Accounting for Variable Capital Companies (VCC): A Practical Guide for Accounting & Audit Professionals

Description

This one-of-a kind practical course will go through the basic construct of the VCC and the accounting treatment of various aspects of an investment fund. This will cover open-ended funds, closed-ended funds and a variety of asset classes and the complications that it brings to the application of accounting concepts. The trainer will go through case studies that will reinforce the concepts across each focus area outlined in this session.

Programme Outline

• Basic construct and salient features of VCC understanding
• Various forms of VCC funds – (retail, alternative, open-ended, closed-ended, master-feeder, umbrella etc.)
• Debt/Equity classification of financial instruments and implications of such on investment fund reporting
• Consolidation concepts and exemptions from consolidation
• IFRS 9 and various tests of classification
• IFRS 13 presentation
• Currency classification of funds (functional and reporting)
• Concept of fair value (Both accounting and IPEV)
• Valuation methodologies (Price of recent transactions, Multiples approach etc.)
• RAP 7 presentation (for retail funds only)

Q&A

This workshop qualifies for 7.0 CPE hours in Financial and Sustainability Reporting Standards and Pronouncements (Category 1).

What you will learn

• Understand the construct and accounting aspects of a VCC
• Gain a thorough appreciation of the working of the VCC from inception to exit
• A practical guide and the sharing of case studies will bring to life the accounting and operational technical aspects of the VCC

Target Audience

• Accounting & Audit Professionals
• Company secretaries
• Book keepers
• Legal professionals in the financial services industry

Expert Speaker

Armin Choksey

Armin has over 24 years of asset management industry experience starting off with audits of investment funds under US and International auditing standards, along with knowledge of Indian, Hong Kong, Canadian, US, Luxembourg, and International Financial Reporting Standards relevant to the fund industry.

Armin was the project leader of a new legal entity-type legislation in Singapore – Singapore Variable Capital Company (VCC).

Armin was the main author of the white paper to the Monetary Authority of Singapore (MAS) to introduce the "Open-ended Investment Company" law in Singapore. This white paper led to a conducted detailed study on the feasibility of introducing such a legal entity form in Singapore.

He has also lectured at NUS’ CAMRI (guest lecture) Wealth Management Institute and WMI/ NTU’s Masters in Asset and Wealth Management.