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Accounting for Investments, Equities, Futures and Options, Volume 1 by R. Venkata Subramani

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APPENDIX C

Financial Statements of Sample Fund

(Prepared in accordance with the IFRS requirements)

BALANCE SHEET AS OF DECEMBER, 20X2 AND 20X1

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INCOME STATEMENT

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STATEMENT OF CHANGES IN EQUITY

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STATEMENT OF CASH FLOWS

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NOTES TO THE FINANCIAL STATEMENTS

For the years ended December 31, 20X2 and 20X1

Note A: Summary of Significant Accounting Policies

The financial statements of the Fund are prepared in accordance with International Financial Reporting Standards (IFRS) promulgated by the International Accounting Standards Board (IASB). The financial statements have been prepared under the historical cost convention except for certain financial assets that are carried at fair value. The significant accounting policies of the Fund are summarized below.

Revenue Recognition

Interest income is accrued on a time basis and recognized based on the effective interest method during the time an investment or loan is outstanding and held by the Fund. The effective interest rate is the rate that discounts the estimated future cash flows through the expected life of the financial asset to the asset’s ...

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