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December 2013 Model Managed Investment Scheme Half-Year Reports


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June 2013 Model Managed Investment Scheme Annual ReportsModel Managed Investment Scheme Half-Year Report for the half-year ended 31 December 2013 has been designed by Deloitte Touche Tohmatsu to assist clients, partners and staff with the preparation of half-year financial reports for a managed investment scheme in accordance with Australian Accounting Standards.

The Model Managed Investment Scheme Half-Year Report is not designed to meet all the needs of specialised managed investment schemes, rather it is intended to meet the needs of the vast majority of schemes in complying with the half-year reporting requirements under Australian Accounting Standards and the Corporations Act 2001.

Australia’s adoption of International Financial Reporting Standards (IFRS) has increased the complexity faced by responsible entities in preparing financial reports for funds, and there continues to be debate around the application of IFRS and Australian Accounting Standards.

December 2013 financial reporting will see application of new standards in some major areas like consolidation, joint arrangements and fair value measurements, including extensive disclosure requirements. Some of the new standards/interpretations with a mandatory effective date of 1 January 2013 are:

  • AASB 10 Consolidated Financial Statements
  • AASB 11 Joint Arrangements
  • AASB 12 Disclosure of Interests in Other Entities
  • AASB 13 Fair Value Measurements
  • AASB 127 (2011) Separate Financial Statements
  • AASB 128 (2011) Investments in Associates and Joint Ventures.

It is imperative that entities understand, assess and ensure that relevant policies and functionalities are in place to implement and comply with the changes.

In addition to the above list of major accounting standards, other new and amended reporting requirements that must be applied for the first time for the December 2013 half-year including:

  • Amendments to AASB 7 Financial Instruments: Disclosures regarding rights of offset and related arrangements (such as collateral posting requirements) for financial instruments under an enforceable master netting agreement or similar arrangement

  • Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011 Cycle, that includes clarification of the requirements for comparative information (AASB 101 Presentation of Financial Statements), classification of servicing equipment (AASB 116 Property Plant and Equipment), and tax effect of the distribution to holders of equity instruments (AASB 132 Financial Instruments: Presentation).

Specifically for the funds industry, an amended reporting requirement that is available for early adoption for the December 2013 half-year is the amendments to AASB 10 Consolidated Financial Statements that introduce an exception from the requirement to consolidate subsidiaries for an investment entity.

This publication is organised into two sections:

  • Section A – What’s new for financial reports at December 2013?
    This section of the publication summarises key changes and topical issues for consideration in preparation of half-year reports at 31 December 2013. The information in this section is updated throughout the reporting season in our ‘What’s new’ summary, available at WhatsNew website

  • Section B - Model half-year report
    This section of the publication contains an illustrative example of a half-year financial report for a fund.

If you have any questions or comments regarding the 31 December 2013 model half-year report for managed investment schemes, please direct them to our funds management experts from the right hand side of the page.

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