For fiscal years beginning on or after January 1, 2014,
Investment Funds must adopt International Financial Reporting
Standards (IFRS) for their interim and annual financial statements.
This adoption may result in significant changes to an Investment
Fund's financial statement presentation, classification and
disclosure. It is very important that fund managers are aware of
these changes and take the necessary steps to consult with their
professional advisors to ensure a smooth transition. Here is a
brief summary of some of the changes that can arise on
adoption.
Fair value of investments
Investments Funds will need to select appropriate accounting
policies for the measurement of their investments. Under IFRS 13
– Fair Value Measurement, investments are to be accounted for
based on the point within the bid/ask spread that most represents
their fair value in their principal market. Depending on the
accounting policy chosen, this can result in the need
