation is not at

the option o the unit holders. The units do not have any other eatures that would preclude equity classication.

How does B classiy the units?

The unit issued by B is a compound instrument.

The obligation to pay xed non-discretionary dividends represents a contractual obligation that is classied as a nancial

liability in line with the general denitions in IAS 32.

The obligation to deliver a pro rata share o Bs net assets only on its liquidation is classied as equity because the liquidation

is neither certain to happen nor beyond the control o B.

However, i there were no mandatory dividend requirement and dividends were entirely at the discretion o B, then the units

would be classied wholly as equity providing all other criteria were met.


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IFRS or Investment Funds | 3


An entity assesses the substance o a contractual arrangement, rather than its legal orm, when determining whether an instrument

meets the denition o a nancial liability or equity. As a result, it is possible that instruments that qualiy as equity or legal or

regulatory purposes may be classied as liabilities or the purpose o nancial reporting. In our view, in assessing the substance o

a contractual arrangement, actors not contained within the contractual arrangement should be excluded rom the assessment.

Economic compulsion should not be used as the basis or classication.

Instruments that are oten impacted and so may ail the denition o equity under IFRS include preerence shares and classes o

shares that have special terms and conditions.

I it is determined at initial recognition that an instrument, or in certain circumstances a component, meets the denition o a

nancial liability, then an investment und applies the fowchart below to determine whether the instrument, or a portion o it,should be presented as equity by exception. Presentation as equity by exception is required i:

the instrument meets the denition o a puttable instrument (see Question 2); or

the instrument, or a component, meets the denition o an instrument that imposes on the und an obligation to deliver a

pro rata share o the net assets o the und only on liquidation (see Question 2).

Yes

Is definition

(ii) met

part the

instrument?

for

of

The whole instrument is classified as

equity by exception

The whole instrument is classified as

a liability

That part is classified as equity by

exception and the balance is classified

as a liability

No

Yes

No

Yes

Step 1Is the financialinstrument a

inaccordance withthe generaldefinitions in IAS 32?

liabilityequityor

Step 2If the financial instrument is not equity in its entirety, then is it:

(i) a puttable instrument; or(ii) an instrument or component that imposes an obligation to deliver a pro rata share of net

only on liquidation?assets

The instrument is

equity in its entirety

The instrument is a

liability in its entirety

The instrument

is a compound

instrument

No further analysis under Step 2

is required

Is the

definition

of (i) or (ii) met

for the whole

instrument?

Is the

definition

of (i) (ii) met

for the whole

compound

instrument?

or

Is definition

(ii) met the

entire liability

component?

for

Is definition

(ii) met for part

of liability

component?

the

The of the instrumentdefinition of equity in

accordance with the generalrequirements of IAS 32 is classified asequity. The remaining part is classifiedas a liability

componentmeeting the

The component of the instrumentmeeting the definition of equity inaccordance with the generalrequirements of IAS 32 and the part ofthe liability component meeting thedefinition of (ii) are classified as equity.

The remaining part is classified asa liability

No

No

Yes

No

Yes

The whole instrument is classified asequity by exception


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2. When are puttable instruments and obligationsarising on liquidation classied as equity?

Puttable instruments and obligations arising on liquidation are dened as ollows.

Financial instruments that give the holderthe right to put the instruments back to the

issuer or cash or another nancial asset, or

that are automatically put back to the issuer

on the occurrence o an uncertain uture

event.

Financial instruments that contain acontractual obligation or the entity to

deliver to the holder a pro rata share o its

net assets only on liquidation.

In this case, the obligation arises because

liquidation either is certain to happen and

is outside the control o the entity (e.g. alimited-lie entity) or is uncertain but is at

the option o the instrument holder (e.g.

some partnership interests).

Puttable

instruments

Obligations

arising on

liquidation

Such instruments are classied as equity by exception under IAS 32 i they meet certain conditions that are summarised inthe table below. The contractual terms and surrounding circumstances should be reviewed or each instrument to determine

the appropriate classication. The criteria or meeting the exception are restrictive and a und will have to meet all o them to

classiy the issued instruments as equity.

Conditions required or equity classication

Required

or puttable

instruments?

Required or

obligations

arising on

liquidation?

Examples

(on next ew

pages)

1 The nancial instrument entitles the holder to a pro rata share o

the entitys net assets in the event o the entitys liquidation. Yes Yes 2

2 The nancial instrument belongs to the most subordinate class oinstruments. Yes Yes 3

3a All nancial instruments in this most subordinate class have

identical eatures. Yes See 3b 4

3b All nancial instruments in this most subordinate class have an

identical contractual obligation to deliver a pro rata share o the

entitys net assets on liquidation. See 3a Yes -

4 Apart rom an obligation or the issuer to repurchase or redeem, the

instrument:

does not include any other contractual obligation to deliver cash

or another nancial asset or to exchange nancial assets ornancial liabilities under potentially unavourable conditions; and

is not a contract under which an entity is or may be obliged to

deliver a variable number o the entitys own equity instruments. Yes No 5


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Conditions required or equity classication

Required

or puttable

instruments?

Required or

obligations

arising on

liquidation?

Examples

(on next ew

pages)

5 Total expected cash fows attributable to the instrument over its lie

are based substantially on:

prot or loss;

change in recognised net assets; or

change in air value o recognised and unrecognised net assets o

the entity. Yes No 66 The issuer has no other nancial instrument or contract that has:

total cash fows based substantially on prot or loss, change in

recognised net assets, or change in air value o recognised and

unrecognised net assets o the issuer; and

the eect o substantially restricting or xing the residual return

to instrument holders. Yes Yes 7

The reason or the dierences between the conditions or a puttable instrument and an instrument that imposes on the entity

an obligation only on liquidation is the timing o settlement o the obligations. A puttable instrument can be exercised beore

liquidation; thereore, all contractual obligations that exist throughout its entire lie are considered to ensure that it alwaysrepresents the most residual interest. For an obligation that is settled only on liquidation, the ocus is on obligations that exist

at liquidation.

Example 2 Pro rata share o net assets on liquidation

Shares issued by limited-lie Fund C and Fund D have the ollowing eatures with respect to payments on liquidation.

Fund C Fund D

Fees payable on liquidation Fixed ee per unit Fixed ee per unit holder

Calculation basis or a pro rata share o net assets Pro rata share o total net assets Pro rata share o specic portionor component o net assets

How do the above eatures aect the classication o the units?

IAS 32 states that a pro rata share o the unds net assets on liquidation is determined by:

dividing the entitys net assets on liquidation into units o equal amount; and

multiplying that amount by the number o units held by the nancial instrument holder.

In our view, this means that each instrument holder has an entitlement to an identical monetary amount per unit on

liquidation.

Each eature o Ds units illustrated above results in unit holders not receiving an identical monetary amount per unit on

liquidation and so precludes equity classication.

C classies its units as equity providing that the remaining requirements are met.


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Example 3 Management shares: The most subordinate class

The holders o the redeemable shares o Fund E are entitled to a pro rata share o Es net assets in the event o its liquidation.

E has also issued a small amount o a dierent class o shares (management shares) to the und manager; these shares are

non-redeemable, have no entitlement to dividends and are the most subordinate class o instruments in liquidation.

Can redeemable shares be regarded as the most subordinated class?

IAS 32 does not preclude the existence o several types or classes o equity.

A nancial instrument is rst classied as a liability or equity instrument in accordance with the general requirements o

IAS 32. That classication is not aected by the existence o puttable instruments or instruments that impose an obligation

only on liquidation.

As a second step, a und considers whether a nancial liability also meets the exception or puttable instruments or

instruments that impose an obligation only on liquidation and so should be classied as equity.

In this example, the redeemable shares meet the denition o a liability in IAS 32. Also, in our view they ail the exception

or puttable instruments because even a small amount o management shares that are subordinate to redeemable sharesmeans that such redeemable shares are not subordinated to all other classes o instruments.

The existence o a puttable eature in the redeemable shares does not in itsel mean that the instrument is less subordinate

than management shares. The level o an instruments subordination is determined by its priority in liquidation. In some

instances, redeemable shares could be the most subordinated class e.g. when management shares have priority in

liquidation and there are no other more subordinate instruments issued.

In respect o puttable instruments, all nancial instruments in the class o instruments that is subordinate to all other classeso instruments need to have identical eatures to qualiy or equity classication. In our view, this should be interpreted strictly

to mean identical contractual terms and conditions, including non-nancial eatures such as governance rights, related to the

holders o the instruments in their roles as owners o the entity.

Dierences in cash fows and contractual terms and conditions o an instrument attributable to an instrument holder in its role

as non-ownerare not considered to violate the identical eatures test, provided that the transaction is on similar terms to an

equivalent transaction that might happen between a non-instrument holder and the issuing entity.

Examples o contractual eatures that would violate the identical eatures test include:

dierent rates o management ees;

a choice or holders on issuance whether to receive income or additional units as distributions (such that the distributive or

accumulative eature diers or each instrument ater they are issued);

dierent lock-up periods; and

dierent currencies in which the payments are denominated.

In our view, the ollowing terms do not violate the identical eatures test because there are no inherent dierences in the

eatures o each instrument within the most subordinate class:

administrative charges based on the volume o units redeemed beore liquidation, as long as all unit holders in the most

subordinate class are subject to the same ee structure;

dierent subscription ees payable on initial subscription, as long as all other eatures become identical once the subscription

ees are paid;

a choice to receive income or additional units as distributions on each distribution date, as long as the same ability is aorded

to all unit holders in the most subordinate class i.e. the choice is an identical eature; and

a term contained in identical instruments that carry equal voting rights that caps the maximum amount o voting rights that

any individual holder may exercise.


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Example 4 Identical eatures test: Additional inormation rights

Fund F issues redeemable shares that are the most subordinated class. Fund manager M holds 5% o the redeemable

shares in F. M also has access to certain inormation rights in its role as a manager that are not granted to other holders o

redeemable shares.

Does such access to additional inormation mean that not all redeemable shares have identical eatures?

I inormation rights are granted to M in its role as manager o the und (and not in its role as owner), then they are not

considered to violate the identical eatures test.

Example 5 Contractual distribution o net accounting prot

Unit Trust T issues redeemable units. In addition to the general redemption eature, T is contractually required to distribute to

the holders the net accounting prot annually.

How does an additional requirement to distribute the net accounting prot aect classication o redeemable shares?

In our view, the requirement to distribute the net accounting prot annually is an additional obligation to deliver cash and,thereore, the redeemable units do not qualiy or equity classication.

Example 6 Total expected cash fows attributable to the instrument

Fund G issues one class o redeemable shares that entitles each holder to a pro ratashare o Gs net assets and that is the

most subordinate class o instruments issued.

Redemption amounts are based on net assets calculated in accordance with local GAAP (not IFRS).

The redeemable shares do not contain any other contractual obligations to deliver cash.

Are the total expected cash fows o the shares based substantially on prot or loss and change in net assets?

Usually, to meet this requirement, the redemption amount is calculated with reerence to net assets measured in

accordance with IFRS. This is not the case in this example, because the redemption value o the shares is calculated based

on local GAAP.

Nevertheless, G may still satisy this condition, depending on the circumstances. It may also be possible to argue that the

eect o dierences between local GAAP and IFRS is immaterial with regard to their application to G, or temporary andexpected to converge over the lie o the instrument, such that the total expected cash fows are based substantially on

IFRS prot or loss or change in recognised net assets.

In our view, the use o the terms expected and based substantially indicates that judgement should be exercised in

determining whether the requirement is met in each specic situation, including consideration o how local GAAP and IFRS

apply to the reporting entitys business and the terms o the instrument.


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3. How do you classiy a component o aninstrument that imposes an obligation only onliquidation?

The ollowing guidance applies only to components o instruments that impose on the entity an obligation to deliver a pro rata

share o its net assets only on liquidation. Puttable instruments are tested or equity classication as a whole (see fowchart in

Question 1).

Instruments or components o instruments that meet the denition o a liability in accordance with the general requirementso IAS 32 and that impose on the entity an obligation to deliver to another party a pro rata share o the net assets only on

liquidation are classied as equity i they meet the conditions set out in Question 2.

I the instrument that imposes an obligation on the entity to deliver a pro rata share o the net assets only on liquidation also

contains other contractual obligations, then these other obligations may need to be accounted or separately as liabilities in

accordance with the requirements o IAS 32. For example, the ollowing components could be present in an instrument:

an obligation to pay non-discretionary dividends i.e. a nancial liability component; and

an obligation to deliver a pro rata share o the net assets on liquidation.

In such cases, a question arises about whether the second component can ever meet Condition 6 set out in the table

in Question 2 that requires that the issuer has no other fnancial instrument or contractthat has total cash fows based

substantially on the issuers prot or loss, change in recognised net assets, or change in air value o recognised and

unrecognised net assets.

In our view, when evaluating such a component (an obligation arising on liquidation) or equity classication by exception, a und

should choose an accounting policy, to be applied consistently, on whether the term other nancial instrument includes:

(i) other components o the evaluated instrument; or

(ii) only nancial instruments other than the one that contains the evaluated component.

I the unds policy is to view a mandatory dividend eature as another nancial instrument or this purpose, then equity

classication o the obligation arising only on liquidation would be precluded or this component o the instrument because themandatory non-discretionary dividends violate Condition 6 in Question 2 e.g. mandatory dividends based on prots.

However, i the unds policy is to consider or this test only nancial instruments other than the one that contains the obligation

arising on liquidation, then a mandatory dividend eature in itsel would not preclude equity classication o the obligationarising on liquidation because this eature is part o the same instrument and it could not violate Condition 6 in Question 2.

Example 7 Limited-lie entity pays non-discretionary dividends

Fund K is a limited-lie entity. K issues units that are redeemable only on its liquidation. The unit holders are entitled to annualnon-discretionary dividends equalling 90% o Ks prots and a pro rata share o the net assets on liquidation o K.

How does K classiy the components o the shares issued?

The obligation to pay xed non-discretionary dividends represents a contractual obligation that is classied as a nancial

liability (Component 1).

The classication o the obligation to deliver a pro rata share o the net assets on liquidation (Component 2) depends on theaccounting policy choice made by K.

I K chooses accounting policy (i) above, then Component 2 is classied as a liability.

I K chooses accounting policy (ii) above, and provided that all other criteria are met, then Component 2 is classied as equity.


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4. How do you classiy redeemable sharesissued by umbrella structures?

The term umbrella und structure is used in certain jurisdictions to describe a collective investment scheme that comprises

an umbrella und that operates one or more sub-unds. Investors buy instruments that entitle the holder to a share o the net

assets o a particular sub-und.

The umbrella und and sub-unds together orm a legal entity, although the assets and the obligations o individual unds are

ully or partially segregated. Each sub-und usually has its own investment objectives, ocusing on dierent markets.

The analysis in this question applies only to instances in which the assets and obligations o each sub-und are ring-encedsolely or investors o the respective sub-und.

The table below discusses the possible classication o puttable instruments and instruments that impose on the entity an

obligation to deliver to another party a pro rata share o the net assets only on liquidation, issued by an umbrella und structure.

Type o nancial statements

preparedConsiderations Classication

Individual nancial statements

prepared by each sub-und

Each sub-und assesses issued instruments or equity

classication separately.

Liability or equity

Separate nancial statements

o umbrella und structure

that include the assets and

liabilities o the sub-unds that

together orm a single legal

entity

Instruments issued by the sub-unds are assessed or equity

classication rom the perspective o the umbrella und

structure as a whole.

Instruments issued by each sub-und cannot qualiy or

equity classication because they could not meet the

pro rata share o the entitys net assets on liquidation

condition and, i they are puttable instruments, the identical

eatures test.

Liability

Consolidated nancial

statements with sub-unds as

subsidiaries

Instruments issued by sub-unds that qualiy or equity

presentation in the individual nancial statements o

each und and that represent non-controlling interests

are classied as liabilities in the consolidated nancial

statements.

Liability

Combined nancial

statements prepared by an

umbrella und structure,

expressed as prepared in

accordance with IFRS

In our view, puttable sub-und instruments would not qualiy

or equity classication in the combined nancial statements

or the reasons described above or both separate and

consolidated nancial statements.

Liability


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5. When should a nancial instrument bereclassied between liability and equity?

The classication o an instrument or its component parts as either a nancial liability or equity is made at initial recognition

and, with the exception o puttable instruments and instruments that impose on the entity an obligation only on liquidation,

is not generally revised as a result o subsequent changes in circumstances. However, a reclassication between liability and

equity or vice versa may be required ollowing changes to the contractual or eective terms o the instruments or changes inthe composition o the reporting entity. Puttable instruments and instruments or components that impose on the entity an

obligation only in liquidation are reclassied:

to nancial liability rom the date on which any o the equity classication criteria in Question 2 cease to be met; or

to equity rom the date on which all equity classication criteria in Question 2 are met.

This indicates a continuous assessment model under which a und re-assesses the classication whenever there are changesto the relevant circumstances e.g. changes to the capital structure, such as the issue o new classes o shares or redemptions

o existing share classes.

Puttable instruments or instruments that impose on the entity an obligation only on liquidation are measured on reclassication

as ollows.

Reclassication Measurement Accounting or carrying amount adjustment

From equity tonancial liability

Liability is measured initially at the instrumentsair value at the date o reclassication.

Any dierence between the carrying amount othe equity instrument and the air value o the

nancial liability at the date o reclassication

continues to be recognised in equity.

From nancial liability

to equity

Equity instrument is measured at the carrying

amount o the nancial liability at the date o

reclassication.

No adjustment to the carrying amount.

Accounting entries Reclassication rom equity to nancial liability

Assume that on the date o reclassication the carrying amount o an instrument previously classied as equity is 100 and its

air value is 90. The double entry on reclassication is as ollows.

Debit Credit

Equity1 90

Liability 90

Accounting entries Reclassication rom nancial liability to equity

Assume that on the date o reclassication the carrying amount o an instrument previously classied as equity is 100 and its

air value is 90. The double entry on reclassication is as ollows.

Debit CreditLiability 100

Equity 100

1 This example does not ocus on dierent components o equity.


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Other KPMG publicationsA more detailed discussion o the general accounting issues that arise rom the application o IFRS can be ound in our

publication Insights into IFRS. In addition, we have a range o publications that can help you urther, including:

Illustrative nancial statements: Investment unds

Illustrative nancial statements or interim and annual periods

IFRS compared to US GAAP

IFRS Handbooks, which include extensive interpretative guidance and illustrative examples to elaborate or clariy the

practical application o a standard, including IFRS Handbook: First-time adoption o IFRSs

New on the Horizon publications, which discuss consultation papers

First Impressions publications, which discuss new pronouncements

Newsletters, which highlight recent accounting developments

IFRS Practice Issues publications, which discuss specic requirements o pronouncements

Disclosure checklist.

IFRS-related technical inormation is also available at kpmg.com/irs.

For access to an extensive range o accounting, auditing and nancial reporting guidance and literature, visit KPMGs

Accounting Research Online. This web-based subscription service can be a valuable tool or anyone who wants to stay inormed

in todays dynamic environment. For a ree 15-day trial, go to aro.kpmg.com and register today.

KPMGs Global Investment Management practice

Our member rms combine their depth o local knowledge with our global networks cross-border experience to deliver

practical, eective and insightul advice to our global investment management clients. Our proessionals in Audit, Tax

and Advisory are specialists in their elds and have deep experience in the issues and needs o investment management

businesses.

We oer proessional services to a wide range o industry participants at a local, national and global level. Our clients include

investment managers, wealth managers, und administrators and service providers who ocus on retail/mutual unds, hedge

unds, private equity unds, real estate unds, inrastructure unds and other alternative investment unds (such as distressed

debt and environmental assets), as well as sovereign wealth unds and pension unds.

Acknowledgements

We would like to acknowledge the principal contributors to this publication. They are Ewa Bialkowska and Arina Tomiste o the

KPMG International Standards Group.
http://www.kpmg.com/ifrshttp://www.aro.kpmg.com/http://www.aro.kpmg.com/http://www.kpmg.com/ifrs


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T: +44 20 7311 1892

E:[email protected]
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Fund Centres IFRS Working Group

Andrew Stepaniuk

Leader Fund Centres IFRS Working Group

KPMG in the Cayman Islands

T: +1 345 914 4315

E:[email protected]

Paul Reid

KPMG in Australia

T: +61 2 9335 7829

E:[email protected]

Craig Bridgewater

KPMG in Bermuda

T: +1 441 295 5063

E:[email protected]

Lino Junior

KPMG in Brazil

T: +55 213 515 9441

E:[email protected]

Peter Hayes

KPMG in Canada

T: +1 416 777 3939

E:[email protected]

Vivian Chui

KPMG in Hong Kong

T: +85 22 978 8128

E:[email protected]

Manoj Kumar Vijai

KPMG in IndiaT: +91 22 3090 2493

E:[email protected]

Frank Gannon

KPMG in Ireland

T: +353 1410 1552

E:[email protected]

Victor Chan Yin

KPMG in Luxembourg

T: +352 22 51 51 6514

E:[email protected]

Winand Paulissen

KPMG in the Netherlands

T: +313 06 58 24 31

E:[email protected]

Llewellyn Smith

KPMG in South Arica

T: +27 21 408 7346

E:[email protected]

Patricia Bielmann

KPMG in Switzerland

T: +41 44 249 4884

E:[email protected]

Gareth Horner

KPMG in the UK

T: +44 131 527 6951

E:[email protected]
mailto:astepaniuk%40kpmg.ky?subject=mailto:pmreid%40kpmg.com.au?subject=mailto:craigbridgewater%40kpmg.bm?subject=mailto:lmjunior%40kpmg.com.br?subject=mailto:phayes%40kpmg.ca?subject=mailto:vivian.chui%40kpmg.com.hk?subject=mailto:mkumar%40kpmg.com?subject=mailto:fgannon%40kpmg.ie?subject=mailto:victor.chanyin%40kpmg.lu?subject=mailto:paulissen.winland%40kpmg.nl?subject=mailto:llewellyn.smith%40kpmg.co.za?subject=mailto:pbielmann%40kpmg.com?subject=mailto:gareth.horner%40kpmg.co.uk?subject=mailto:gareth.horner%40kpmg.co.uk?subject=mailto:pbielmann%40kpmg.com?subject=mailto:llewellyn.smith%40kpmg.co.za?subject=mailto:paulissen.winland%40kpmg.nl?subject=mailto:victor.chanyin%40kpmg.lu?subject=mailto:fgannon%40kpmg.ie?subject=mailto:mkumar%40kpmg.com?subject=mailto:vivian.chui%40kpmg.com.hk?subject=mailto:phayes%40kpmg.ca?subject=mailto:lmjunior%40kpmg.com.br?subject=mailto:craigbridgewater%40kpmg.bm?subject=mailto:pmreid%40kpmg.com.au?subject=mailto:astepaniuk%40kpmg.ky?subject=


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Publication name: IFRS or Investment Funds

Publication number: Issue 3

Publication date: February 2012

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Ifrs Investment Funds Issue 3 6248

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