Value Accounts Investment Funds 2012

pwc.com.au Value Accounts Investment Funds 2012 VALUE ACCOUNTS Investment Funds 2012 Annual financial reporting 2012 30 June 2012 This publication presents the sample annual and interim financial reports of a investment fund, VALUE ACCOUNTS Unit Trust as well as VALUE ACCOUNTS Pooled Superannuation Trust. It illustrates the financial reporting disclosure requirements that apply under Australian Accounting Standards on issue at 15 January 2012. Supporting commentary is also provided. VALUE ACCOUNTS Unit Trust is an unlisted managed investment scheme registered with ASIC. Reporting requirements include:  Australian Accounting Standards  Interpretations issued by the Australian Accounting Standards Board (AASB) and the Urgent Issues Group (UIG)  Corporations Act 2001  Australian Securities & Investments Commission releases This publication should be used in conjunction with the relevant legislation, standards and other reporting pronouncements. © 2012 PricewaterhouseCoopers Australia. All rights reserved. In this document, ‘PwC’ refers to PricewaterhouseCoopers Australia which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity. This publication is available for non-clients of PwC from: The Co-op Bookshop For mail order phone (02) 9212 3078, or to find our nearest branch phone (02) 9325 9600. Visit www.coop-bookshop.com.au for further information and to place an order online. The Institute of Chartered Accountants Chartered Accountants can borrow this publication by contacting the Institute’s Knowledge Centre on 1800 809 828. Disclaimer This publication has been prepared by PricewaterhouseCoopers Australia. The information in this publication is for general reference only and is neither advice nor a substitute for professional advice. It is not intended to be and is not comprehensive in relation to its subject matter. This publication is not intended to cover all aspects of Australian Accounting Standards, or to be used as a substitute for reading any relevant accounting standard, professional pronouncement or guidance, the Corporations Act 2001 (Cth) or any other relevant material. Specific entity, facts and circumstances will have a material impact on the preparation and content of financial reports. No entity should undertake or refrain from any action based on the information in this publication or otherwise rely on this publication; advice which is specific o your circumstances should always be sought from a professional adviser. No representation or warranty (express of implied) is given as to accuracy or completeness of the information contained in this publication, and to the extent permitted by law. PricewaterhouseCoopers Australia, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. 2 Foreword Welcome to the 2012 edition of our Investment Funds Financial Reporting publication in our VALUE ACCOUNTS series. The VALUE ACCOUNTS series is the premier reference on financial reporting. We are proud of its reputation for excellence and are pleased to continue that tradition with our latest edition, VALUE ACCOUNTS Investment Funds 2012. This publication is designed to help you prepare financial statements for investment funds in line with Australian Accounting Standards. It illustrates the major elements of the financial statements and provides expert commentary on important items and required disclosures. The fictitious circumstances of our scenarios, VALUE ACCOUNTS Unit Trust and VALUE ACCOUNTS Pooled Superannuation Trust have been chosen to illustrate the most common and significant accounting matters and associated disclosures under Australian Accounting Standards. Since the last publication, we have seen continued volatility in world financial markets and significant regulatory developments in response to the financial crises. The pace of change in Accounting Standards also continues, however, from a statutory reporting perspective, there is likely to be limited impact on the majority of investment funds for the year ended 30 June 2012. Included in this publication is a summary of anticipated changes to financial reporting that may impact investment funds in future periods. Of particular interest to many will be the proposed changes to the consolidation standard, however, details on this are yet to be finalised. Finally, best of luck with your reporting season. I trust that with the help of this publication you are able to tackle the challenge head on and with much success. Claire Keating Sector Leader, Asset Management Assurance PwC 28 March 2012 PwC VALUE ACCOUNTS Investment Funds 2012 VALUE ACCOUNTS Investment Funds Annual financial reporting 2012 Contents Page Introduction 1 Financial reporting developments 2 Topical issues 5 VALUE ACCOUNTS Unit Trust 9 VALUE ACCOUNTS Pooled Superannuation Trust 99 Appendices 117 Appendix A Appendix B Appendix C Appendix D Appendix E Appendix F Appendix G Financial reporting framework 118 Financial reporting framework in Australia (flowchart) 132 Annual reporting deadlines 134 Accounting and reporting pronouncements 136 Indemnification and insurance of officers and auditors 145 Rounding of amounts 148 Abbreviations 150 PwC offices and contact details PwC 152 VALUE ACCOUNTS Investment Funds 2012 ... - tailieumienphi.vn