The document discusses monitoring alternative investments. It provides an overview of the AICPA practice aid for auditing alternative investments. The practice aid requires auditors to confirm the existence of alternative investments directly with fund managers and obtain an understanding of internal controls over valuation. It also discusses establishing clear roles and responsibilities for valuation and documenting investment selection, monitoring and valuation review processes.
The document summarizes some of the key differences between US GAAP, Indian GAAP, and International Financial Reporting Standards (IFRS) across various accounting topics:
- Revenue recognition, balance sheet presentation, corrections of errors, and business combinations differ between the standards. US GAAP and IFRS are more similar to each other than to Indian GAAP in many of these areas.
- IFRS and US GAAP both require comprehensive income reporting and fair value measurement of derivatives and hedges, whereas Indian GAAP has no such requirements.
- Requirements around cash flow statements, property/equipment, leases, share issue expenses, and prior period adjustments also vary between the three sets of standards
The document provides financial statement information for M/s R Company for 2004 and 2003, including balance sheets, income statements, and additional notes. It asks to prepare a statement of cash flows using the indirect method, noting equipment purchases and sales, bond redemptions, stock issuances, dividend payments, and other transactions during 2004.
The document discusses cash flow statements, defining cash flow as money moving in and out of a business over a period of time. It explains how cash flow is classified into operating, investing and financing activities and how companies can measure parameters like liquidity, profitability and risks using cash flow statements. The document also provides some common methods that companies use to augment their reported cash flows.
This document defines key terms related to cash flow analysis and cash flow statements. It explains that a cash flow statement indicates sources of cash inflows and outflows during an accounting period. It also outlines the direct and indirect methods for preparing a cash flow statement, including showing examples of the sections and calculations involved in each method.
The document discusses avoiding customer complaints in financial services. It summarizes trends in customer disputes seen in FINRA arbitration, such as increases in claims of omissions of fact and misrepresentation. Common causes of disputes are unsuitable investments for clients that do not match their objectives and risk tolerance. The document also outlines best practices for financial advisors, such as properly documenting the scope of work, obtaining complete client information, and monitoring client accounts on an ongoing basis. Specific issues relating to senior investors are also covered.
the ppt is about the Journal entries made to record issue of debenture under companies act 1956. It covers issue of debenture as per different situations. Hope you people find it helpful. you are welcome for any query.
*Join our MeetUp group for timely event updates: https://www.meetup.com/Chaintech-Ventures/*
The past September was a special and busy one. Thanks to the Consensus Week held from Sep 17, almost all key players and practitioners in this industry have come to Singapore for this carnival.
The Chaintech Ventures team took on several challenging missions since the beginning of September. Within 3 weeks of intense combat, we strove to reap victories as follows:
1. We won as the tied 1st runner up in TEDC 2018, the competition organised and hosted by celebrated fund Fenbushi Capital in Shanghai.
2. Among thousands of projects submitted to SWITCH (Singapore Week of Innovation and Technology), our incubated company ROMAD made it into the final round to be presented among the 15 outstanding projects in Demo Asia Summit. We won as the 1st runner up with only a mere difference of 0.4 in score (79.6) comparing to the champion (80).
3. During the glamorous Pitch Fest event on 2019 Sep 22nd, we managed to have 3 of our advised portfolio companies (ROMAD, VeloxChain and SWIPE) enrolled in a selected line of 15 venture projects.
In this special episode of our talk, we will share our award-winning compositions from TEDC and Demo Asia with you guys and continue our discussion on markets and most recent insights gained from our on-hand experiences.
The ROMAD team is invited as special guests to the event so you could know more about this unique project.
The document summarizes some of the key differences between US GAAP, Indian GAAP, and International Financial Reporting Standards (IFRS) across various accounting topics:
- Revenue recognition, balance sheet presentation, corrections of errors, and business combinations differ between the standards. US GAAP and IFRS are more similar to each other than to Indian GAAP in many of these areas.
- IFRS and US GAAP both require comprehensive income reporting and fair value measurement of derivatives and hedges, whereas Indian GAAP has no such requirements.
- Requirements around cash flow statements, property/equipment, leases, share issue expenses, and prior period adjustments also vary between the three sets of standards
The document provides financial statement information for M/s R Company for 2004 and 2003, including balance sheets, income statements, and additional notes. It asks to prepare a statement of cash flows using the indirect method, noting equipment purchases and sales, bond redemptions, stock issuances, dividend payments, and other transactions during 2004.
The document discusses cash flow statements, defining cash flow as money moving in and out of a business over a period of time. It explains how cash flow is classified into operating, investing and financing activities and how companies can measure parameters like liquidity, profitability and risks using cash flow statements. The document also provides some common methods that companies use to augment their reported cash flows.
This document defines key terms related to cash flow analysis and cash flow statements. It explains that a cash flow statement indicates sources of cash inflows and outflows during an accounting period. It also outlines the direct and indirect methods for preparing a cash flow statement, including showing examples of the sections and calculations involved in each method.
The document discusses avoiding customer complaints in financial services. It summarizes trends in customer disputes seen in FINRA arbitration, such as increases in claims of omissions of fact and misrepresentation. Common causes of disputes are unsuitable investments for clients that do not match their objectives and risk tolerance. The document also outlines best practices for financial advisors, such as properly documenting the scope of work, obtaining complete client information, and monitoring client accounts on an ongoing basis. Specific issues relating to senior investors are also covered.
the ppt is about the Journal entries made to record issue of debenture under companies act 1956. It covers issue of debenture as per different situations. Hope you people find it helpful. you are welcome for any query.
*Join our MeetUp group for timely event updates: https://www.meetup.com/Chaintech-Ventures/*
The past September was a special and busy one. Thanks to the Consensus Week held from Sep 17, almost all key players and practitioners in this industry have come to Singapore for this carnival.
The Chaintech Ventures team took on several challenging missions since the beginning of September. Within 3 weeks of intense combat, we strove to reap victories as follows:
1. We won as the tied 1st runner up in TEDC 2018, the competition organised and hosted by celebrated fund Fenbushi Capital in Shanghai.
2. Among thousands of projects submitted to SWITCH (Singapore Week of Innovation and Technology), our incubated company ROMAD made it into the final round to be presented among the 15 outstanding projects in Demo Asia Summit. We won as the 1st runner up with only a mere difference of 0.4 in score (79.6) comparing to the champion (80).
3. During the glamorous Pitch Fest event on 2019 Sep 22nd, we managed to have 3 of our advised portfolio companies (ROMAD, VeloxChain and SWIPE) enrolled in a selected line of 15 venture projects.
In this special episode of our talk, we will share our award-winning compositions from TEDC and Demo Asia with you guys and continue our discussion on markets and most recent insights gained from our on-hand experiences.
The ROMAD team is invited as special guests to the event so you could know more about this unique project.
The document provides an overview of finance for non-financial managers. It discusses why understanding finance is important for career advancement and insight into business. The document outlines key financial statements including the income statement, balance sheet, and cash flow statement and how to analyze them. It also covers financial health checks, reading annual reports, key financial management decisions, and cost accounting tools for decision making such as break even analysis.
Cash Flow Statement is a basic concept which every young manager must learn. This presentation excellently explains what you should know about this topic!
This document discusses various frameworks for company valuation, including discounted cash flow models and multiples valuation. It provides examples of applying different valuation methods to Home Depot, including enterprise DCF valuation, economic profit valuation, and adjusted present value valuation. The discounted cash flow method values a company by discounting projected free cash flows back to the present using a weighted average cost of capital. Economic profit valuation and adjusted present value valuation are alternative discounted cash flow methods. The document also discusses limitations of other approaches like multiples valuation and real options valuation.
CGWM At a Glance Presentation Onshore FinalAdam Ross
This document provides an overview of Canaccord Genuity Wealth Management's services and investment process. It discusses that they have over 12,000 clients across four offices, with over £12 billion in assets under management. It outlines their centralised and disciplined investment process, which includes rigorous fund selection and research from their proprietary equity valuation tool Quest. It also discusses how client monies are protected, held in segregated accounts, and how clients can access regular reporting on their portfolio performance.
Valuation Challenges During Due Diligence bjones038
The document discusses several valuation challenges that can arise during due diligence for an acquisition, including how to account for acquisition-related costs, contingent consideration, leases, in-process research and development, deferred revenue, and defensive assets. It notes the earnings impact and accounting treatment of each item, as well as risks to consider. The goal is to help management, auditors and valuation specialists collaborate to properly allocate purchase price and structure the deal.
110130 international pe_vc_valuation_guidelines_sep_2009_updateEvelyn Chua
The document provides guidelines for determining the fair value of private equity and venture capital investments. It defines key terms and outlines principles of valuation, including that fair value estimates the price at which an orderly transaction would occur between willing market participants. It also describes various methodologies that may be used to determine fair value, such as considering the price of recent investments, earnings multiples of comparable companies, discounted cash flows, and secondary transactions.
Reliance Industries Limited (RIL) is an Indian conglomerate company headquartered in Mumbai. It is one of the largest publicly traded companies in India by market capitalization and revenue. RIL received high ratings from ICRA and GMI for its board accountability, financial disclosure and controls, shareholder rights, and executive compensation. However, its corporate behavior and CSR received lower ratings due to a lack of clarity and separate reporting around its CSR activities and spending. Overall, RIL was given ratings between 7.5-8.5 by GMI, indicating above average performance in corporate governance.
This document compares money weighted return (MWR) and time weighted return (TWR) for measuring portfolio performance. MWR considers cash flows, so weights performance when a portfolio is largest. TWR eliminates the impact of cash flows to assess solely the portfolio manager's actions by calculating returns over sub-periods and geometrically linking them. While MWR reflects the investor's actual return, TWR is preferred as it determines performance independently of when funds were added or removed from the portfolio, over which managers have little control.
Harvest stargate fund version en11 f4 october 2012Andy Varoshiotis
The document summarizes an investment fund called Harvest Stargate Fund Ltd. It is regulated by the Central Bank of Cyprus and offers investors exposure to a diversified portfolio across asset classes through underlying managers. The fund aims to deliver returns above traditional funds through active allocation and selection of the best performing managers. It provides the benefits of risk management, performance potential, and diversification usually only available to large institutional investors.
The document provides an overview of an educational seminar on investment companies, mutual funds, and exchange traded funds offered by Saunders Learning Group, which offers various financial services industry training programs. The seminar covers topics such as the different types of investment companies, their benefits and regulation, fees, fund objectives, and how to select funds based on investment objectives. Contact information is provided for Floyd Saunders of Saunders Learning Group to obtain more information on their training programs.
Hedge funds (The Indian Context and the Regulatory Framework)Sham Chandak
This presentation in a broad sense gives an idea about the hedge funds, their objectives, their participants, their evolution. It talks about how India attracts the eye of Hedge Fund managers world wide. The growth potential in India as an emerging economy. The various types of Hedge Funds and the strategies implemented. The indices which track Hedge Fund performances around the globe. Some empirical findings about the absolute returns generated by hedge funds. The regulatory framework in India for Hedge Funds as a part of Alternative Investment Funds as guided by SEBI
Working capital management ppt @ bec doms bagalkot Babasab Patil
This document discusses working capital management. It defines key terms like working capital, net working capital, cash conversion cycle and provides examples of how to calculate them. It also discusses determining a company's working capital policy by analyzing its current ratios, inventory turnover, days sales outstanding and comparing to industry averages. The document provides an example cash budget and discusses how a company can minimize its cash holdings and manage accounts receivable, inventory and accounts payable to improve its cash flows and working capital needs.
This document provides an overview and summary of the HDFC Prudence Fund, an open-ended balanced mutual fund scheme offered by HDFC Mutual Fund. It defines a balanced fund, positions this fund in terms of its target risk-return profile, describes the fund's investment strategy across equity and debt assets, and highlights its portfolio composition, performance metrics, awards received, and suitability for investors seeking capital appreciation and income over the long term.
This document provides an overview and summary of the HDFC Prudence Fund, an open-ended balanced mutual fund scheme offered by HDFC Mutual Fund. It defines balanced funds, positions this fund in terms of its risk-return profile, describes the fund's investment strategy, portfolio composition, performance history and ratings. Key details around the fund's objectives, features, asset allocation pattern and suitability for investors are also summarized.
Next gen summer 2011 investment performanceAllison Duncan
This document discusses reviewing investment performance and opportunities for mission-related and impact investing. It provides an overview of an investor's role, working with investment advisors, asset allocation, performance expectations, and benchmarks. It also discusses where mission and financial performance can intersect for impact investing. The document explores the spectrum of impact versus financial returns and provides examples of how to find quick wins and create lasting impact through investing.
The document summarizes an investment fund called the Harvest Stargate Fund Ltd. It is regulated by the Cyprus Securities and Exchange Commission and the Central Bank of Cyprus. The fund offers diversification across asset classes and managers, with a minimum investment of 1 million EUR and a 2-year minimum holding period. It aims to generate returns above traditional funds through careful allocation and selection of the best performing underlying managers.
This document discusses capital budgeting and cash flow estimation. It defines capital budgeting as identifying, evaluating, and selecting long-term investments. Capital expenditures are purchases that generate benefits for more than one year, while revenue expenditures only provide benefits in the current year. The document outlines the importance of cash flows in capital budgeting decisions and the difficulties in estimating them due to uncertainty and reliance on external data. It provides principles for estimating cash flows and identifies relevant cash inflows and outflows to consider in the analysis.
Harvest stargate fund version january en6 2013 [compatibility mode]Andy Varoshiotis
The document summarizes an investment fund called the Harvest Stargate Fund Ltd. The fund provides a multi-asset, multi-manager investment strategy that allocates assets across equities, bonds, property, capital protected funds, and commodities. It aims to select the best performing underlying managers in each asset class. A primary investment strategy focuses 60% of assets on energy companies operating in the Eastern Mediterranean region, targeting undervalued stocks in the natural gas and oil sectors, particularly around recent major gas discoveries. The fund seeks to generate long-term capital growth and returns above traditional investment funds through active asset allocation and manager selection.
This document provides information about the IDFC Dynamic Equity Fund, including its category, average assets under management, inception date, fund managers, standard deviation, asset allocation, market cap split, minimum investment amount, exit load, SIP frequency, dividend options, and benchmark. The fund follows a dynamic asset allocation model that adjusts its equity exposure between 30-40% based on the trailing P/E of the Nifty 50 index. As of February 2021, the fund had 35.5% net equity exposure and invested primarily in large cap stocks across sectors like banks, software, finance, auto ancillaries, and pharmaceuticals. The debt portion aims for high credit quality and short-medium duration.
This document provides information about the IDFC Dynamic Equity Fund, including its category, average assets under management, inception date, fund managers, standard deviation, asset allocation, market cap split, minimum investment amount, exit load, SIP frequency, dividend options, and benchmark. The fund follows a dynamic asset allocation model that adjusts its equity exposure between 30-40% based on the trailing P/E of the Nifty 50 index. As of February 2021, the fund had 35.5% net equity exposure and invested primarily in large cap stocks across sectors like banks, software, finance, auto ancillaries, and pharmaceuticals. The debt portion aims for high credit quality and short-medium duration.
The document provides an overview of finance for non-financial managers. It discusses why understanding finance is important for career advancement and insight into business. The document outlines key financial statements including the income statement, balance sheet, and cash flow statement and how to analyze them. It also covers financial health checks, reading annual reports, key financial management decisions, and cost accounting tools for decision making such as break even analysis.
Cash Flow Statement is a basic concept which every young manager must learn. This presentation excellently explains what you should know about this topic!
This document discusses various frameworks for company valuation, including discounted cash flow models and multiples valuation. It provides examples of applying different valuation methods to Home Depot, including enterprise DCF valuation, economic profit valuation, and adjusted present value valuation. The discounted cash flow method values a company by discounting projected free cash flows back to the present using a weighted average cost of capital. Economic profit valuation and adjusted present value valuation are alternative discounted cash flow methods. The document also discusses limitations of other approaches like multiples valuation and real options valuation.
CGWM At a Glance Presentation Onshore FinalAdam Ross
This document provides an overview of Canaccord Genuity Wealth Management's services and investment process. It discusses that they have over 12,000 clients across four offices, with over £12 billion in assets under management. It outlines their centralised and disciplined investment process, which includes rigorous fund selection and research from their proprietary equity valuation tool Quest. It also discusses how client monies are protected, held in segregated accounts, and how clients can access regular reporting on their portfolio performance.
Valuation Challenges During Due Diligence bjones038
The document discusses several valuation challenges that can arise during due diligence for an acquisition, including how to account for acquisition-related costs, contingent consideration, leases, in-process research and development, deferred revenue, and defensive assets. It notes the earnings impact and accounting treatment of each item, as well as risks to consider. The goal is to help management, auditors and valuation specialists collaborate to properly allocate purchase price and structure the deal.
110130 international pe_vc_valuation_guidelines_sep_2009_updateEvelyn Chua
The document provides guidelines for determining the fair value of private equity and venture capital investments. It defines key terms and outlines principles of valuation, including that fair value estimates the price at which an orderly transaction would occur between willing market participants. It also describes various methodologies that may be used to determine fair value, such as considering the price of recent investments, earnings multiples of comparable companies, discounted cash flows, and secondary transactions.
Reliance Industries Limited (RIL) is an Indian conglomerate company headquartered in Mumbai. It is one of the largest publicly traded companies in India by market capitalization and revenue. RIL received high ratings from ICRA and GMI for its board accountability, financial disclosure and controls, shareholder rights, and executive compensation. However, its corporate behavior and CSR received lower ratings due to a lack of clarity and separate reporting around its CSR activities and spending. Overall, RIL was given ratings between 7.5-8.5 by GMI, indicating above average performance in corporate governance.
This document compares money weighted return (MWR) and time weighted return (TWR) for measuring portfolio performance. MWR considers cash flows, so weights performance when a portfolio is largest. TWR eliminates the impact of cash flows to assess solely the portfolio manager's actions by calculating returns over sub-periods and geometrically linking them. While MWR reflects the investor's actual return, TWR is preferred as it determines performance independently of when funds were added or removed from the portfolio, over which managers have little control.
Harvest stargate fund version en11 f4 october 2012Andy Varoshiotis
The document summarizes an investment fund called Harvest Stargate Fund Ltd. It is regulated by the Central Bank of Cyprus and offers investors exposure to a diversified portfolio across asset classes through underlying managers. The fund aims to deliver returns above traditional funds through active allocation and selection of the best performing managers. It provides the benefits of risk management, performance potential, and diversification usually only available to large institutional investors.
The document provides an overview of an educational seminar on investment companies, mutual funds, and exchange traded funds offered by Saunders Learning Group, which offers various financial services industry training programs. The seminar covers topics such as the different types of investment companies, their benefits and regulation, fees, fund objectives, and how to select funds based on investment objectives. Contact information is provided for Floyd Saunders of Saunders Learning Group to obtain more information on their training programs.
Hedge funds (The Indian Context and the Regulatory Framework)Sham Chandak
This presentation in a broad sense gives an idea about the hedge funds, their objectives, their participants, their evolution. It talks about how India attracts the eye of Hedge Fund managers world wide. The growth potential in India as an emerging economy. The various types of Hedge Funds and the strategies implemented. The indices which track Hedge Fund performances around the globe. Some empirical findings about the absolute returns generated by hedge funds. The regulatory framework in India for Hedge Funds as a part of Alternative Investment Funds as guided by SEBI
Working capital management ppt @ bec doms bagalkot Babasab Patil
This document discusses working capital management. It defines key terms like working capital, net working capital, cash conversion cycle and provides examples of how to calculate them. It also discusses determining a company's working capital policy by analyzing its current ratios, inventory turnover, days sales outstanding and comparing to industry averages. The document provides an example cash budget and discusses how a company can minimize its cash holdings and manage accounts receivable, inventory and accounts payable to improve its cash flows and working capital needs.
This document provides an overview and summary of the HDFC Prudence Fund, an open-ended balanced mutual fund scheme offered by HDFC Mutual Fund. It defines a balanced fund, positions this fund in terms of its target risk-return profile, describes the fund's investment strategy across equity and debt assets, and highlights its portfolio composition, performance metrics, awards received, and suitability for investors seeking capital appreciation and income over the long term.
This document provides an overview and summary of the HDFC Prudence Fund, an open-ended balanced mutual fund scheme offered by HDFC Mutual Fund. It defines balanced funds, positions this fund in terms of its risk-return profile, describes the fund's investment strategy, portfolio composition, performance history and ratings. Key details around the fund's objectives, features, asset allocation pattern and suitability for investors are also summarized.
Next gen summer 2011 investment performanceAllison Duncan
This document discusses reviewing investment performance and opportunities for mission-related and impact investing. It provides an overview of an investor's role, working with investment advisors, asset allocation, performance expectations, and benchmarks. It also discusses where mission and financial performance can intersect for impact investing. The document explores the spectrum of impact versus financial returns and provides examples of how to find quick wins and create lasting impact through investing.
The document summarizes an investment fund called the Harvest Stargate Fund Ltd. It is regulated by the Cyprus Securities and Exchange Commission and the Central Bank of Cyprus. The fund offers diversification across asset classes and managers, with a minimum investment of 1 million EUR and a 2-year minimum holding period. It aims to generate returns above traditional funds through careful allocation and selection of the best performing underlying managers.
This document discusses capital budgeting and cash flow estimation. It defines capital budgeting as identifying, evaluating, and selecting long-term investments. Capital expenditures are purchases that generate benefits for more than one year, while revenue expenditures only provide benefits in the current year. The document outlines the importance of cash flows in capital budgeting decisions and the difficulties in estimating them due to uncertainty and reliance on external data. It provides principles for estimating cash flows and identifies relevant cash inflows and outflows to consider in the analysis.
Harvest stargate fund version january en6 2013 [compatibility mode]Andy Varoshiotis
The document summarizes an investment fund called the Harvest Stargate Fund Ltd. The fund provides a multi-asset, multi-manager investment strategy that allocates assets across equities, bonds, property, capital protected funds, and commodities. It aims to select the best performing underlying managers in each asset class. A primary investment strategy focuses 60% of assets on energy companies operating in the Eastern Mediterranean region, targeting undervalued stocks in the natural gas and oil sectors, particularly around recent major gas discoveries. The fund seeks to generate long-term capital growth and returns above traditional investment funds through active asset allocation and manager selection.
This document provides information about the IDFC Dynamic Equity Fund, including its category, average assets under management, inception date, fund managers, standard deviation, asset allocation, market cap split, minimum investment amount, exit load, SIP frequency, dividend options, and benchmark. The fund follows a dynamic asset allocation model that adjusts its equity exposure between 30-40% based on the trailing P/E of the Nifty 50 index. As of February 2021, the fund had 35.5% net equity exposure and invested primarily in large cap stocks across sectors like banks, software, finance, auto ancillaries, and pharmaceuticals. The debt portion aims for high credit quality and short-medium duration.
This document provides information about the IDFC Dynamic Equity Fund, including its category, average assets under management, inception date, fund managers, standard deviation, asset allocation, market cap split, minimum investment amount, exit load, SIP frequency, dividend options, and benchmark. The fund follows a dynamic asset allocation model that adjusts its equity exposure between 30-40% based on the trailing P/E of the Nifty 50 index. As of February 2021, the fund had 35.5% net equity exposure and invested primarily in large cap stocks across sectors like banks, software, finance, auto ancillaries, and pharmaceuticals. The debt portion aims for high credit quality and short-medium duration.
This document analyzes hedge fund strategies in India. It discusses what hedge funds are and their investment approaches. Several hedge fund strategies are evaluated based on their returns from 2006-2010 using the Hedge Fund Research Index and Dow Jones Credit Suisse indices. Merger arbitrage and market directional strategies performed best according to the HFRX index, while emerging markets and managed futures strategies led in the Dow Jones index. Convertible arbitrage ranked lowest in both indices. Indian hedge funds saw strong growth and returns improved in 2010.
The Institute of Certified Public Accountants of Singapore (ICPAS) has issued the Exposure Draft (ED) on Audit Guidance Statement (AGS) 9 Opinion on Receipts, Expenditure, Investment of Moneys and the Acquisition and Disposal of Assets by Statutory Boards. Auditors of most statutory boards, who are undertaking an audit of the financial statements of the statutory boards, are required by the relevant statutory board acts, to state in their report, whether the receipts, expenditure, investment of moneys and the acquisition and disposal of assets by the statutory boards have been in accordance with the relevant statutory board acts. This proposed Statement provides guidance for the work to be performed by the auditors in accordance with the provisions of the statutory board acts. Please click here for a copy of the ED AGS 9. Source: ICPAS
This document provides an overview of the Anchor BCI Equity Fund, a South African equity portfolio managed by Anchor Capital. It seeks long-term capital growth through a bottom-up stock selection process that favors quality stocks. The fund constructs its portfolio based on fundamental research, focusing on stocks with strong returns on capital and cash flows. While it considers valuation, the fund's style is not strictly 'value'. It can invest in offshore instruments for efficient portfolio management. The minimum investment is R25,000 and the fund aims to maintain over 80% equity exposure.
This document provides an introduction to a course on financial management. It outlines the syllabus which will cover topics such as financial statements, ratio analysis, working capital management, time value of money, capital budgeting, and cost of capital. The document explains what will be included in each section of the syllabus. It also presents some introductory information on key financial concepts like the balance sheet, income statement, assets, liabilities, and cash flow statements. Rules for the course emphasize the importance of group work and that the lecturer acts as a facilitator rather than teacher.
Similar to ERISA Compliance Issues Surrounding Alternative Investments (20)
3 Simple Steps To Buy Verified Payoneer Account In 2024SEOSMMEARTH
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The 10 Most Influential Leaders Guiding Corporate Evolution, 2024.pdfthesiliconleaders
In the recent edition, The 10 Most Influential Leaders Guiding Corporate Evolution, 2024, The Silicon Leaders magazine gladly features Dejan Štancer, President of the Global Chamber of Business Leaders (GCBL), along with other leaders.
Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
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Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...my Pandit
Dive into the steadfast world of the Taurus Zodiac Sign. Discover the grounded, stable, and logical nature of Taurus individuals, and explore their key personality traits, important dates, and horoscope insights. Learn how the determination and patience of the Taurus sign make them the rock-steady achievers and anchors of the zodiac.
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
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An introduction to the cryptocurrency investment platform Binance Savings.Any kyc Account
Learn how to use Binance Savings to expand your bitcoin holdings. Discover how to maximize your earnings on one of the most reliable cryptocurrency exchange platforms, as well as how to earn interest on your cryptocurrency holdings and the various savings choices available.
3. Monitoring Alternative
Investments
What are “Alternative Investments”, and what’s
all the fuss about?
What practical steps can you incorporate into
your due diligence process as it relates to
alternative investments?
3
4. What are alternative
investments?
There is no standard definition, but it is
understood as any investments beyond
traditional stocks, bonds, and money
market investments.
Traditional investments
- Stocks, bonds, mutual funds
- Typically long only, priced daily, liquid
4
5. Alternative Investments - What
Happened?
“Old World” for Trustees and auditors:
Trustees read quarterly investment statement
Auditors confirm investment statements with
custodians
Move on!
“New World” for Trustees and Auditors:
Stop: How much does the investor really know
about its holdings?
5
6. Alternative Investments – What
Happened?
Rules in the “New World”:
SAS No.92, Auditing Derivative Instruments, Hedging
Activities, and Investments in Securities
SAS No. 101, Auditing Fair Value Measurements and
Disclosures
AICPA Interpretation No. 1 of SAS 92, Auditing
Investments in Securities Where a Readily
Determinable Fair Value Does Not Exist. (July 2005)
AICPA Interpretation No. 1 of SAS 101, Auditing
Interests in Trusts Held by a Third-Party Trustee and
Reported at Fair Value (July 2005)
AICPA Practice Aid, Alternative Investments, Auditing
Considerations (July 2006)
6
7. Alternative Investments – What
Happened
The AICPA Interpretation issued in July 2005 carried a consistent
message:
Confirmation is not enough
Receiving a confirmation from the alternative
investment fund manager or custodian does not
constitute adequate audit evidence with respect to
valuation
Further: receiving a confirmation from the fund
manager or custodian does not constitute sufficient
audit evidence of existence unless the holdings are
identified in the confirmation on a “security by
security” basis
7
8. Traditional Confirmation
CUSTODY STATEMENT
December 1, 2007 – December 31, 2007
EQUITIES
Holdings* Shares Cost Prince/ Market Accrued Estimat Current
(description sorted by type/alphabetical) Unit*** Value Income ed Yield
Annual
Income
HEIDELBERGER 950.00 50,004.59 33.63 31,948.50 0.00 0 0.00%
DRUCKMASCHINEN (EUR)
(Ticker Symbol: HDD-GREUR)
HSBC HOLDINGS PLC 5,265.00 96,921.85 16.75 88,188.75 0.00 0 0.00%
(Ticker Symbol: HBCYF)
KINGFISHER PLC 20,040.00 81,723.28 2.95 59,118.00 0.00 0 0.00%
(Ticker Symbol: KGFHF)
L’OREAL 770.00 80,471.38 143.25 110,302.50 0.00 0 0.00%
(Ticker Symbol: OR)
LONGZA AG 965.00 47,177.31 121.88 117,614.20 0.00 0 0.00%
ISIN #CH0013841017
(Ticker Symbol: LONN-VX)
MACQUARIE GROUP LIMITED 1,420.00 89,038.80 66.91 95,012.20 0.00 0 0.00%
(CUSIP #B28YTC2)
MISYS PLC 13,945.00 56,278.35 3.67 51,178.15 0.00 0 0.00%
(CUSIP #: 0385785)
NESTLE SA 250.00 57,960.25 452.50 113,125.00 0.00 0 0.00%
(CHF1 (REGD)
ISIN #CH0012056047
(Ticker Symbol: NSRGF)
NITTO DENKO CORPORATION 2,600.00 127,804.26 52.99 137,774.00 0.00 0 0.00%
(CUSIP #: 6641801)
NOBEL BIOCARE HOLDINGS AG 210.00 59,716.39 267.63 56,202.30 0.00 0 0.00%
(CUSIP #: 7385722)
NORBORD INC 14,490.00 120,701.47 8.00 115,920.00 0.00 5,796 5.00%
(Ticker Symbol: NBDFF)
* All values reported in U.S. dollars
** Includes Accrued Income
*** Prices are rounded to the nearest 100 th decimal place for statement formating purposes
8
10. Overview of AICPA Practice Aid
The Practice Aid addresses challenges associated
with auditing investments for which a readily
determinable fair value does not exist.
The Practice Aid:
Is applicable to investments in hedge funds, private equity
funds, venture capital funds, commodity pools, fund of
funds, and bank common/collective trust funds
Provides guidance on auditing the existence and valuation
assertions associated with alternative investments.
10
11. Overview of AICPA Practice Aid
(con’t)
Existence Assertion
The Practice Aid requires that auditors confirm existence
with the underlying fund managers.
Items to be confirmed include:
Number of units held or percentage ownership
Value of net assets/capital balance
Holdings of the underlying fund’s investments on a security-
by-security basis.
Although the auditor may be uncertain if the fund
manager will provide the requested
information, such information should still be
requested.
11
12. Overview of AICPA Practice Aid
(con’t)
Existence Assertion
If the requested information is not received by the
auditor, alternative procedures should be considered, as
follow:
Observing management site visits or telephone calls to
investee funds (or reviewing documentation of such calls
or visits)
Reviewing executed partnership, trust, limited liability
corporation, or similar agreements
Inspecting other documentation supporting the investor’s
interest in the fund (for example, correspondence from the
fund or trustee acknowledging transactions with the fund)
Reviewing periodic statements from the fund or investment
advisor reflecting investment activity and compare to
amounts recorded
Vouching relevant cash receipts and disbursements
12
13. Overview of AICPA Practice Aid
(con’t)
Valuation Assertion
Auditors need to obtain an understanding of and perform
tests over internal controls as they relate to valuations.
This would entail obtaining an understanding of:
Management’s initial due diligence and continuous monitoring
process of the underlying investee funds
Management’s significant assumptions
Management’s valuation methodology
The controls and procedures in place at service providers in
determining net asset values (typically obtained from a SAS 70
report)
The controls in place over financial reporting
13
14. Management’s Responsibility
Management is responsible for making the fair value
measurements and disclosures included in the
financial statements. As part of fulfilling this
responsibility, management needs to establish an
accounting and financial reporting process for
determining the fair value measurements and
disclosures, select appropriate valuation
measurements, identify and adequately support any
significant assumptions used, prepare the
valuation, and ensure that the presentation and
disclosure of fair value measurements are in
accordance with GAAP.
14
15. Management’s Responsibility
Management can not outsource!
Even to General Partner!
Management can use an external party for the mechanics of
valuation.
… but
Management must have a sufficient understanding of the
underlying investments, strategies and significant assumptions
that underlie the valuations to challenge the investment
valuation.
15
16. Alternative Investments – Seven
Steps to an Unqualified Opinion
Step 1 Clearly assign responsibility for fair valuation
policies and processes
Step 2 Perform due diligence throughout the year
Step 3 Challenge your investment managers
Step 4 Document, document, document
Step 5 Meet with your audit firm early and agree to a plan
Step 6 Roll forward investments
Step 7 Formally approve valuations
16
17. Alternative Investments – Example
Controls & Documentation
Example Controls Possible Documentation
Clear assignment of responsibility By-laws defining roles of Investment
Committee
Procedural manual defining roles of
investment department vs.
accounting
department
Oftentimes, smaller organizations are
set up with an investment advisor
who reports directly to the Investment
Committee and who serves as the
default CIO
17
18. Alternative Investments – Example
Controls & Documentation (con’t)
Example Controls Possible Documentation
Investment Committee Bios of Investment Committee
Select members who question
decision within the framework
Investment Committee Minutes
18
19. Alternative Investments – Example
Controls & Documentation (con’t)
Example Controls Possible Documentation
Investment policy for asset Written policy adopted by
allocation and valuations Investment Committee
Exception to policies presented to
full Investment Committee for
acknowledgement
19
20. Alternative Investments – Example
Controls & Documentation (con’t)
Example Controls Possible Documentation
Selection, hiring, and evaluation of Written due diligence summaries
fund advisor / managers
Minutes of committee meetings
approving advisor / manager
changes
20
21. Alternative Investments – Example
Controls & Documentation (con’t)
Example Controls Possible Documentation
Understanding of the fund’s Documented risk assessment for
strategies and holdings, each investment
ascertaining underlying investments,
if possible
21
22. Alternative Investments – Example
Controls & Documentation (con’t)
Example Controls Possible Documentation
Periodic visits or conference calls Formalized schedule of visits or
with fund advisor / manager conference calls
Documentation of visits or
discussions
Can be handwritten notes or
checklist
22
23. Alternative Investments – Example
Controls & Documentation (con’t)
Example Controls Possible Documentation
Review of SAS70s for service Written checklist prepared by
providers (fund managers, back- reviewer
office, trustees, custodians)
Type I or Type II report
Review exceptions
23
24. Alternative Investments – Example
Controls & Documentation (con’t)
Example Controls Possible Documentation
Review of annual fund audited Written checklist prepared by
financial statements reviewer
Unqualified opinion on a GAAP
basis provided by a credentialed
firm
Comparison of audited to unaudited
NAV
24
25. Alternative Investments – Example
Controls & Documentation (con’t)
Example Controls Possible Documentation
Review of valuations prepared by Written notes on valuations or
fund manager memo documenting review by
finance staff
25
26. Alternative Investments – Example
Controls & Documentation (con’t)
Example Controls Possible Documentation
Review monthly / quarterly Comparison of actual returns to
information from investment advisor/ benchmarks with explanations of
fund manager major variances
26
27. Alternative Investments – Example
Controls & Documentation (con’t)
Example Controls Possible Documentation
Cut-off and reconciliation Reconciliation of audited NAV to
recorded fair value at investor’s year
end
Roll-forward of audited holdings to
investor’s year end
27
28. Summary of SFAS 157
Defines fair value
Provides a framework for determining fair value
(describes various methods)
Expands disclosure about fair value measurements
Increases transparency
Does not prescribe new uses for fair value
Effective for FY beginning after 11/15/07
-Nonfinancial assets-beginning after 11/15/08 if not
measured at FV on a recurring basis
28
29. Definition of Fair Value
The price that would be received to sell
an asset or paid to transfer a liability in
an orderly transaction between market
participants at the measurement date-
EXIT PRICE
29
30. What does price mean?
Price is determined in the “principal market”,
meaning the market with the greatest volume
and level of activity. If there is no principal
market, then the “most advantageous
market” is used.
Price does not include transaction costs.
Fair value of a block of financial instruments
traded in an active market is “price x
quantity”. No block adjustments.
30
31. Valuation Techniques
Market approach- uses prices and other relevant
information generated by market transactions
involving identical or comparable assets or liabilities.
Income approach- uses valuation techniques to
convert future amounts (e.g., cash flows or earnings)
to a single present amount (discounted).
Cost approach- based on the amount currently
required to replace the service capacity of an asset.
31
32. The Role of Inputs
Inputs are market participant assumptions that are included in
valuation models.
Observable Inputs- Developed based on market data obtained
from sources independent of the reporting entity.
Unobservable Inputs- Reflects the reporting entity’s own
assumptions about market inputs based on its own data.
Valuation techniques should maximize the use of observable
inputs
Cannot disregard market-based information that is reasonably
available
32
33. Fair Value Hierarchy
Level 1 Inputs:
Quoted prices for identical assets or
liabilities in active markets
Most reliable source of fair value
Input examples-Prices derived from
NYSE, NASDAQ, Chicago Board of
Trade, Pink Sheets
33
34. Fair Value Hierarchy
Level 2 Inputs
Observable inputs for:
Similar assets or liabilities in active markets
Identical or similar assets in inactive markets
Inputs other than quoted prices that are directly
observable
Inputs derived from observable market data by
correlation or other means
-Input examples: Matrix pricing, market corroborated
pricing; inputs such as yield curves and indices
34
35. Fair Value Hierarchy
Level 3 Inputs:
Unobservable inputs:
Reporting entity’s own assumptions about the assumptions
market participants would use.
Other entry specific inputs (historical or projected financial
information) that are not derived from market data.
Unobservable inputs shall be developed based on the best
information available in the circumstances.
In developing unobservable inputs, the reporting entry need not
undertake all possible efforts to obtain information (if not
reasonably available without undue cost or effort).
Input examples: Investment manager pricing for Private
Placements, Private Equities, Hedge Funds, etc.
35
36. New Disclosures
Recurring measures
What is measured at fair value
-Level 1, level 2, level 3
Valuation techniques used and if changed
If level 3 measurements are used
- Reconcile beginning to ending balances
36
37. Investment Valuation
“Unit of account”-refers to the level at which the
asset is measured at fair value for purpose of
financial reporting
May need to review underlying investments
Consider restrictions, contract provisions, NAV
calculations and potential impact to FV.
37
38. Unit of Account
Investment Unit of Account
Mutual Fund Shares in the mutual fund
Common/collective trust fund Units of participation in
or Pooled Separate Account CCT/PSA
Separately Managed Trust Underlying assets and
Account liabilities
Synthetic GIC Wrap contract and underlying
assets
Hedge Fund Units of Participation in the
hedge fund
Private Equity Fund Limited Partnership interest in
private equity fund, which
includes both the funded
and unfunded capital
commitments.
38
39. FAS 157 Valuation Considerations
Tax-exempt organization owns the valuation
responsibility
Can outsource the mechanics but not the ownership
Custodial reporting tools will only be the starting point
Final FAS 157 bucketing decisions will rest with the
organization
Understanding the pricing process is a must
Must increase collaboration with outside parties
39
40. How to apply FAS 157 to Hard to Value
Investments
Are Hedge Fund and Private Equity Funds Level 2 or
3 investments?
Hedge Funds-To the extent there is adequate
observable subscription or redemption activity, could
support Level 2 or Level 3 classification
Private Equity Funds-Given lack of redemption
provisions, most commonly Level 3
40
41. Derivatives
Are the derivatives traded on an exchange or traded
OTC?
Is the derivative priced solely on information from the
counterparty or is an independent price from another
vendor obtained?
Are models used?
Has counterparty credit risk been considered in fair
valuing the derivative contract?
41
42. New disclosures
Tabular format required
Encouraged to combine with other
required fair value disclosures
SFAS 107, SFAS 124
42
43. Example
Description Level 1 Inputs Level 2 Inputs Level 3 Inputs Total at End
Of Year
Equity Securities $ 10,000,000 $ - $ - $ 10,000,000
Corporate debt 2,000,000 2,000,000
securities
Mortgage backed 1,000,000 1,000,000
securities
Real estate 500,000 500,000
Alternative 1,500,000 1,500,000
investments
Interest rate swap - - (500,000) (500,000)
contract
Total $ 10,000,000 $ 3,500,000 $ 1,000,000 $ 14,500,000
43
44. Example
Fair Value Measurements Using Significant
Unobservable Inputs
(Level 3)
Alternative Interest Rate Swap Total
Investments Contrast
Beginning balance $ 500,000 $ 1,000,000 $ 1,500,000
Total gains or losses
Realized
Unrealized (250,000) (1,500,000) (1,750,000)
Purchases 1,250,000 1,250,000
Sales, withdrawals
Transfers in and/or out of Level 3
-
Ending balance $ 1,500,000 $ (500,000) $ 1,000,000
44
45. FSP FAS 117-1
Endowments of Not-for-Profit
Organizations: Net Asset Classification
of Funds Subject to an Enacted Version
of the Uniform Prudent Management of
Institutional Funds Act, and Enhanced
Disclosures for All Endowment Funds
Effective for fiscal years ending after
December 15, 2008
45
46. FSP FAS 117-1
Applicable to all not-for-profit
organizations that have Board-
designated or donor restricted
endowment funds
46
47. What is an Endowment Fund
?
FAS 117 definition:
An established fund of cash, securities, or other
assets to provide income for the maintenance of a
not-for-profit organization.
Use of the assets may be permanently restricted,
temporarily restricted or unrestricted.
Organization’s governing board may earmark a
portion of its unrestricted net assets as a board
designated endowment (quasi-endowment).
47
48. Uniform Prudent Management of
Institutional Funds Act (UPMIFA)
In July 2006, the Uniform Law Commission approved
UPMIFA
UPMIFA is a revision of the Uniform Management of
Institutional Funds Act of 1972 (UMIFA), which has
been adopted by 46 states and the District of Columbia
Thus far, UPMIFA has been enacted in over 30 states
and the District of Columbia and is being considered for
enactment by several others
New York State has not enacted UPMIFA
48
49. FSP FAS 117-1
If UPMIFA applies, it may be necessary
to reclassify certain funds as temporarily
or permanently restricted
If UPMIFA does not apply, there is no
change in classification
Additional disclosure is required for all
49
50. FSP FAS 117-1
A not-for-profit organization, whether or not it is subject
to UPMIFA, shall disclose the following:
A description of the governing board’s interpretation
of the law(s) that underlies the organization’s net
asset classification of donor-restricted endowment
funds.
A description of the organization’s policy(ies) for the
appropriation of endowment assets for expenditures
(its endowment spending policy(ies).
50
51. FSP FAS 117-1
A description of the organization’s endowment
investment policies. The description shall include the
organization’s return objectives and risk parameters;
how those objectives relate to the organization’s
endowment spending policy(ies); and the strategies
employed for achieving those objectives.
The composition of the organization’s endowment by
net asset class at the end of the period in total and by
type of endowment fund, showing donor-restricted
endowment funds separately from board-designated
endowment funds.
51
52. FSP FAS 117-1
A reconciliation of the beginning and
ending balance of the organization’s
endowment in total and by net asset
class.
52
53. Example
Unrestricted Temporarily Permanently Total
Restricted Restricted
Endowment net assets, beginning of year $ 6,947 $ 46,380 $ 95,673 $ 149,000
Investment return:
Investment income 298 2,396 286 2,980
Net depreciation (413) (2,185) - (2,598)
Total investment return (115) 211 286 382
Contributions - - 2,000 2,000
Appropriation of endowment assets (448) (7,002) - (7,450)
Other changes:
Transfers to create board designated
endowment funds 500 - - 500
Endowment net assets, end of year $ 6,884 $ 39,589 $ 97,959 $ 144,432
Endowment Net Asset Composition by Type
of Fund as of end of year
Donor-restricted endowment funds $ - $ 39,589 $ 97,959 $ 137,548
Board-designated endowment funds 6,884 - - 6,854
Total funds $ 6,884 $ 39,589 $ 97,959 $ 144,432
53
54. FSP FAS 117-1
In accordance with the requirements of SFAS 117
and 124, an organization shall also provide
information about the net assets of its endowment
funds, including:
The nature and types of permanent restrictions or temporary
restrictions (paragraphs 14 and 15 of Statement 117)
The aggregate amount of the deficiencies for all donor-
restricted endowment funds for which the fair value of the assets
at the reporting date is less than the level required by donor
stipulations or law (paragraph 15(d) of Statement 124).
54