Requirements for reporting investment funds, Calculating the value of net assets, valuation and reporting on the value of assets and liabilities of the fund - Securities market. Theory and practice

Requirements for reporting investment funds

The investment fund, like any legal entity, is required to report to both the fund's shareholders and the state represented by the federal executive body for the securities market and the tax inspection. The procedure and requirements for the reporting of the investment fund, the manager and the specialized depository of the investment fund, the need for its publication are determined by regulatory legal acts and provide for compliance with the principles of reliability, completeness and timeliness.

One of the main types of work, the results of which are the basis for the formation of the composition of costs and financial results of the investment fund and the determination of the amount of remuneration of the manager, are the calculations of the value of assets, analysis of the structure of assets of investment funds.

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Calculating the net asset value, valuation and reporting of the assets and liabilities of the fund

The calculation of the value of assets and liabilities of the fund is based on the FFMS Order "On Some Issues of Implementing Asset Management Activities of Joint-Stock Investment Funds and Mutual Investment Funds"; from 20.05.2008 No. 08-19/pz-n with the purpose of evaluating the results of the fund's activities, providing and disclosing information on the fund's activities. The received results are made out in the form of a certificate quarterly as of the last calendar day of the reporting period.

At the end of the reporting year, the auditor of the fund should conduct an audit of accounting and reporting related to the management of the fund's assets, as well as the correctness of calculating the value of assets minus the fund's liabilities per one placed share of the fund. The final part of the audit report, the reference on the value of the assets and liabilities of the investment fund, as well as the report on the valuation of the assets of the fund by an independent appraiser are mandatory annexes to the annual financial statements of the fund.

To assess and compile a statement of the value of net assets and liabilities of an investment fund, the calculation is made as the difference between the value of assets and the value of liabilities subject to execution at the expense of the fund's assets at the time of determining the value of net assets.

In determining the estimated value of securities that have a recognized quotation, the procedure established for the valuation of such securities in documents governing the evaluation and reporting of the net asset value of open-ended mutual funds is used.

In turn, the fund is obliged to determine the list of trade organizers whose recognized quotes will be used to determine the estimated value of securities making up the assets of the fund, to indicate their brand names in the annual explanatory note, to submit this information to the fund's specialized depository. When valuing securities that make up the assets of a fund, recognized quotes may be used, which are declared only by these trade organizers. In the absence of a recognized quotation, the estimated value of securities is determined by the results of an independent appraiser's assessment.

In the period between the appraisal by an independent appraiser of the fund, the evaluation of securities that do not have recognized quotations can be carried out in the following order:

1) if the quoted securities of the securities held in the assets of the fund or acquired during this period ceased to be declared by the trade organizer after the day of the last evaluation of the independent appraiser of the fund and were not announced before the next next evaluation, the estimated value of such securities is determined based on their most recent recognized quotation;

2) If, at the date of the valuation by an independent appraiser of the fund before the next regular evaluation, the recognized quotation of the security is not declared the trade organizer, in the event of the acquisition of such securities, their estimated value in this period is determined on the basis of their book value;

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3) if the securities in the fund's property were valued by an independent appraiser of the fund as of the valuation date, the estimated value of one such security does not change, except when these securities acquire an acknowledged quotation.

The estimated value of real estate and rights to real estate is taken into account the value of the assets of the investment fund based on the evaluation of the independent appraiser of the fund. Real estate objects and real estate properties acquired by the fund in the period between evaluation by an independent appraiser of the fund are taken into account for the value of assets at their residual value.

Special consideration should be given to the procedure for assessing the value of assets and liabilities of an investment fund if they consist of government bonds of a federal loan with variable coupon income. Accrued coupon income is reflected in the certificate of the value of assets and liabilities of the investment fund as the amount of accrued coupon yield on bonds issued with coupon income calculated at the date of drawing up the certificate in accordance with the terms of the issue. Accumulated coupon income is reflected in the calculation in the event that the recognized quotes of government securities of the Russian Federation, US entities, as well as securities of local governments issued with coupon income, do not include the amount of accrued coupon yield.

The value of net assets of joint-stock investment funds is determined in accordance with the procedure and within the terms provided for by regulatory legal acts of the federal executive body for the securities market.

The evaluation of the assets of the joint-stock investment fund is carried out in accordance with the procedure provided for by regulatory legal acts of the federal executive body for the securities market.

Evaluation of immovable property, rights to real estate, provided other normative legal acts of the federal executive body for the securities market of property belonging to the joint-stock investment funds and property constituting the mutual funds, performed by the appraiser, having an appropriate license. Property valuation should be carried out at its acquisition and alienation, and also at least once a year, unless the periodicity is established by regulatory legal acts of the federal executive body for the securities market.

The assessors of the joint-stock investment fund may not be the affiliated persons of the joint stock investment fund, the managing company and the specialized depository of the joint-stock investment fund and mutual investment fund, the auditor of the joint-stock investment fund and the auditor of the management company of the unit investment fund.

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