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Practical guide to IFRS 10Investment entities: Exception to consolidation

国际财务报告准则第10号实务指南投资主体：合并豁免

2 PwC – Practical guide to IFRS 10 – Investment entities: Exception to consolidation

Contents

At a glance 4

Key features of the guidance 4

Investment entities: Exception to consolidation 8

Background 8

Definition 10

Determining whether an entity is an investment entity 10

Business purpose 12

Fair value measurement 30

Typical characteristics of an investment entity 30

More than one investment 30

More than one investor 36

Unrelated investors 40

Ownership interests 42

Separatefinancialstatements 44

Reassessment of investment entity status 44

Accounting for a change in status – Becoming or ceasing to be an investment entity 46

Disclosure 48

Date of application and transition requirements 50

Appendix A 54

PwC – Practical guide to IFRS 10 – Investment entities: Exception to consolidation 3普华永道 — 国际财务报告准则第10号实务指南 — 投资主体：合并豁免

目录

概览 5

本指引的主要特征 5

投资主体：合并豁免 9

背景 9

定义 11

决定一个主体是否为投资主体 11

业务目的 13

公允价值计量 31

一个投资主体的典型特征 31

多项投资 31

多个投资方 37

非关联方的投资方 41

所有者权益 43

单独财务报表 45

投资主体地位的重估 45

地位变化时的会计处理—成为或终止成为一个投资主体 47

披露 49

适用日期和过渡要求 51

附录A 55


At a glance

Many funds and similar entities will be exempted from consolidating controlled investees under amendments to IFRS 10, ‘Consolidatedfinancialstatements’.Thisisaresult of the IASB issuing amendments to IFRS 10, IFRS 12, ‘Disclosure of interests in otherentities’andIAS27,‘Separatefinancialstatements’,on31October2012.Theseamendmentswillparticularlybenefitfunds,as those that qualify will be able to fair value controlled investments, rather than having to consolidate them.

Theguidanceappliestoan‘investmententity’.TheamendmenttoIFRS10definesaninvestment entity and introduces an exception to consolidation. The amendments to IFRS 12 introduce disclosures that an investment entity needs to make.

The amendments apply for annual periods beginning on or after 1 January 2014; earlier application is permitted.

Key features of the guidance

Definition of an investment entityFirst you will need to assess whether your entitymeetstheinvestmententitydefinition.

“An investment entity is an entity that:

• obtains funds from one or more investors for the purpose of providing those investor(s) with investment management services;

• commits to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation, investment income or both; and

• measures and evaluates the performance of substantially all of its investments on a fair value basis.”

You will also need to consider a set of typical characteristics. These, combined with the definition,areintendedtoallowforanappropriate balance between creating a clear scope and allowing judgement in assessing whether your entity is an investment entity. The characteristics are:

• holding more than one investment; • having more than one investor; • havinginvestorsthatarenotyourentity’s

related parties; and • having ownership interests in the form of

equity or similar interests.

The absence of one or more of these characteristics does not prevent your entity from qualifying as an investment entity but you will need to determine why it is an investment entity even though it does not meet at least one of the typical characteristics; and you will need to give disclosures.

Yourentitywillnotbedisqualifiedfrombeingan investment entity where it also carries out any of the following activities:

• Providing investment-related services to third parties and to its investors, even when substantial.

• Providing management services and financialsupporttoitsinvestees,butonlywhen these do not represent a separate substantial business activity and are carried out with the objective of maximising the investment return from the entity’sinvestees.

Accounting by an investment entity Insteadofconsolidatingtheentity’ssubsidiaries, you will account for them at fair valuethroughprofitorloss.Theonlyexception is for subsidiaries providing services thatarerelatedtotheentity’sinvestmentactivity, which should be consolidated.


概览

根据《国际财务报告准则第10号—合并财务报表》（“IFRS 10”）的修改，许多基金及类似主体将被豁免合并其控制的被投资方。这缘于国际会计准则理事会于2012年10月31日发布的对 I F R S 10、《国际财务报告准则第12号—在其他主体中权益的披露》（“ I F R S 12”）和《国际会计准则第27号—单独财务报表》（“IAS 27”）的修改。这些修改对基金尤其有利，因为符合条件的基金将能够以公允价值计量受其控制的投资，而不再需要合并他们。

本指引适用于“投资主体”。IFRS 10的修改对投资主体作出了定义，增加了一项合并的例外情况。IFRS 12的修改则增加了投资主体所需作出的披露。

本次修改于2014年1月1日或以后日期开始的年度期间生效；允许提前采用。

本指引的主要特征

投资主体的定义

首先，您将需要评估您的主体是否符合投资主体的定义。

“投资主体为满足下列条件的主体：

• 出于向一个或多个投资方提供投资管理服务的目的，从这些投资方取得资金；

• 向投资方承诺其投资的目的仅仅是为了取得资本增值回报、投资收益或两者兼而有之；及

• 几乎所有投资的业绩都以公允价值为基础进行计量和评估。”

您还需要考虑一系列典型特征。这些特征和定义是为了在评价一个主体是否属于投资主体时既给予一个明确的范围，又允许进行判断，并在二者之间达到适当的平衡。这些特征为：

• 持有多项投资；

• 拥有多个投资方；

• 拥有非关联方的投资方；以及

• 所有者权益采用股权或类似权益的形式。

这些特征中，缺少一项或几项并不会使得主体不符合投资主体的条件，但是您需要分析并披露为什么在不满足一个或多个典型特征的情况下仍然是一个投资主体的理由。

一个主体不会因为开展以下任何活动而导致其不符合投资主体的条件：

• 向第三方和投资方提供与投资相关的服务（即使这些服务较为重大）。

• 向被投资方提供管理服务和财务支持（但仅当这些服务和支持并不属于一项单独的重大的业务活动，且其目的是为了从被投资方

处取得投资回报的最大化）。

投资主体的会计处理

主体的子公司将按照公允价值计量且公允价值的变动计入损益，而不是将其进行合并。唯一的例外是那些为主体的投资活动提供相关服务的子公司，这些子公司应该予以合并。


Accounting by a non-investment entity parent for investments of an investment entity subsidiaryYour business might be an investment entity but its parent might not be. A non-investment entity parent is required to consolidate line by line all entities it controls including those controlled through an investment entity. For example, an investment entity fund is controlled by an insurance group. The insurance group will have to consolidate line by line the subsidiaries of the fund in the insurancegroup’sfinancialstatements,eventhough the subsidiaries will be fair valued in thefund’sownfinancialstatements.Whatisknownasthefairvalue‘roll-up’isnotallowedto be applied in a non-investment parent entity.

DisclosuresWhereyourentityqualifiesasaninvestmententity, required disclosures include the following:

• significantjudgementsandassumptionsmade in determining that the entity meets thedefinitionofaninvestmententity;

• reasons for concluding that the entity is an investmententity,eventhoughitdoesn’thave one or more of the typical characteristics;

• information on each unconsolidated subsidiary (name, country of incorporation, proportion of ownership interest held);

• restrictions on unconsolidated subsidiaries transferring funds to the investment entity;

• financialorothersupportprovidedtounconsolidated subsidiaries during the year, where there wasn no contractual obligation to do so; and

• informationaboutany‘structuredentities’that the entity controls (for example, any contractual arrangements to provide financialorothersupport).

Transition guidanceThe amendments are generally applied retrospectively when your entity meets the definitionofaninvestmententityatthedateof initial application; this applies irrespective of whether the entity would have met the definitionofaninvestmententityinpriorreporting periods. Any difference at the beginning of the comparative period between the following is adjusted to equity at the beginning of the immediately preceding period:

• the previous carrying amount of the assets, liabilities and non-controlling interest of a controlled investee; and

• therecognisedamountoftheinvestor’sinterest in the investee (that is, it fair value).


非投资主体母公司对其所投资的投资主体子公司的会计处理

您的企业可能是投资主体，但其母公司可能不是。非投资主体母公司须逐行合并其所控制的所有主体，包括通过投资主体子公司所控制的主体。例如，一家投资主体基金受控于一家保险集团。尽管在基金自身的财务报表中，您将以公允价值计量其子公司，而该保险集团须在其财务报表中逐行合并基金的子公司。即对于非投资主体母公司而言，不允许使用所谓的公允价值累计（“roll-up”）方法。

披露

当您的主体符合投资主体条件时，需进行以下披露：

• 在判断该主体符合投资主体定义时所作出的重大判断和假设；

• 尽管该主体缺少一项或多项典型特征，但仍得出其属于投资主体这一结论的原因；

• 每一个未合并子公司的信息（名称、公司设立所在国家、持有的所有者权益比例）；

• 未合并子公司向投资主体转移资金的限制条件；

• 本年度内向未合并子公司提供的财务或其他支持（在没有合同义务的情况下）；以及

• 主体所控制的任何“结构化主体”的信息（例如，提供任何财务或其他支持的合同安排）。

过渡指引

在首次采用日，如果您的主体符合投资主体的定义，这些修改通常应追溯适用；无论主体在之前的报告期间是否满足投资主体的定义，其均适用。在前一期期初，下列两项的差额调整计入权益：

• 子公司的资产、负债和非控制性权益的账面价值；以及

• 所确认的投资方在被投资方权益的金额（即公允价值）


Investment entities: Exception to consolidationBackgroundThe IASB has amended IFRS 10 so that an ‘investmententity’fairvaluesitssubsidiariesinstead of consolidating them. The Board believes that a class of entity (an investment entity) uses a different business model to most other entities. It manages all of its investments on a fair value basis, whether they are simple investments, associates or controlled. It provides fair value information to its users, and that fair value information is more useful for decision-making than consolidated information. The Board further noted that preparingconsolidatedfinancialstatementsforsuchentitiescouldhinderusers’abilitytoassesstheirfinancialpositionandresults;thisisbecauseconsolidatedfinancialstatementsemphasisethefinancialposition,operationsandcashflowpositionoftheirinvestees,rather than those of the entities themselves. Consolidation also hinders comparability withinthefinancialstatements;someoftheitems consolidated might be measured at historical cost, whilst other non-controlling interests might be carried at fair value.

This makes assessment of the performance of aninvestmententitydifficult;anditdoesnotreflectthewayinwhichtheentity’sbusinessis managed.

Such entities are investment entities and are usually investment funds. The IASB decided that these entities should fair value their investments (including investments in subsidiaries).

Accounting by an investment entityIFRS 10 requires an entity that is a parent to presentconsolidatedfinancialstatements.Theamendment provides a limited scope exception to parents that are ‘investment entities’.Ifyourentityisaninvestmententityunder the standard, it is exempt from consolidating underlying investees that it controls; instead, it is required to account for thesesubsidiariesatfairvaluethroughprofitorlossunderIFRS9,‘Financialinstruments’.[IFRS 10 para 31].

PwC observationMany funds and similar entities do not have any subsidiaries. For example, a mutual fund might have many equity investments in other entities that are each a small, non-controlling holding in those entities. The exception in IFRS 10 only applies to a parent that is an investment entity. Similarly, the new disclosure requirements in IFRS 12 apply only to a parent that is an investment entity and has unconsolidated subsidiaries. So, you do not need to make an assessment of whether your entity is an investment entity where it does not control any subsidiaries. Similarly, even if it is an investment entity but does not have subsidiaries, the amendments to IAS 27 and IFRS 12 have no consequences.

Notwithstanding the exception from consolidation in the amendment, you are required to consolidate any subsidiaries that provideservicesrelatingtoyourentity’sinvestment activities. [IFRS 10 para 32]. This includes investment management services, investment advisory services and administrative support. Such services might form a substantial part of your business and might be provided to third parties as well; this will not disqualify your entity from being an investment entity. [IFRS 10 para B85C].

Accounting by the parent of an investment entityThe exception from consolidation extends to theconsolidatedfinancialstatementspreparedbyyourinvestmententity’sparentonlywheretheparentqualifiesasaninvestment entity itself. If your parent entity does not qualify as an investment entity, it will be required to consolidate all entities that it controls (including all underlying investees controlled through your investment entity and any other investment entities) under IFRS 10.


投资主体：合并豁免

背景

国际会计准则理事会（IASB）对IFRS 10进行了修改，从而“投资主体”将按照公允价值计量其子公司，而不需要进行合并。理事会相信这一类主体（投资主体）所采用的业务模型不同于其他大多数主体。它对其所有的投资都基于公允价值来管理，无论是简单的投资、联营企业或受其控制的投资。它向其使用者提供公允价值信息，且公允价值信息对于决策而言比合并信息更有用。理事会进一步注意到，这类主体编制合并财务报表可能会妨碍使用者评估其财务状况和经营成果的能力，这是因为合并财务报表强调的是主体的被投资方的财务状况、经营和现金流量状况，而不是这些主体自身的财务状况、经营和现金流量状况。此外，合并还妨碍财务报表内的可比性，纳入合并的一些项目可能是按照历史成本计量的，而其他非控制性权益投资可能是按照公允价值计量的。

这使得对投资主体业绩进行评估存在一定难度；而且不能反映投资主体的业务管理模式。

此类主体为投资主体，且通常为投资基金。IASB决定，这些主体对其投资（包括对子公司的投资）应按照公允价值进行计量。

投资主体的会计处理

一个主体如果是母公司，IFRS 10 要求该主体编报合并财务报表。此次修改对属于“投资主体”的母公司给予了有限的范围豁免。如果您的主体属于本准则所指的投资主体，它将不需要合并其控制的被投资方；而是对这些子公司按照《国际财务报告准则第9号—金融工具》中所规定的以公允价值计量且公允价值变动计入损益。[IFRS 10第31段]。

普华永道的观点

很多基金和类似主体没有任何子公司。例如，一家共同基金可能持有很多对其他主体的股权投资，均为小规模、不具有控制的投资。IFRS 10的豁免仅适用于属于投资主体的母公司。同样，IFRS 12中新的披露要求仅适用于属于投资主体且拥有未合并子公司的母公司。因此，如果您的主体未控制任何子公司，则您无需评估其是否为投资主体。同样，即使其是投资主体，但没有子公司，国际会计准则第27号（IAS 27）和IFRS 12的修改也不会带来影响。

此次修改对于合并给予了豁免，然而您仍然应该合并那些为您的主体投资活动提供相关服务的子公司。[IFRS 10第32段]。这包括投资管理服务、投资咨询服务和行政支持。这些服务可能构成您业务的重要组成部分，并且也可能向第三方提供，但这并不会导致您的主体不符合投资主体的条件。[IFRS 10第B85C段]。

投资主体的母公司的会计处理

只有当投资主体的母公司自身也属于投资主体时，才能够享受这一合并豁免。根据 I F R S 10，如果你的母公司本身不符合投资主体的条件，则应该合并其所控制的所有主体（包括通过您这一个投资主体以及其他投资主体所控制的所有被投资方）。


FactsParent is an insurance company, writing insurance business. Parent does not qualify as an investment entity under IFRS 10 because, amongst other things, its purpose is not to invest funds solely for capital appreciation and/or investment income.Itsetsupasubsidiary,‘IE’,whichmanagesfundsthatbacksomeofParent’sinsuranceliabilities.SomeofIE’sinvesteesare controlled private equity investments. IEqualifiesasaninvestmententityunderthe criteria set out in the amendment to the standard and explained below.

Accounting treatmentInIE’sownseparateand/orconsolidatedfinancialstatements,IEmeasuresitscontrolledinvesteesatfairvaluethroughprofitorloss.ButParent’sconsolidatedfinancialstatementswillconsolidateallofitscontrolledinvestees,includingIEandIE’sinvestees.

Parent (non-IE)Consolidates IE and its underlying investees

Investment entity (IE)

Carries its investees at fair value through profit or loss

IE’s investees

DefinitionThestandarddefinesaninvestmententityas,“an entity that:

• obtains funds from one or more investors for the purpose of providing those investor(s) with investment management services;

• commits to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation, investment income or both; and

• measures and evaluates the performance of substantially all of its investments on a fair value basis.”

[IFRS 10 para 27].

For your entity to qualify as an investment entityyoumustmeettheabovedefinition.Youmust also consider the following typical characteristics of an investment entity:

• holding more than one investment;• having more than one investor;• havinginvestorsthatarenotyourentity’s

related parties; and • having ownership interests in the form of


[IFRS 10 para 28].

The above typical characteristics are indicativeandsupplementthedefinitiontoallow the use of judgement in assessing whetheryourentityqualifiesasaninvestmententity. You will be required to make

appropriatedisclosuresinyourfinancialstatements to explain why your entity meets thedefinitionofaninvestmententityif(intheabsence of one or more of the above typical characteristics) you conclude that your entity is nevertheless an investment entity. It is highly unlikely that your entity will meet the definitionofaninvestmententitywhereithasnone of the typical characteristics; but it might be possible. [IFRS 10 para BC234].

Determining whether an entity is an investment entityTheabovedefinitionandtypicalcharacteristics require you to consider all the facts and circumstances when assessing whether your entity is an investment entity including its purpose and design. [IFRS 10 B85A].Thedefinitionhasthreekeyelements:

• investment management services;• business purpose; and• fair value measurement.

The amendment does not provide detailed guidanceonthefirstelementofthedefinition;but it does note that provision of investment management services differentiates investment entities from other entities. [IFRS 10 para BC237].

The amendment provides guidance around the second and third elements of the definition:businesspurposeandfairvaluemeasurement.

Example


事实

母公司是一家保险公司，提供保险业务。根据IFRS 10，母公司并不属于投资主体，因为其基金投资的目的不仅仅是为了获取资本增值和/或投资收益等。它设立了一个子公司“IE”来管理基金，这些基金是为母公司的部分保险债务提供支持。IE的一些被投资方是受其控制的非公开股权投资。根据此次准则修改中列出的标准，IE符合投资主体的条件，解释如下。

会计处理

在IE自身的单独和/或合并财务报表中，IE对其所控制的被投资方按照公允价值计量且公允价值的变动计入损益。但是，在母公司的合并财务报表中将合并其所控制的所有被投资方，包括IE 和 IE的被投资方。

母公司（非-IE）合并IE及其下属的被投资方

投资主体（IE）以公允价值计量被投

资方且将公允价值的

变动计入损益

IE的被投资方

定义

准则将投资主体定义为，“满足下列条件的主体：

• 出于向一个或多个投资方提供投资管理服务的目的，向这些投资方取得资金；

• 向投资方承诺其投资的目的仅仅是为了取得资本增值回报、投资收益或两者兼而有之；及

• 几乎所有投资的业绩都以公允价值为基础进行计量和评估。”

[IFRS 10第27段]。

您的主体要符合投资主体的条件必须满足上述定义。同时，还需要考虑投资主体的下列典型特征：






上述典型特征为指示性特征，作为定义的补充，从而在评估您的主体是否属于投资主体的时候允许进行判断。如果您的主体缺少这些典型特征中的一项或几项，但您仍得出结论其为投资主体，那么您需要在财务报表中进行适当地披露，来解释您的主体满足投资主体定义的原因。如果您的主体不具备典型特征中的任何一项，则很可能不满足投资主体的定义；但也有可能是满足的 [IFRS 10 BC第234段]。

决定一个主体是否为投资主体

上述定义和典型特征要求您在评估您的主体是否为投资主体时须考虑所有的事实和情况，包括其目的和设计。[IFRS 10第B85A段]。定义有三个关键要素：

• 投资管理服务；

• 业务目的；及

• 公允价值计量。

对于定义的第一个要素，此次修改并未提供详细的指引；但它确实提到，提供投资管理服务使投资主体有别于其他主体。[IFRS 10 BC第237段]。

围绕定义的第二个和第三个要素，即业务目的和公允价值计量，此次修改提供了指引。

示例


Business purposeThepurposeofyourentity’sbusinessshouldbe to obtain funds from its investor or investors, and to invest them solely to obtain returns from capital appreciation and/or investment income. Its business purpose might be evidenced in:

• documents (such as its offering memorandum, publications and other corporate or partnership documents); and

• the way it presents itself to other parties (for example, to potential investors or potential investees).

So, if the entity states to its investors that it is making medium-term investment for capital appreciation, this will be consistent with the business purpose of an investment entity. But, if the entity presents its investment objective as jointly developing, producing or marketing products with its investees, its business purpose would appear to be inconsistent with that of an investment entity; this is because it suggests that its purpose includes earning returns from development, production or marketing activity. [IFRS 10 para B85B].

Partofyourentity’sbusinesspurposemightbe to provide investment-related services (including investment advisory services, investment management, and investment support and administrative services) either directly or through a subsidiary. These services could be provided to investors and/or third parties. Participating in such investment-related services does not disqualify your entity from being an investment entity, even if these services form a substantial part of its business; this is because such services are an extension of its operations. [IFRS 10 paras B85C, BC240].

But , if such services are provided by one of yourinvestmententity’ssubsidiaries,youwillbe required to consolidate the subsidiary. [IFRS 10 para 32].

PwC observationIn many cases, entities will provide little or no investment management, consultancy or other services but theywillhavesignificantinvestingactivities (for example mutual funds). In other cases, entities might provide significantinvestmentmanagement,consultancy or other services with little or no investing activities of their own (for example asset management companies). In either of these cases, it might be clear that the entity is an investment entity (the mutual fund), or is not an investment entity (the asset manager). But, for business models that include both investing activities and providing investment related services, judgement is likely to be required to determine whether or not the entity is an investment entity. The judgement appliedcouldbesosignificantthatanentity should describe it in its critical estimates and judgements.

Forexample,aprivateequityfirmthat obtains funds from its investors, committing to provide them with investment management services in order to invest for capital appreciation and/ or investment income, might be an investment entity. This would be the caseeventhoughasignificantportionof its activities includes providing sub-advisory and portfolio management services to third parties. But, the entity should consider all relevant factors, not only the mix of services and investing activity. Factors that are likely to indicate that the entity is not an investment entity are: earning revenue from providing substantial management services or strategic advice to investees; not measuring and evaluating all investments at fair value; or holding investmentswithnodefinedexitstrategies. Careful consideration of all relevant facts and circumstances will be necessary to determine the appropriate accounting for the entity to apply.


业务目的

主体的业务目的应该是从一个或多个投资方取得资金，且将这些资金仅仅用于为获取资本增值回报和/或投资收益的投资。其业务目的可能通过下述方式得以证实：

• 文件（例如其募集说明书、出版物和公司或合伙企业的其他文件）；及

• 向其他方介绍自己的方式（如，向潜在投资方或潜在被投资方）。

因此，如果主体向其投资方声明其为了实现资本增值而进行中等期限的投资，这与投资主体的业务目的是一致的。但是，如果主体将其投资目标表述为与被投资方合作开发、生产或营销产品，其业务目的看起来会与一个投资主体的业务目的有出入；这是因为这表明其目的包括从开发、生产或营销活动中赚取回报。[IFRS 10第B85B段]。

您的主体的部分业务目的可能是直接或通过子公司提供投资相关服务（包括投资咨询服务、投资管理和投资支持及行政服务）。这些服务可能是面向投资方和/或第三方的。参与上述投资相关服务并不妨碍该主体符合投资主体的条件，即使这些服务构成其业务的重大组成部分，因为这些服务是其经营的延伸。[IFRS 10第B85C段和BC第240段]。

但是，如果这些服务是由您的投资主体的一家子公司提供，您需要合并该子公司。[IFRS 10第32段]。


很多情况下，主体很少提供或不提供投资管理、咨询或其他服务，但它们有重大的投资活动（例如，共同基金）。其他情况下，主体可能提供重大的投资管理、咨询或其他服务，而自身很少或没有投资活动（例如资产管理公司）。在上述任一情况下，主体为投资主体（共同基金）或并非投资主体（资产管理公司）可能是一目了然的。但是，对于既包括投资活动又提供投资相关服务的业务模型，可能必须进行判断以决定该主体是否为投资主体。采用的判断可能非常重要以至于主体应在其关键估计和判断中对其进行描述。

例如，一家私募股权公司从其投资方取得资金，承诺为了获取资本增值和/或投资收益进行投资，而向他们提供投资管理服务，这可能是一个投资主体。即使该主体的相当一部分活动包括向第三方提供顾问咨询和投资组合管理服务，其也仍为投资主体。但是，主体应该考虑所有的相关因素，不仅仅是服务与投资活动的结合。下列因素可能表明该主体不是一个投资主体：因提供大量的管理服务或向被投资方提供战略建议而取得收入；不以公允价值计量和评价所有的投资；或持有无明确退出战略的投资。在确定该主体所应当采用的恰当的会计处理方式时，需要认真考虑所有的相关事实和情况。


Participating in the following investment related activities (either directly or through one of your subsidiaries) does not disqualify your entity from being an investment entity; this is because these activities can be seen as beingconsistentwiththeentity’soverallpurpose of investing for capital and/or income. But, these activities need to be undertaken to maximise investment returns (capital appreciation and/ or investment income)fromtheentity’sinvestees;andtheymust not represent a separate substantial business activity or a separate substantial source of income. These permitted activities are:

• providing management services and strategic advice to an investee; and

• providingfinancialsupport(suchasaloan,capital commitment or guarantee) to an investee.

[IFRS 10 para B85D].

A subsidiary of an investment entity that provides these services should be consolidated by the investment entity. [IFRS 10 para B85E].

PwC observationIt might not always be apparent whether a subsidiary of an investment entity is providing investment related services (and should be consolidated) or is not providing such services (and should be measuredatfairvaluethroughprofitor loss). This assessment could be complicated by some apparent overlap betweenparagraph27(a)(definitionofan investment entity) and paragraph 32(definitionofentitiesthatshouldbeconsolidated by an investment entity) of IFRS 10.

Thefirstelementoftheinvestmententitydefinitionisthatanentityobtainsfundsfrom investor(s) in order to provide them with ‘investment management services’.So,itmightbearguedthatfor a subsidiary of an investment entity to qualify as an investment entity itself, it must be providing investment management services. This could imply that all investment entity subsidiaries of investment entity parents should be consolidated by those parents.

WedonotbelievethattheIASBintendedall investment entity subsidiaries of an investment entity parent to be consolidated. Otherwise, the amendment would have been clear that subsidiaries falling into paragraph 32 of IFRS 10 (providing investment related services) included all investment entity subsidiaries. Paragraph BC272 seemstoconfirmthatinvestmententity subsidiaries generally should be measured at fair value by investment entity parents.

Our view is that the only investment entity subsidiaries that should be consolidated by an investment entity parent are those which have a separate substantial business activity of providing investment-related services (such as those described in paras 32 and B85C-E).

It might be unusual for an investment entity subsidiary to provide such services as a separate substantial activity. For example, a master fund that is controlled by a feeder fund, where the master fund’ssubstantiveactivitiesareinvestingandmanagingthefeeder’sfunds,isnotproviding investment related services. So it should be fair valued in the feeder fundsfinancialstatements.


参与下述投资相关活动（直接或通过您的一家子公司）并不妨碍您的主体符合投资主体的条件；这是因为这些活动可被视为与主体的资本投资和/或取得收益的整体目的相一致。但是，这些活动的开展需要以从被投资方处取得的投资回报（资本增值和/或投资收益）最大化为目的；且它们不能代表一项单独的重大业务活动或单独的重大收入来源。这些被允许的活动为：

• 向被投资方提供管理服务和战略建议；及

• 向被投资方提供财务支持（如贷款、资本承付或担保）。

[IFRS 10第B85D段]。

如果投资主体的子公司提供这些服务，则投资主体应将其合并。[IFRS 10第B85E段]。


一家投资主体的子公司是提供投资相关服务（应被合并）还是没有提供此类服务（应以公允价值计量且公允价值的变动计入损益）并不总是十分明显。IFRS 10的第27（a）段（投资主体的定义）和第32段（应被一个投资主体所合并的主体的定义）间存在一些明显的重合，这可能导致这一评估更为复杂。

投资主体定义的第一个要素是，一个主体从投资方取得资金，为其提供“投资管理服务”。因此，可以这么理解，如果一个投资主体的子公司其自身要符合投资主体的条件，则其自身必须要提供投资管理服务。这可能意味着一个投资主体母公司应合并其所有的投资主体子公司。

我们相信IASB并未意指投资主体母公司的所有投资主体子公司均应被合并。否则，此次修改可能已明确指出属于IFR S 10第32段的所有子公司（提供投资相关服务）包括所有投资主体的子公司。BC第272段看上去确认了投资主体母公司对投资主体子公司通常应按照公允价值计量。

我们的观点是，投资主体母公司应合并的投资主体子公司仅指那些以提供投资相关服务（如第32段和第B 85C - E段中所描述的服务）为单独的重大业务活动的公司。

一个投资主体子公司以提供此类服务为单独的重大业务活动，这可能并不常见。例如，一个基础基金由一个联结基金所控制，该基础基金的主要活动是投资和管理联结基金，并非提供投资相关服务。因此，在联结基金的财务报表中应按照公允价值计量该基础基金。


PwC observationSomefundsprovidemanagementservicesandfinancialsupporttotheirinvestees.Suchactivities do not form a substantial business activity carried out by the fund and income from such activities does not form a substantial source of their income. The purpose is to maximiseinvestmentreturnfromtheunderlyinginvestees.Wherethisisthecase,suchfundswillnotbedisqualifiedasinvestmententities.

Example – Private equity fund providing guarantee or funding support

Asset manager Employees

Co-investment LP

Fund (limited life of 12 years)

Holds controlling or significant interest in entities.

40 limited partners (unrelated) LPs commit

€2,500 in capital

GP and manager of the fund (directs relevant activities of the fund and is responsible for selection, management and sale of portfolio)

LPs entitled to proportionate share of net asset of the fund

FactsTwo years ago, an asset manager (AM) set up a fund as a limited partnership with 40 limited partners (LPs) and a limited life of 12 years. The LPs are not related; they commit to provide €2,500m. The AM (as a co-investment limited partner) commits an additional €25m, which are its own funds or funds of its employees.

The investment objective of the partnership (as set out in the limited partnership agreement) is as follows: to invest directly in entities in order to acquire a controlling orsignificantshare;andtoexittheseata later stage through a trade sale or an IPOprocess(a‘buy-outfund’)betweentheeighthandtwelfthyearsofthefund’soperation, with the aim of generating at least a preferred return rate (the hurdle rate) of 10%.

The AM (who is the general partner of the fund) directs the relevant activities of the partnership; these include:

• The appointment of an AM representative to the board of directors of the underlying investee entities.

• Providing strategic and economic advice to the investees through separate service agreements.

• Providingandarrangingfinancingand(wherenecessary)financialguaranteesin order to assist investees in executing their strategic plans.

• Evaluatingandinfluencingtheunderlying policies, procedures and key management of the investments.



一些基金向其被投资方提供管理服务和财务支持。此类活动并不构成该基金所开展的重大业务活动，而且来自此类活动的收入也不构成其收入的重大来源。其目的是为了使将来从被投资方取得的投资回报最大化。在这种情况下，此类基金并不会失去投资主体的资格。

示例—提供担保或资金支持的私募股权基金

资产管理人员工

联合投资有限合伙人

基金（经营年限为12年）

持有一些主体的控制性权益或重大权益

40位有限合伙人（非关联方）承诺出资

25亿欧元作为资本

基金的普通合伙人和管理人

（主导基金的相关活动，并

负责投资组合的甄选、管理

和销售）

有限合伙人有权按比例分

享基金的净资产

事实

两年前，一个资产经理人（AM）成立了一家有限合伙制的基金，有4 0位有限合伙人（LP），经营年限为12年。有限合伙人并非关联方；他们承诺出资25亿欧元。资产经理人（作为联合投资有限合伙人）承诺以自有资金或其员工的资金另外出资2 5 0 0万欧元。

该合伙制基金的投资目标（在有限合伙协议中所规定）如下：直接向主体投资以取得控制性或重大股权；然后在基金运营的第8年至第12年通过出售或IPO程序（一个“买断基金”）退出，目标是赚取至少10%的优先回报率（门槛回报率）。

A M（该基金的普通合伙人）主导合伙企业的相关活动；这些包括：

• 任命一个AM的代表加入被投资主体的董事会。

• 通过单独的服务协议，向被投资方提供战略和经营建议。

• 提供和安排融资以及（在必要时）融资担保，以支持被投资方战略计划的执行。

• 评价并干预被投资方的政策、程序和关键管理者。


The AM considers these activities to be necessary to maximise the overall value of the underlying investees. The AM is also responsible for the selection, management andsaleofthefund’sinvestmentportfolio.

The AM is responsible for providing a quarterly individual capital statement for each LP, detailing the fair value of each investment; and the partnership accounts for all its investees on a fair value basis.

Each LP interest is entitled to a share of disposal proceeds or net asset values on a winding up of the fund. The general partner (that is, the AM) is entitled to managementfeesandaprofitshareofcapital gains above the 10% hurdle rate. The partnership has no equity.

Is the fund an investment entity, in view of the activities that it performs?

ConclusionJudgement is required to conclude whether the fund is an investment entity.

Thefundmeetsthefirstandthirdpartsofthedefinitionofaninvestmententity:

• It obtains funds from more than one LP to make investments and to provide them with investment management services.

• It measures and evaluates the performance of its investments on a fair value basis.

Thesecondpartofthedefinitionislessclearlysatisfied.Thefundmakeseach

investment with the objective of generating capital return and investment income. It does not intend to hold any of its investmentsindefinitely;thisisbecauseithasalimitedlifeandadefinedexitstrategyfor its investees. But it carries out other activities and its business purpose requires further consideration.

The fund also displays all four typical characteristics:

• it holds more than one investment;• it has more than one investor;• investors in the fund are unrelated to the

reporting entity; and• ownership interests in the fund are in

the form of partnership interests that entitle partners to a share of net assets.

Regarding business purpose, the fund is involved in providing other investment related activities, these include:

• Providingfinancialsupporttotheunderlying investee, including providing guarantees.

• Providing strategic and economic direction to the underlying investments.

These activities are consistent with the business purpose of an investment entity; and they are permitted so long as they are undertaken to maximise investment returns (capital appreciation and/ or investment income) from the investees. But they should not represent a separate substantial business activity or source of income. Judgement is required to make this assessment.

Exit Strategy

Oneofthewaysyourentity’sbusinesspurpose will be evident is through having an exitstrategyforitsinvestments,specificallydocumenting how it plans to realise capital appreciation on substantially all of its equity andnon-financialinvestments.Theexitstrategy should clearly document a substantive timeframe for exiting the investments. This does not need to be detailed for each investment: strategies could be identifiedbytypesorportfoliosofinvestmentsheld. [IFRS 10 para B85F]. The absence of such a strategy indicates an intention to hold investmentsindefinitely.

Similarly, if your entity holds any debt investments that are perpetual, it should have identifiedanexitstrategyforsuchdebtinvestments.[IFRS10paraB85F].Withoutanexitplan,theentity’sintentioncouldbetoholdsuchdebtsecuritiesindefinitely.

Holding dated debt instruments to maturity is seen as a valid exit strategy; this is because there is no possibility of holding dated debt investmentsindefinitely.[IFRS10paraBC245].


AM认为，为使被投资方的整体价值最大化，这些活动是必要的。AM还负责基金投资组合的甄选、管理和销售。

AM负责按季度为每位有限合伙人提供个人资本报表，列明每笔投资的公允价值，以及对所有被投资方按照公允价值计量的合伙基金报表。

在基金清盘的时候，每个有限合伙人有权分享处置收入或净资产价值。普通合伙人（即AM）有权取得管理费和超过10%的门槛收益率的资本利得的利润分成。合伙制基金没有所有者权益。

基于该基金所开展的活动，其是否为投资主体？

结论

要确定这个基金是否是一个投资主体，需要进行判断。

该基金满足投资主体定义的第一和第三要素：

• 从多位有限合伙人处取得资金，并为其提供投资管理服务。

• 以公允价值计量和评估其投资的业绩。

定义中的第二要素看上去并不是明显符合。

该基金进行每项投资的目标均是产生资本回报和投资收益。它并未意图无限期地持有任何一笔投资，这是因为它的经营期限有限，对其投资方有明确的退出战略。但是，它还从事了其他活动，从而需要进一步考虑其业务目的。

这个基金还体现了全部四个典型特征：



• 基金的投资方并非报告主体的关联方；以及

• 基金的所有者权益采取合伙制权益的形式，合伙人有权取得净资产份额。

关于业务目的，基金涉及提供其他投资相关活动，包括：

• 向被投资方提供财务支持，包括提供担保。

• 向被投资方提供战略和经营指导。

这些活动与一个投资主体的业务目的是一致的，只要他们是为了使得从被投资方处取得的投资回报（资本增值和/或投资收益）最大化就是可以的。但是他们不可以是单独的重大业务活动或收入来源。此评估需要进行判断。

退出战略

为投资制定了一个退出战略，这可以用来证明主体的业务目的，尤其是关于其计划将如何实现绝大多数权益和非金融投资的资本增值的记录。退出战略应清晰地描述一个实际的资本退出时间表。不需要针对每项投资进行细化，可以按照所持投资的类型或组合明确战略。[IFRS 10第B85F段]。如果没有这样一个战略，则有可能表明其计划无限期地持有相关投资。

类似地，如果您的主体持有任何永续债务投资，则其应为这类债务投资确定退出战略。[IFRS 10第B85F段]。没有一个退出战略，该主体的意向可能是无限期持有此类债券。

将有期限的债务工具持有至到期可被视为一种有效的退出战略；这是因为主体不可能无限期地持有有期限的债务工具。[IFRS 10 BC第245段]。


PwC observationA business purpose of investing for capital appreciation and/or income is not consistent with an objective of holdinginvestmentsindefinitely.Mostnon-investment entities do not plan to sell, list or otherwise dispose of most of their subsidiaries within a particular timeframe. A fund, on the other hand, will usually have an exit strategy. An entity should have exit strategies in order to demonstrate a business purpose consistent with being an investment entity.

The amendment gives the following examples of potential exit strategies for different types of investment:

• Exit strategies for private equity securities can include an initial public offering, a private placement, a trade sale of a business, distributions (to investors) of ownership interests in investees and sales ofassets(includingthesaleofaninvestee’sassets followed by a liquidation of the investee, such as when the fund is a limited life fund).

• If your entity has investments in traded equity investments, exit strategies might include selling the investment in a private placement or in a public market.

• An exit strategy for real estate investments might be sale through specialised property dealers or through the open market.

[IFRS 10 para B85G].

ExampleA fund holds investments in both equitysecuritiesandfixed-maturitydebt securities. The stated objective of the fund is to provide investment management services to its investors, and invest funds received from investors solely for returns from capital appreciation and/or investment income. Assume that the fund meets all of the typical characteristics listed in IFRS 10.Thefund’sstrategyforholdingdebtinstruments is to manage its liquidity risk and to mitigate the risk of holding more volatile investments.

The fund has a documented exit strategy for substantially all of its equity investments; but it has no documented exit strategy for its debt investments.

The absence of a documented exit strategy for debt investments does not disqualify the fund from being an investment entity, and it does not contradict its business purpose. The debt instrumentshaveafixedmaturity,sotheycannotbeheldindefinitely.

Exit mechanisms that have been put in place only for default events (such as breach of contract or non-performance) are not considered exit strategies for the purpose of the investment entity assessment. [IFRS 10 para B85F].

PwC observationExit strategies will often be evident fromafundprospectusoranentity’sinvestment management agreement. For example,alimitedlifefundbydefinitionhas exit strategies for its investments. A fund that instructs its manager to turn over its equity investments at least every fiveyearshasanexitstrategy.

But an entity that is set up for long-term capital growth through manufacturing and selling products in a particular market - and which has no explicit plans to dispose of any of its equity investments-mighthavemoredifficultydetermining that it has exit strategies for its investments. Such an entity might in fact, be more like a conglomerate and might not have a business purpose of investing for capital appreciation and/or investment income.

Your entity might meet its business objective through holding some investments in another entity for legal, regulatory, tax or similar business reasons. You might not have identifiedanexitstrategyforsuchinvestments. But, if the entity that you have invested in has an exit strategy for its investments, your entity will likely qualify as an investment entity. This will often be the case in master-feeder structures. A feeder fund invests in a master fund and does not have a plan to exit the master fund. But, the master fund will make investments and provided there are exit strategies for those investments, the feeder fund will not be disqualifiedfrombeinganinvestmententity.



以投资的资本增值和/或收益为业务目的与无限期持有投资的业务目的不尽相同。大部分非投资主体没有计划在特定的时间段内出售、上市或者处置其大部分子公司。相反，一个基金通常有退出战略。一个主体应制定退出战略以表明其业务目的与作为投资主体的业务目的一致。

此次修改针对不同类型的投资，给出了这样一些可能的退出战略的示例：

• 私募股权证券可以包括首次公开发行、非公开配售、业务出售、将被投资方的所有者权益分配给投资方以及资产出售（包括在被投资方清算后出售被投资方的资产，例如当这个基金是一个期限有限的基金时）。

• 如果您的主体拥有的投资是可以交易的股权投资，那么退出战略有可能是通过非公开配售或通过公开市场出售这些投资。

• 房地产投资的退出战略可能是通过专业的房地产交易商或通过公开市场进行出售。

[IFRS 10第B85G段]。

示例

一个基金持有权益性证券和有固定到期日的债权性证券。该基金宣称其目的是向投资方提供投资管理服务，并将从投资方处取得的资金仅用于资本增值回报和/或投资收益。假设该基金符合IFRS 10 中列出的全部典型特征。该基金持有债务工具这一战略是为了管理其流动性风险和缓释其持有波动性较大的投资的风险。

该基金在文件中记录了几乎所有权益类投资的退出战略；但没有记录债务投资的退出战略。

没有在文件中记录针对债务投资的退出战略并不妨碍该基金符合投资主体的条件，且这与其业务目的并不矛盾。债务工具有固定的到期日，从而不能无限期持有。

在投资主体的评估中，那些仅针对违约事项（诸如违反或不履行合同）的退出机制不被视为退出战略。[IFRS 10第B85F段]。


退出战略经常能在基金的募集书或主体的投资管理协议中找到证据。例如，一个有期限的基金按照其定义对其投资就有退出战略。一个基金要求其管理人至少每隔五年就更换一次其股权投资，这样的基金有退出战略。

但是一个为了通过生产和销售某一特定市场产品以实现长期资本增长而设立的基金，且其任何股权投资都没有明确的处置计划，其是否有投资退出战略，确定起来就可能难度更大。事实上这一类主体可能更像一个企业集团，其业务目的可能并不是将投资用于取得资本增值和/或投资收益。

您的主体可能出于法律、监管、税务或类似商业原因而持有对其他主体的一些投资，从而满足其业务目的。您可能并未就这一类投资制定退出战略。但是，如果您所投资的主体对其拥有的投资有退出战略，则您的主体有可能符合投资主体的条件。这种情况在基础基金 –联结基金的结构中经常出现。联结基金投资于基础基金，而且没有退出基础基金的计划。但是，基础基金将进行投资，假如这些投资有退出战略，这将不妨碍联结基金符合投资主体的条件。


Example – A master-feeder structure (based on IFRS 10 para IE12, example 4)Anentity,masterfund‘MF1’,isformedin20X1 with a 10-year life. The equity of MF1 is held by two related feeder funds. The feeder funds are established in connection with each other to meet legal, regulatory, tax or similar requirements.

The feeder funds are capitalised with a 1% investment from the general partner and 99% from equity investors that are unrelated to the general partner (with nopartyholdingacontrollingfinancialinterest). The general partner of both FFD (a domestic feeder) and FFO (an offshore feeder) is the manager of MF1, FFD and FFO.

FactsThe purpose of MF1 is to hold a portfolio of investments in order to generate capital appreciation and investment income (such as dividends, interest or rental income). The investment objective communicated to investors is that the sole purpose of the master-feeder structure is to provide investment opportunities for investors to invest in a large pool of assets. MF1 has identifiedanddocumentedexitstrategiesfortheequityandnonfinancialinvestmentsthat it holds. MF1 also holds a portfolio of dated debt investments: some of these will be held until maturity and others will betraded.MF1hasnotidentifiedwhichspecificinvestmentswillbeheldandwhich will be traded. MF1 measures and evaluates substantially all of its investments (including its debt investments) on a fair value basis. Also, investors receive periodic financialinformation,onafairvaluebasis,from the respective feeder funds, FFD and FFO.

Are MF1, FFD and FFO investment entities?

ConclusionMF1 and the feeder funds FFD and FFO eachmeetthedefinitionofaninvestmententity. The following conditions exist:

• MF1 and the feeder funds FFD and FFO have obtained funds for the purpose of providing investors with investment management services.

• Themaster-feederstructure’sbusinesspurpose (which was communicated directly to investors of the feeder funds) is investing solely for capital appreciation and investment income and MF1 has identifiedanddocumentedpotentialexitstrategiesforitsequityandnon-financialinvestments.

• Although FFD and FFO do not have an exit strategy for their interests in MF1, they can be considered to have an exit strategy for their investments; this is because MF1 was formed in connection with the feeder funds and holds investments on their behalf.

GP 1%Multiple investors

99%

FFD (Domestic Feeder

fund)

GP 1%Multiple investors

99%

FFO (Off shore Feeder fund)

MF 1 (Master fund)

Portfolio of investments


示例—基础基金—联结基金结构（基于IFRS 10 IE第12段，示例4）一家主体—基础基金“MF1”成立于20X1年，经营期限为10年。MF1的权益由两支关联的联结基金持有。出于法律、监管、税务或其他类似要求，成立了这两个相互关联的联结基金。

这些联结基金的资本1%来自普通合伙人的投资，99%来自权益投资人，他们与普通合伙人并无关联（没有一方持有控制性财务权益）。FFD（国内联结基金）和FFO（海外联结基金）的普通合伙人是MF1、FFD和FFO的管理人。

事实

MF1的目的是持有投资组合，以产生资本增值和投资收益（如股利、利息或租赁收入）。

投资者所了解的投资目标是该基础基金—联结基金纯粹是为了让投资者有机会投资于一个较大的资产池。MF1制定了其持有的股权投资和非金融投资的退出战略并在文件中进行了记录。MF1还持有一组有固定到期日的债务投资，其中一部分将持有至到期日，另一部分将用于交易。MF1还未确定具体哪些投资用于持有、哪些用于交易。MF1以公允价值计量和评估其几乎所有投资（包括债务工具）。投资者也从各自的联结基金（FFD和FFO）收到以公允价值为基础的定期财务信息。

MF1、FFD和FFO是否为投资主体？

结论

MF1和联结基金FFD和FFO各自均满足投资主体的定义。具备了以下条件：

• MF1和联结基金FFD和FFO取得资金的目的在于向投资方提供投资管理服务。

• 基础基金—联结基金结构的业务目的（直接传达给与联结基金的投资者的业务目的）是仅将投资用于取得资本增值和投资收益，且MF1已经确定并在文件中记录了其股权投资和非金融投资的可能的退出战略。

• 尽管FFD和FFO未针对其对MF1的投资制定退出战略，但可视为已制定投资退出战略，因为MF1的设立是与联结基金彼此关联的，并代联结基金持有投资。

普通合伙人1% 多家投资方99%

FFD (国内联结基金)

普通合伙人1% 多家投资方99%

FFO (海外联结基金)

MF 1 (基础基金)

投资组合


• The investments held by MF1 are measured and evaluated on a fair value basis and information about the investments made by MF1 is given to investors on a fair value basis through the feeder funds.

MF1 and the feeder funds were formed in connection with each other for legal, regulatory, tax or similar requirements. Whenconsideredtogether,MF1,FFDand FFO display the following typical characteristics of an investment entity:

• Although the feeder funds each hold a single investment in MF1, they could be considered indirectly to hold more than one investment; this is because MF1 holds a portfolio of investments.

• Although MF1 is 100% owned by the two feeder funds, the feeder funds FFD and FFO are funded by many investors who are unrelated to the feeder funds (and also unrelated to the general partner/manager of the funds).

• Ownership in the feeder funds is represented by units of equity interests.

Earnings from investments

If your entity or another member of your groupcanobtainorisseekingotherbenefitsfromyourentity’sinvesteesthatareunavailable to unrelated parties, that investee is not held with the sole objective of obtaining capital appreciation and/ or investment income. Instead, your entity might hold the investment in some operating or strategic capacity. Such an objective means that your entity does not qualify as an investment entity.

Someexamplesofsuchbenefits,whichareinconsistentwithaninvestmententity’sbusiness purpose, include:

• The acquisition, use, exchange or exploitation of the processes, assets or technology of an investee. This includes scenarios where you have (or another member of the group that you are a part of has) disproportionate or exclusive rights to acquire assets, technology, products or services of any investee (for example, by holding an option to purchase an asset from aninvesteeiftheasset’sdevelopmentisdeemed successful).

• Your entity or any other member of your group entering into a joint arrangement (as definedinIFRS11)orotheragreementwith an investee to develop, produce, market or provide products or services.

• Financial guarantees or assets provided by yourentity’sinvesteeserveascollateralforyourentity’sborrowingarrangementsor

for those of another member of your group; but an investment entity can use an investment in an investee as collateral for any of its borrowings.

• Anoptionheldbyyourentity’srelatedparty to purchase from your entity or any other member of your group an ownership interest in an investee of the entity.

• Any transactions between you (or any other member of your group) and an investee that:

– are on terms that are unavailable to entities that are neither your related parties or related parties of another member of your group or the investee;

– are not at fair value; or – represent a substantial portion of the investee’soryourbusinessactivity,including business activities of other entities of your group.

[IFRS 10 para B85I].

Itisconsistentwithaninvestmententity’sbusiness purpose to have a strategy to invest in more than one investment in the same industry, market or geographical area in order tobenefitfromsynergiesthatincreasethecapital appreciation of those investments. This is the case unless your entity is receiving any returns beyond solely capital appreciation and/ or investment income by holding such investments. [IFRS 10 paras B85J and BC243].


• 由MF1持有的投资以公允价值计量和评估，有关MF1投资的公允价值信息通过联结基金传达给投资方。

出于法律、监管、税务或其他类似要求，MF1和联结基金的成立彼此关联。如果整体考虑，MF1、FFD和FFO体现了投资的主体的下列典型特征：

• 每个联结基金持有一笔单项的MF1投资，但是可视为间接持有多笔投资，因为MF1持有一组投资。

• 尽管MF1 100%由两支联结基金所有，联结基金FFD和FFO的资金来自于多个投资方，且这些投资方并无关联关系（还与普通合伙人/基金管理人并无关联）。

• 联结基金的所有权采取了一个个股权单位的形式。

投资收益

如果您的主体或集团内的其他成员能够从您的主体的被投资方处获取或正在寻求其他非关联方不能获取的利益，则持有这一被投资方的目的不是纯粹为了取得资本增值和/或投资收益。相反，您的主体可能出于某些运营或战略目的而持有该投资。这一目标意味着您的主体不符合投资主体的条件。

某些利益与一个投资主体的业务目的不一致，下面列举了一些此类利益的例子：

• 购买、使用、交换或开发被投资方的流程、资产或技术。包括这样的情形，您（或您所属集团的其他成员）拥有更多的权利或排他的权利购买被投资方的资产、技术、产品或服务（例如，持有一项购买权，若被投资方的一项资产开发成功，则有权向其购买该资产）。

• 您的主体或您所属集团的任何其他成员与被投资方为了开发、生产、营销或提供产品或服务而达成（如国际财务报告准则第11号中所定义的）合营安排或其他协议。

• 被投资方为您的借款或您集团中其他成员的借款提供财务担保或以其资产作为抵押；不过投资主体可以用其对被投资方的投资作为任何借款的抵押。

• 您主体的关联方持有一项购买权，可以向您的主体或其集团中任何其他成员购买您主体的被投资方的所有者权益。

• 您（或您的集团中的任何其他成员）与被投资方之间发生以下任何交易：

– 交易条款较为特殊，若交易对方不是您的关联方或者您所属集团中任何成员的关联方，也不是被投资方的关联方，则不会有这样的交易条款；

– 不是按照公允价值进行的；或

– 属于被投资方或您业务活动的一个重大组成部分，这也包括您集团中其他主体的业务活动。

[IFRS 10第B85I段]。

若投资战略是在同一个行业、市场或地域进行不只一项投资，得益于协同效应，从而增加这些投资的资本增值，这与一个投资主体的业务目的是一致的。除非您的主体持有上述投资不仅是取得资本增值和/或投资收益，还会取得其他回报。[IFRS 10第B85J段和BC第243段]。


Example – High technology fund (based on IFRS 10 para IE7, example 2)

FactsA fund is formed by Technology Corp Inc (‘TechCorp’)toinvestintechnologystart-up companies for capital appreciation. TechCorp holds 70% of the shares in the fund,called‘NewOpportunitiesTechFund’and controls the fund. The other 30% of the shares in New Opportunities Tech Fund is owned by a number of unrelated investors. New Opportunities Tech Fund will invest in start-ups; and it will bring together a team of specialists to grow the start-ups.

TechCorp holds options to acquire any of the investments held by New Opportunities Tech Fund, exercisable after 5 years following the purchase of the start-ups by the fund. The exercise price of the options is fair value. TechCorp is likely to exercise the options if the businesses or technology developedbytheinvesteeswouldbenefitthe operations of TechCorp. No plans for exiting the investments have been identifiedbythefund.NewOpportunitiesTech Fund is managed by an investment adviser that acts as agent for the investors in the fund.

Is New Opportunities Tech Fund an investment entity?

ConclusionNewOpportunitiesTechFund’sbusinesspurpose is to invest for capital appreciation, and it provides investment management services to its investors. But the fund is not an investment entity because of the following arrangements and circumstances:

• TechCorp,thefund’sparent,holdsoptions to acquire the investees owned by New Opportunities Tech Fund if the assets developed by the investees would benefittheoperationsofTechCorp.ThisprovidesabenefittoTechCorpinaddition to capital appreciation and/or investment income.

• The investment plans of the fund do not include exit strategies for its equity investments. The options held by TechCorp are not controlled by the fund (since they are exercisable by TechCorp) and do not constitute an exit strategy.

TechCorp

Option to buy Technology

70% ownership

Manages

Holds investments

30%ownership interest

Unrelated investors

NewOpportunities Tech Fund Investment adviser

Technology start-up companies


示例—高科技基金（基于IFRS10 IE第7段，示例2）

事实

科技股份有限公司（“科技公司”）成立了一家基金，对新兴技术公司进行投资以取得资本增值。科技公司持有该基金70%的股份，称为“新机会科技基金”，且控制该基金。新机会科技基金其余30%的股份由数家非关联投资方持有。新机会科技基金将投资于新兴公司，将组织一支专家团队来促进这些新兴公司的成长。

科技公司拥有期权，可收购新机会科技基金持有的任何投资，在该基金收购相应的新兴公司五年后可以行权。期权的行权价格是公允价值。如果被投资方开发的业务或技术能够给科技公司的运营带来好处，则科技公司有可能会行使期权。该基金尚未对这些投资制定退出计划。新机会科技基金由投资顾问来管理，投资顾问是基金投资者的代理人。

新机会科技基金是否为投资主体？

结论

新机会科技基金的业务目的是为了获取资本增值而投资，并为投资方提供投资管理服务。但是，鉴于以下的安排和情况，该基金不是一个投资主体：

• 如果被投资方开发的资产能够给科技公司的运营带来好处，则基金的母公司科技公司有权收购这些由新机会科技基金所持有的被投资方。这意味着除了资本增值和/或投资收益以外还能为科技公司带来其他利益。

• 基金的投资计划中不包括股权投资的退出战略。科技公司持有的期权并不由该基金控制（因为是科技公司有权行使），从而并不构成一项退出战略。

科技公司

购买技术的期权

70%所有权

管理

持有投资

30%所有权权益

非关联投资方

新机会科技基金投资顾问

新兴技术公司


Example – Real estate fund

FactsA real estate fund is set up to invest inrealestateassetsforthebenefitofinstitutional and retail investors. It is set up and managed by an investment manager experienced in the real estate business. The fund invests in real estate companies and other real estate investment funds which own, manage and lease out real estate assets. The investment manager has a policy of acquiring and disposing of its real estateinvestmentsoverafivetotenyeartimeframe, based on market conditions.

The fund earns dividends and share of profits,anditrealisescapitalgainsfromitsreal estate investments.

The fund reports (internally and externally) all its investments at fair value and its performance is assessed based on those fair values.

The fund issues redeemable participating units which are redeemable at a share ofthefund’snetassetvalue(NAV).Thefoundingdocumentsofthefundconfirmitsobjectives and strategy as stated.

Is the fund an investment entity?

ConclusionThefundmeetsthedefinitionofaninvestment entity because its objective is to generate returns from capital appreciation and investment income through investment management services. It manages its investments on a fair value basis, which is reported to its investors. It displays the typical characteristics of an investment entity which are: it has more than one unrelated investor; it holds multiple investments; and it has ownership interests in the form of fund units which represent a proportionate share of its underlying assets.

Example – Real estate entity (based on IFRS 10 para IE9, example 3)

FactsRealEstateInvestments(‘REI’)wasformedin order to develop, own and operate retail, officeandothercommercialproperties.REI usually holds each of its properties in separate wholly-owned subsidiaries. Those subsidiaries have no other substantial assets or liabilities other than borrowings

usedtofinancetherelatedinvestmentproperty. REI and each of its subsidiaries report their investment properties at fair valueunderIAS40,‘Investmentproperty’.REI does not have a set time frame for disposing of its property investments, but it uses fair value to help identify the optimal time for disposal. REI and its investors also use measures other than fair value (including information about expectedcashflows,rentalrevenuesandexpenses) to assess performance and to make investment decisions. The directors and managers of REI do not consider fair value information to be the primary measurement attribute to evaluate the performanceofREI’sinvestments;instead,they see that information as part of a group of equally relevant key performance indicators.

REI undertakes extensive property and asset management activities (including property maintenance, capital expenditure, redevelopment, marketing and tenant selection) some of which it outsources to third parties. This includes the selection of properties for refurbishment, development and the negotiation with suppliers for the design and construction work to be done to develop such properties. This development activity forms a separate substantial part of REI’sbusinessactivities.

Is REI an investment entity?

ConclusionREI is not an investment entity because:

• It has a separate substantial business activity that involves the active management of its property portfolio, including lease negotiations, refurbishments and development activities, and marketing of properties toprovidebenefitsotherthancapitalappreciation and/ or investment income.

• REI’sinvestmentplansdonotincludespecifiedexitstrategiesforitsinvestments. As a result, it plans to hold thosepropertyinvestmentsindefinitely.

• Although REI reports its investment properties at fair value under IAS 40, fair value is not the primary measurement attribute used by management to evaluate the performance of its investments. Other performance indicators are used to evaluate performance and make investment decisions.


示例—房地产基金

事实

为了机构和零售业投资者的需要设立了一个房地产基金，投资于房地产。由一个资深的房地产行业投资经理人成立并管理。该基金投资于房地产公司和其他房地产投资基金，这些房地产投资基金拥有、管理和出租房地产资产。该投资管理人对房地产投资，制定了一个基于市场条件的收购以及五年到十年期的出售政策。

该基金赚取股利和利润分成，并从其房地产投资中取得资本增值。

该基金（对内和对外）按照公允价值报告其所有投资，其业绩评估是以这些公允价值为基础进行的。

该基金发行可赎回参与性份额，可以基金净资产价值（NAV）的份额赎回。基金设立文件中落实了其所描述的目标和战略。

该基金是否为投资主体？

结论

该基金满足投资主体的定义，因为其目标是通过提供投资管理服务，从资本增值和投资收益中取得回报。它以公允价值管理投资，向投资方报告。它具有投资主体的典型特征，即：拥有多家非关联投资方；持有多项投资；及拥有基金单位形式的所有者权益，代表与其标的资产成比例的份额。

示例—房地产主体（基于 I F R S 10IE第9段，示例3）

事实

房地产投资（“REI”）基金的成立是为了开发、持有和经营商业、办公楼和其他商业地产。REI通常通过单独的全资子公司持有其地产。这些子公司除了用于支持相关投资性房地产的借款外，没有其他重大资产或负债。R EI和每家子公司都按照《国际会计准则第40号 -投资性房地产》对投资性房地产按照公允价值计量。REI并没有制定处置房地产投资的时间表，但是它用公允价值来帮

助确定最佳的处置时点。REI和其投资方还采用除公允价值之外的计量方法（包括有关预计现金流量、租金收入和费用的信息）来评估业绩和制定投资决策。REI的董事和经理不将公允价值信息作为其评估REI投资业绩的首要计量属性，相反，他们将该信息视为一组关键业绩指标中的一个，且这些关键业绩指标的相关性都一样。

REI从事广泛的房地产和资产管理活动（包括房地产维护、资本支出、再开发、市场推广和承租人的筛选），其中一些活动外包给第三方。这包括选择筛选需要翻新、开发的房地产，与供应商就这些房地产开发中所需要的设计和建设工作进行协商。这一开发活动构成了REI业务活动的单独的重大组成部分。

REI 是否为投资主体？

结论

REI 不是一个投资主体，因为：

• 它拥有单独的重大业务活动，涉及了对其房地产投资组合的积极管理，包括租赁谈判、翻新和开发活动，及房地产市场推广，提供除了资本增值和/或投资收益之外的利益。

• REI的投资计划中并未包括专门为其投资制定的退出战略。从而对这些房地产的持有期并不确定。

• 尽管REI按照国际会计准则第40号以公允价值报告其投资性房地产，但公允价值并非管理层用于评估其投资业绩的首要计量属性，他们还采用其他的业绩指标评估业绩和制定决策。


Fair value measurementAs an investment entity, fair value should be the primary measurement attribute for substantially all investments. For an entity that provides investment management services and invests for capital appreciation and/or investment income, fair value is likely to be more relevant information to evaluate theperformanceofyourentity’sinvestments(both internally and externally) compared to consolidatingtheentity’ssubsidiariesorusingtheequitymethodfortheentity’sinterestsinassociates or joint ventures.

Consequently, the amendment requires your entity to measure and evaluate the performance of substantially all of its investments on a fair value basis in order to qualify as an investment entity. [IFRS 10 para 27(c)]. This requirement applies to ‘investments’.So,itdoesnotapplytonon-investmentassetsortofinancialliabilities.Forexampleheadofficepropertyandrelatedequipment held under IAS 16, ‘Property, plant andequipment’donotneedtobemeasuredand evaluated on a fair value basis. [IFRS 10 para B85M].

It is evident that fair value information is your primary measurement attribute if fair value information is:

• used internally by key management personnel to assess performance of substantiallyalltheentity’sinvestments;and

• providedtoyourentity’sinvestorsandtheentity measures substantially all its investmentsatfairvalueinitsfinancialstatements where this is permitted or required by IFRS.

[IFRS 10 para B85K].

Notethat‘fairvalueinformation’includesusinginformationfromfinancialassetsthatarefairvaluedonthestatementoffinancialposition with fair value changes recognised in other comprehensive income under IFRS 9 and IAS 39, ‘Financial instruments: Recognitionandmeasurement’suchasavailable for sale assets.

An investment entity accounts for:

• investment property using the fair value modelinIAS40,‘Investmentproperty’;

• associates and joint ventures on a fair value basis by electing the exception from the equity method in IAS 28, ‘Investment in associates’;and

• financialassetsonfairvaluebasisunderIFRS 9.

[IFRS 10 para B85L].

Typical characteristics of an investment entityYour entity is expected to display the following characteristics in order to qualify as an investment entity, in addition to meeting thedefinition.Thesecharacteristicsareconsidered typical of investment entities:• holding more than one investment;• having more than one investor;• havinginvestorsthatarenottheentity’s

related parties; and• having ownership interests in the form of


[IFRS 10 para 28].

The characteristics require you to apply additional judgement. Your entity can be an investment entity in the absence of one or more of these characteristics, provided you have assessed why it is appropriate for it to qualify as an investment entity in the absence of the typical characteristic(s) and make appropriatedisclosureinthefinancialstatements(seesectionon‘Disclosures’).Itisconsidered highly unlikely, but possible, that your entity will qualify as an investment entity where it seems to strictly meet the definitionbutpossessesnoneofthetypicalcharacteristics. [IFRS 10 para BC234].

More than one investmentAn investment entity will typically hold (directly or through another entity) more than one investment, with the objective of diversifying its risks and maximising returns. [IFRS 10 para B85O].

You should look at all the facts and circumstances to determine whether your entityqualifiesasaninvestmententity,considering its business purpose, where you hold only one investment. Some scenarios where it might be appropriate to hold a single investment - and nevertheless qualify as an investment entity - are included in the amendment:

• Your entity has made only one investment because it is in a start up period and has not yetidentifiedsuitablemultipleinvestments.

• Your entity has not yet made new investments to replace those that have been disposed of.

• Your entity has been established to pool investors’fundstopurchaseasingleinvestment that would have been unobtainable by individual investors (for example, when the required minimum investment is too high for an individual investor).

Your entity is in the process of liquidation.

[IFRS 10 para B85P].


公允价值计量

作为一个投资主体，公允价值应作为几乎所有投资的首要计量属性。对于一个提供投资管理服务和为取得资本增值和/或投资收益而进行投资的主体，要（对内及对外）评价该主体的投资，公允价值能够提供的信息可能比将主体的子公司予以合并或对主体在联营或合营中的权益采用权益法更具有相关性。

因此，此次修改要求您的主体以公允价值计量和评估其几乎所有投资的业绩，以符合投资主体的条件。[IFRS 10第27(c)段]。这一要求适用于“投资”。因此，不适用于非投资资产或金融负债。例如，按照《国际会计准则第16号—不动产、厂房和设备》计量的总部房屋和相关设备无需以公允价值计量和评估。[ I F R S 10第B85M段]。

如果公允价值信息被用于以下方面，则证明公允价值是您的首要计量属性：

• 在内部，关键管理人员用以评估主体几乎所有投资的业绩；及

• 提供给您主体的投资方，主体在财务报表中对其几乎所有投资采用公允价值计量（在国际财务报告准则要求或允许之下）。

[IFRS 10第B85K段]。

请注意，“公允价值信息”包括按照国际财务报告准则第9号和《国际会计准则第39号—金融工具：确认和计量》的规定在财务状况表中以公允价值计量且公允价值变动计入其他综合收益的金融资产的信息，如可供出售金融资产。

一个投资主体对下列资产的会计处理方法为：

• 对投资性房地产采用《国际会计准则第40号—投资性房地产》中的公允价值模型进行会计处理；

• 对联营与合营企业选择采用《国际会计准则第28号—对联营企业投资的会计》中的权益法豁免，从而按照公允价值计量；及

• 对金融资产按照国际财务报告准则第9号中的公允价值基础。

[IFRS 10第B85L段]。

一个投资主体的典型特征

除了满足定义外，您的主体要符合投资主体的条件，还需要体现出下列特征。这些特征被视为投资主体的典型特征：






这些特征要求您进行额外的判断。缺少这些特征中的一个或多个并不会使得主体不符合投资主体的条件，但前提是您已经评估了为什么缺少一个或数个典型特征也不妨碍主体符合投资主体的条件，并在财务报表中进行适当的披露（详见“披露“章节）。如果您的主体看上去严格满足定义，而全部典型特征一个都没有，则其符合投资主体条件的可能性虽然存在但是很小[IFRS 10 BC第234段]。

多项投资

一个典型的投资主体会（直接或通过另一主体）持有多项投资，其目的是分散风险和取得最大回报。[IFRS 10第B85O段]。

当您仅持有一项投资时，您应考虑其业务目的，结合所有的事实和情况来判断您的主体是否符合投资主体的条件。此次修改中包含了一些持有一个单项投资但仍符合投资主体条件的情况：

• 您的主体仅进行了一项投资，因为其仍处于初始阶段，尚未寻找到合适的多项投资。

• 您的主体尚未用新投资来替代已处置的投资。

• 您的主体是为了聚集投资方的资金，来购买一项单个投资方无法进行的单项投资（例如，当所要求的最低投资额对于单个投资方而言太高时）。

• 您的主体正处于清算程序中。

[IFRS 10第B85P段]。


PwC observationMost of the above single investor situations occur where a single investment is held temporarily or during a period of transition. It would be highly unusual to have only one investment for the life of an investment entity. The intention of investment entities is usually to hold more than one investment.

If the intention is to hold multiple investments (but, for some practical or genuine reasons, your entity could not do so at the reporting date) it will likely continue to qualify as an investment entity.

Example – Limited Partnership (based on IFRS 10 para IE1, example 1)

FactsAn entity (LP) is formed in 20X1 as a limited partnership with a 10-year life. The offering memorandum states that LP’spurposeistoinvestinentitieswithrapid growth potential, with the objective of realising capital appreciation over their life. Entity GP (the general partner of LP) provides 1% of the capital to LP and has the responsibility of identifying suitable investments for the partnership. Approximately 75 limited partners (who are unrelated to GP) provide 99% of the capital to the partnership.

LP begins its investment activities in 20X1.Butnosuitableinvestmentsareidentifiedby the end of 20X1. In 20X2, LP acquires a controlling interest in one entity, ABC Corporation. LP is unable to close another investment transaction until 20X3, when it acquiresequityinterestsinfiveadditionaloperating companies. Other than acquiring these equity interests, LP conducts no other activities. LP measures and evaluates its investments on a fair value basis and this information is provided to GP and the external investors.

LP has plans to dispose of its interests in each of its investees during the 10-year stated life of the partnership. Such disposals include the outright sale for cash, the distribution of marketable equity securities to investors (following the successfulpublicofferingoftheinvestees’securities) and the disposal of investments to the public or other unrelated entities.

Is LP an investment entity?

ConclusionFrom the information provided, LP meets thedefinitionofaninvestmententityfromformation in 20X1 to 31 December 20X3 because the following conditions exist:

• LP has obtained funds from the limited partners and is providing those limited partners with investment management services.

• LP’sonlyactivityisacquiringequityinterests in operating companies with the purpose of realising capital appreciation over the life of the investments.LPhasidentifiedanddocumented exit strategies for its investments, all of which are equity investments.

• LP measures and evaluates its investments on a fair value basis and reportsthisfinancialinformationtoitsinvestors.

In addition, LP displays the following typical characteristics of an investment entity:

• LP is funded by many investors.• Its limited partners are unrelated to LP.• Ownership in LP is represented by

units of partnership interests acquired through a capital contribution.

• LP does not hold more than one investment throughout the period. But this is because it was still in its start-up periodandhadnotidentifiedsuitableinvestment opportunities.



上述大部分单项投资的情形都发生在暂时或在过渡期持有单项投资。在投资主体的整个经营周期内仅持有一项投资非常少见。投资主体的意向通常是持有多项投资。

如果主体的意向是持有多项投资（但是，出于某些实务或真正的原因，你的主体在报告日不能达成这一意向），它还是可以继续符合投资主体的条件。

示例—有限合伙（基于IFRS 10 IE第1段，示例 1）

事实

一家主体（LP）成立于20X1年，为有限合伙制，经营周期为10年。其募集说明书中说明L P的目的在于向有高速成长潜力的主体投资，目标是在经营周期内实现资本增值。主体GP（LP的普通合伙人）向LP提供1%的资本，负责寻找适合该合伙企业的投资。约有75位有限合伙人（与GP不存在关联关系）向合伙主体提供99%的资本。

LP于20X1年开始其投资活动。但是到20X1年底尚未找到适合的投资项目。20X2年，LP收购了另一家主体ABC公司的控制性权益。LP的另一项投资交易要直到20X3年才能完成，届时它将收购另外五家运营公司的股权。除了收购这些股权以外，LP没开展其他活动。LP以公允价值计量和评估其投资，且将这一信息提供给GP和外部投资方。

LP计划在合伙协议注明的10年的经营期内，处置其在每一个被投资方的权益。这些处置计划包括直接出售以获取现金、向投资方分配可在市场上交易的权益性证券（被投资方证券成功地公开发售之后），以及公开或向其他非关联方处置投资。

LP 是否为投资主体？

结论

从所提供的信息来看，从20X1年至20X3年12月31日，LP满足投资主体的定义，因为以下条件的存在：

• LP 已从有限合伙人处取得资金，并向这些有限合伙人提供投资管理服务。

• LP仅有的活动是收购运营公司的股权，其目的在于实现投资周期内的资本增值。LP已经制定并在文件中记录了其投资的退出战略，而其全部投资均为权益性投资。

• LP 以公允价值计量和评估其投资，并向投资方报告这一财务信息。

此外，LP体现了投资主体的下列典型特征：

• LP 的资金投入来自于多个投资方。

• 其有限合伙人不是LP的关联方。

• LP的所有权反映为通过资本投入所获得的合伙权益单位。

• 在经营期内，LP未持有多项投资。但这是因为其仍处于启动阶段，尚未发现合适的投资机会。


Example – Access fund

FactsAn‘accessfund’wassetupinconnectionwitha‘mainfund’.Theaccessfundisthenamed shareholder on the register of the main fund. The access fund originally invested in the main fund at the initial offeringstageofthemainfund.Withinthegoverning documents of the main fund, there was an initial subscription of $500 million. Once these capital amounts were raised, the main fund would be closed to new investors. This is referred to as a ‘soft-closed’fund.Themainfundisclosedto monies from new investors but not from existing investors.

The main fund has been set up to make multiple investments, and it has an exit strategy set out in its founding documents.

The objective of the access fund is to invest solely in the main fund. Shareholders who want access to the main fund can only do so through the access fund; this is because the main fund is closed to new shareholders. Shareholders of the access fund are entitled to a proportionate share of net assets of the access fund.

The access fund provides investment management services to its unrelated investors; and it will receive returns from capital appreciation and investment income (that is, distributions from the main fund). The access fund manages its investment in the main fund on a fair value basis.

Is the access fund an investment entity?

ConclusionTheaccessfundmeetsthedefinitionofaninvestment entity:

• The fund obtains funds from investors with the objective of providing investment management services.

• The objective of making investments is generating capital returns and investment income; the fund will receive dividends from the main fund and capital appreciation through increases in the fair value of the main fund. Although the access fund does not have an exit strategy for its investment in the main fund, the main fund has exit strategies for its investments.

• It measures and evaluates the performance of its investment in the main fund on a fair value basis.

The access fund displays three of the four typical characteristics of an investment entity:

• The fund has multiple investors.• The multiple investors are unrelated.• The fund has ownership interests in the

form of units that entitle the investors to the net assets of the fund.

The access fund does not display the fourth typical characteristic (that is, it has one single investment), but it concludes thatitqualifiesasaninvestmententity.It has been set up to provide investment management services to its investors with the objective of earning capital appreciation and investment income from its investment in the main fund. It manages its underlying investment on a fair value basis. The fact that it does not meet the characteristic in these circumstances is not inconsistentwiththeoveralldefinitionandbusiness purpose of being an investment entity. The access fund is required to make appropriate disclosures as to why it has concluded that it is an investment entity despite not displaying all of the typical characteristics.


示例—准入基金

事实

一家“准入基金”的设立与一个“主基金”相关。准入基金是该主基金登记的名义股东。准入基金一开始在主基金的首发阶段就投入资金。在主基金的章程文件中，初始认购资金为5亿美元。一旦募集到这一资本金额，主基金将不再对新投资者开放。这被称为“软封闭”基金。主基金不再对来自新投资者的资金开放，但对来自已有投资者的资金仍然开放。

主基金设立后进行了多项投资，而且在其成立文件中已列出了退出战略。

准入基金的目标是仅为主基金提供资金。希望向主基金投资的股东只能通过准入基金来实现这一目标，因为主基金已不再对新的股东开放。准入基金的股东有权取得准入基金净资产的比例份额。

准入基金为非关联方的投资者提供投资管理服务；而且它将收到资本增值和投资收益的回报（即，主基金分配的收益）。准入基金以公允价值为基础来管理其在主基金中的投资。

准入基金是否为投资主体？

结论

准入基金满足投资主体的定义：

• 基金从投资方取得资金，目的在于提供投资管理服务。

• 投资的目的是取得资本回报和投资收益，基金将获得来自主基金的股利和通过主基金公允价值增加而产生的资本增值。尽管准入基金并未对其在主基金中的投资制定退出战略，但主基金已对其投资制定退出战略。

• 它以公允价值为基础来计量和评估在主基金中的投资业绩。

准入基金体现了投资主体的四个典型特征：

• 基金拥有多个投资方。

• 多个投资方不是关联方。

• 基金的所有者权益采取了单元份额的形式，从而使投资方有权取得基金的净资产。

准入基金未体现出第四个典型特征（即它持有的是一个单项投资），但可得出结论其符合投资主体的条件。它的设立是为了向投资方提供投资管理服务，目的是从其在主基金中的投资中取得资本增值和投资收益。它以公允价值为基础管理标的投资。在上述情况下，它并未满足这一特征，但这一事实并不与投资主体的整体定义和业务目的相悖。针对该准入基金尽管未体现全部的典型特征，但仍是投资主体这一结论，必须进行适当的披露。


More than one investorIn order to qualify as an investment entity, your entity would typically obtain funds from several investors, with the objective of providing its investors with investment management services and investment opportunities that they might not have access to individually.

There could be scenarios where your entity has only one investor. In such cases, you should examine the reasons and whether they areconsistentwiththedefinitionofaninvestmententity.Theamendmentidentifies

some situations where it might be appropriate to conclude that your entity is an investment entity despite having only one investor. These are situation where:

• Yourentity’sinitialofferingperiodhasnotexpired and it is actively identifying additional suitable investors.

• Yourentityhasnotidentifiedsuitableinvestors to replace ownership interests that have been redeemed.

• Your entity is in the process of liquidation.

[IFRS 10 para B85S].

PwC observationMost of the above single-investor situations occur where an entity has a single investor temporarily or as part of a winding up

process. It would be unusual to have only one investor other than as noted above. Investment entities are usually set up to provide investment management services to a group of investors.

Example – Single investor fund – seed capital

FactsAn investment fund has been set up by its manager; initially the manager is the sole shareholder (that is, the manager has provided‘seedcapital’).Asatitsfirstperiodend, the fund has not been successful in receiving funds from other prospective shareholders; but it is actively soliciting new investors. The fund invests in global equities and equity-related derivatives; and it provides its one shareholder with investment management services (as mandated in its prospectus). Its prospectus states that it expects to buy and sell investments regularly, and it expects holding periods of more than one year to be rare.

The fund generates returns from capital appreciations and investment income in the form of dividends. The fund fair values all investments and these valuations are the basis for subscriptions and redemptions into and out of the fund. Subscriptions and redemptions can occur daily.


ConclusionThe fund is an investment entity.

Itmeetsthedefinitionofaninvestmententity:

• It has been set up to provide investment management services to its investors.

For this period, it has only one manager-shareholder and so it is providing investment management services to itself, but this is not its longer-term manager intention.

• It is carrying on its investment activities with the objective of capital appreciation and investment income.

• It measures its underlying investments on a fair value basis and fair value is the basis for subscriptions and redemptions into and out of the fund.

The fund displays the following characteristics:

• It holds multiple investments.• It does not have multiple investors; but,

this is expected to be temporary and the fund manager is actively soliciting new investors.

• It does not have unrelated investors, because it has only a single investor.

• It issues ownership interests in the form of redeemable units that entitle the holders to a share of net assets.

Although the fund has a single investor, this is expected to be temporary. Failing to meet this typical characteristic does not mean that the fund is not an investment entity.Inthecontextofthedefinitionandthefund’soverallbusinesspurpose,itisan investment entity. The fund is required to make appropriate disclosures in its financialstatementsonwhyitqualifiesasan investment entity even when it has only one investor.


多个投资方

为了符合投资主体的条件，典型的情况是您的主体应从多个投资方处取得资金，且目的在于向投资方提供投资管理服务和投资机会，而投资方作为单独的个体可能不能获得上述投资机会。

有时候您的主体可能只有一个投资方。这种情况下，您应分析其原因及其是否与投资主体的定义相符。此次修改指出了一些您的投资主体仅有一个投资方但仍然可能被确定为投资主体的情况。这些情况为：

• 您的主体尚处于首次发行的期间内，且它正在积极寻找另外的合适的投资方。

• 您的主体尚未找到合适的投资方来替代已经赎回的所有者权益。

• 您的主体正处于清算过程中。

[IFRS 10第B85S段]。


上述单一投资方的情况大多数发生在主体暂时只有一个投资方或处于清算程序中。除

了上述情况之外，仅有一个投资方的情况较为少见。投资主体设立的目的通常是为一组投资方提供投资管理服务。

示例—单一投资方基金—原始资本

事实

一个投资基金由其经理人发起设立，最初该经理人是唯一的股东（即该经理人提供“原始资本”）。在首期结束时，该基金尚未成功从其他潜在股东处募集到资金，但是它正在积极地招募新的投资者。该基金投资于全球性权益工具和权益相关的衍生工具，并为其唯一的股东提供投资管理服务（如其募集说明书中所规定）。它的募集说明书说明，它预计将定期买入与卖出投资，而且它预期持有期间超过一年的情况会很少。

该基金取得资本增值回报和股利形式的投资收益。基金以公允价值计量所有的投资，这些估值是基金认购和赎回的基础。购买和赎回可能每天时有发生。


结论

该基金是投资主体。

它符合投资主体的定义：

• 基金的设立是向其投资方提供投资管理服务。在这一期间，它仅拥有一位管理人—股东，所以它为自身提供投资管理服务，但这并非其长期的管理意图。

• 它开展投资活动的目的是取得资本增值和投资收益。

• 它以公允价值计量标的投资，而公允价值是该基金认购和赎回的基础。

该基金体现了下列特征：

• 它持有多项投资。

• 它并未拥有多个投资方；但是预计这仅为暂时性的，且基金的管理人正在积极招募新的投资方。

• 它没有非关联方的投资方，因为它仅拥有一个投资方。

• 它以一个个单位的形式发行可赎回所有者权益，这使持有人有权取得净资产份额。

尽管基金只拥有一个投资方，但预计这只是暂时性的。未满足这一典型特征并不意味着该基金不是投资主体。考虑到投资主体的定义和基金的整体业务目的，它是一个投资主体。该基金必须在财务报表中恰当披露其仅有一个投资方却仍符合投资主体条件的原因。


Your fund or entity might have been set up by asingleinvestortomeetaspecificobjectiveorto help support the interest of a wider group of investors. For example, your entity is a fund that has been set up by a corporate entity to make investments on behalf of that corporate entity’semployees.So,yourentityhasasingleinvestor but, in substance, it has been set up to support the interests of a wider group (that is, itsparentinvestor’semployees).Other

examples of such entities might include a pension fund, a government-owned investment fund or a family trust. Each of these is formed by or for a single investor but it represents or supports the interests of a wider group of investors. Failing to meet this characteristic in such circumstances is not inconsistent with the overall business purpose anddefinitionofaninvestmententity.[IFRS10 para B85R].

Example – Sovereign wealth fund

FactsThe government of Country X sets up a sovereignwealthfund(SWF)tomanageits income from natural resources for the long-termbenefitofitscitizens.TheSWFwill, for example, be used to fund future pensionsandsignificantcapitalprojectscarried out by the state. The fund is set up as a separate legal entity established under statute, and it is owned by the central bank of country X. It has issued shares to the bank. The fund employs a team of professional investment managers, who work to a mandate that is overseen by the central bank and annually approved bycountryX’sgovernment.Thefundmakes multiple investments (some of which are controlling stakes) and sets out exit strategies for different classes of investment. The fund produces public reports twice-yearly, which detail the total value of the fund and of its main asset classes. Internal reporting is more detailed and also on a fair value basis.

IscountryX’sSWFaninvestmententity?

ConclusionCountryX’sSWFisaninvestmententitybecause:

• It has been set up to provide investment management services to its investor (which, in this case, is the government of country X).

• It is carrying on its investment activities with the objective of capital appreciation and investment income.

• It measures its underlying investments on a fair value basis, and it reports its funds value on a fair value basis.

It also displays the following typical characteristics of an investment entity:

• It holds more than one investment.• It has only one investor, which is

the central bank of country X. It can nevertheless be seen, in substance, as investingthefundsofthecitizensofcountry X on their behalf. This is not inconsistentwiththeoveralldefinitionand business purpose of an investment entity. It has one related party direct beneficiary,duetohavingoneinvestor;but, again, it could be argued that, in substance, it operates on behalf of many unrelatedbeneficiaryinvestors.

• The fund has issued units that entitle its investor to a share of its net assets.


您的基金或主体可能是由一个投资方为了满足特定的目标或支持一个比较广泛的投资者集合的利益而发起设立的。例如，您的主体是一家由公司设立的基金，代表该公司的员工进行投资。因此，您的主体拥有一个投资方，但是实际上它的设立是为了支持更广泛的群体的利益（即母公司投资方的员工）。其他诸如此类的例

子可能包括养老基金、政府持有的投资基金或家族信托。这些基金均由单一的投资方设立，却代表或支持一个比较广泛的投资者集合的利益。这种情况下，这一特征不被满足并不与一个投资主体的整体业务目的定义相矛盾。[IFRS 10第B85R段]。

示例—主权财富基金

事实

X国政府考虑到该国公民的长期利益，设立了一家主权财富基金（SWF）来管理其自然资源收入。SWF将被用于向未来的养老金和国家开展的重大资本项目等提供资金支持。按照法规要求，该基金作为一个单独的法律实体设立，由X国的央行所拥有。它向央行发行股份。该基金聘请了一支专业的投资管理人团队，他们根据央行的授权并在其监管下工作，且每年须由X国的政府审批。基金进行多项投资（其中一些为控股权益），并列出了针对不同类别投资的退出战略。基金每半年提供一次公开报告，其中列出基金的总价值和主要资产类型的明细。内部报告更加详细，并以公允价值计量。

X国的SWF是否为投资主体？

结论

X国的SWF基金是投资主体，因为：

• 它的成立是为了向投资方提供投资管理服务（在本案例中为X国的政府）。

• 它开展投资活动的目的是取得资本增值和投资收益。

• 它以公允价值计量标的投资，并以公允价值报告基金的价值。

此外，它还展示了投资主体的下列典型特征：

• 它持有多项投资。

• 它仅有一家投资方，即X国的中央银行。尽管如此，在实质上，它被视为代表X国的国民进行投资。这与投资主体的总体定义和业务目的并不矛盾。由于拥有一个投资方，因此它拥有一家存在关联关系的直接受益人；但是，也可以将其理解为它实质上代表多个非关联的受益人投资者在进行运营。

• 基金的所有者权益是以份额为形式发行

的，这使其投资方有权拥有其净资产的份额。


Unrelated investorsAn investment entity will typically have multiple investors that are not its related parties(asdefinedbyIAS24,‘Relatedpartydisclosures’)andarenotrelatedtothegroupto which the investment entity belongs. You need to look at all the facts and circumstances in a situation where your entity has investors that are related to it. This is because having related parties as investors makes it more likely that your entity (or other members of its

group)couldobtainbenefitsotherthancapital appreciation or investment income.

Your entity might qualify as an investment entity even when its investors are related parties. For example, it might be a parallel fund (that is, investing in the same assets as another fund) set up by the manager of that other fund to incentivise and reward a group ofthemanager’semployees.[IFRS10para85U].

Example – Nuclear power plant

Corporate entity

Dedicated fund

Equity and debt investments

Operates100%

ownership

Holds investments

Manages the fund

Asset manager (3rd party)

Nuclear power plant

FactsA dedicated fund is set up by a corporate entity that runs a nuclear power plant. The corporate entity (which owns all of the units in the fund) needs to keep funds available in case of a technical failure of the nuclear power plant. The entity does not have the expertise to manage the fund, so it appoints a third party asset manager. The entity can remove the fund manager on threemonths’notice.

The fund invests in traded equity and debt instruments (as set out in the investment management agreement and fund founding documents) and its maximum exposure to one investment is not more than 10% of monies invested. The objective of the fund is to generate returns either from dividends and interest or from selling the instruments. The fund does not invest

in the nuclear energy industry and the corporate entity has no other relationship with the fund; for example, it does not have options to buy any of the investments made by the fund.

The fund reports fair value information internally and to its corporate parent; and its performance is evaluated against a benchmark stock exchange index.

The fund issues units that are redeemable at any time. The redeemable shares pay the net asset value of the fund when liquidated, and they are accounted for by the fund as equity under IAS 32. The units do not carry voting rights.


How does the corporate entity account for its interest in the fund?


非关联方的投资方

投资主体通常拥有多个非关联方（如《国际会计准则第24号—关联方披露》中所定义的）的投资方，并且与投资主体所属的集团也不存在关联关系。当您的主体拥有关联方的投资方时，您需要了解该情况下的所有事实和情形。这是因为拥有存在关联关系的投资方使您的主体（或集团的其他成员）更有可能取得资本增值或投资收益外的其他利益。

即使投资方为关联方时，您的主体仍有可能符合投资主体的条件。例如，它可能是另一家基金的管理人为了对其员工团队进行激励和奖励而设立的一家平行基金（与另一家基金投资于同样的资产）[IFRS 10第85U段]。

示例—核电厂

公司主体

专项基金

股权和债权投资

运营

100%所有权

持有投资

管理基金

资产管理人（第三方）

核能厂

事实

一家经营核电厂的公司成立了一个专项基金。该公司（拥有所有的基金单位）需要在核电厂技术失败的情况下能够确保资金到位。该公司没有基金管理方面的专家，因此它指定了一个第三方资产经理人。该公司可以在提前三个月通知的情况下辞退基金管理人。

该基金投资于交易性股权和债权工具（在投资管理协议和基金的成立文件中进行了这样的规定），它对一项投资的最大敞口不超过投资资金的10%。基金的目标是通过股利和利息或者通过出售这些工具取得回报。基金不对核能产业进行投资，且该公司与基金并无其他关系，例如，它没有权利购买基金的任何一项投资。

基金向其内部和其母公司报告公允价值信息，其业绩评价基于与基准股指的比较。

基金发行单位份额的股权，随时可以赎回。在清算时，基金的净资产价值将用于偿付这些可赎回权益，该基金在进行会计处理的时候，按照国际会计准则第32号将其分类为权益。这些基金单位没有表决权。


该公司应该如何对其在基金中的权益进行会计处理？


ConclusionThe fund is an investment entity. It meets thedefinitionofaninvestmententity:

• It provides investment management services to its investor.

• Its business purpose is to invest in debt and equity instruments for capital appreciation and investment income.

• It measures and evaluates the performance of its investments on a fair value basis.

The fund also displays two of the four typical characteristics:

• The fund holds multiple investments.• The fund only has one investor but

in these circumstances that is not inconsistent with its overall business purposeandwiththedefinitionofaninvestment entity.

• The fund does not have unrelated investors, because there is only

one investor; but, again, in these circumstances this is not inconsistent withthedefinitionofaninvestmententity.

• Units issued by the fund entitle the holder to a proportionate share of the net asset value of the fund.

Two of the characteristics are not satisfiedbecausethefundhasasingleinvestor.Whenexaminingallthefactsand circumstances, however, the fund concludes that it is an investment entity and that the failure to meet two of the typical characteristics is not inconsistent withthedefinition.Itgivesappropriatedisclosure about its judgement under IFRS 12 (see section on Disclosures).

The corporate entity is not an investment entity. It consolidates the fund (including any controlled investments made by the fund).

Ownership interestsYour entity need not be a separate legal entity toqualifyasaninvestmententity.Whateverits legal form, its ownership interest would generally be in the form of equity or similar interests (for example, partnership interest) to which a proportionate share of its net assets is attributable. This is because your entity will generally need a means by which it distributes or attributes value from its capital and income returns. Having different classes of investors does not mean that an entity is not an investmententity.[IFRS10paraB85V].

Yourentity’sownershipinterestsmightbeaccounted for as debt because they do not meetthedefinitionofequityunderIAS32,‘Financialinstruments:presentation’.Eventhough the instruments are not equity, this will usually not indicate that your entity is not an investment entity so long as they provide holders with exposure to variable returns fromchangesinthefairvalueoftheentity’snetassets.[IFRS10paraB85W].

PwC observationUnit trusts and mutual funds often issue units that are accounted for as liabilities under IAS 32 guidance; this is because they do not qualify to be presented as equity under the IAS 32 ‘puttables’amendment.Wheresuchunits (whether or not they are presented asequity)entitletheentity’sholderstoproportionate shares of net assets, they will not be an indicator that the fund is not an investment entity.

Somefundsarefinancedthroughdebt instruments (particularly in private equity) which participate in the returns of the fund. Such debt instruments would not be a negative indicator of investment entity status underthe‘ownershipinterests’typicalcharacteristic.


结论

该基金是投资主体。它满足投资主体的定义：

• 它向投资方提供投资管理服务。

• 它的业务目的是投资于债权和权益工具，取得资本增值和投资收益。

• 它以公允价值计量和评估投资的业绩。

此外，基金还体现了四个典型特征中的两项：

• 该基金持有多项投资。

• 该基金仅拥有一个投资方，但结合上述这些情况，这与一个投资主体的定义和整体业务目的并不矛盾。

• 该基金没有非关联的投资方，因为它只有一个投资方，但结合上述这些情况，这与投资主体的定义也不矛盾。

• 基金发行的单位使持有人有权取得基金净资产价值的比例份额。

有两项特征并没得到满足，因为基金仅有一个投资方。然而，结合所有的事实和情况进行分析之后，基金得出结论其仍为投资主体，未满足其中两项典型特征与定义并不矛盾。根据国际财务报告准则第12号（见“披露”章节）下，它应恰当的披露其判断。

这家公司不是一个投资主体，应该合并这个基金（包括基金所控制的任何投资）。

所有者权益

一个投资主体并不一定是一个单独的法律实体。无论其采取什么样的法律形式，其所有者权益通常采取股权或类似权益的形式（例如，合伙权益），净资产按照比例份额分配到每一份股权或类似权益。这是因为您的主体通常需要以某种方式来划分或分配来自资本和收益的回报价值。拥有不同类型的投资方并不意味着一个主体不是投资主体。[IFRS 10第B85V段]。

您主体的所有者权益可能被作为债务进行会计处理，因为它们不满足《国际会计准则第32号—金融工具：列报》下权益的定义。尽管该工具并非权益，但通常这并不意味着您的主体并非投资主体，只要它们为持有人带来从该主体净资产的公允价值变化中获取可变回报的机会。[IFRS 10第B85W段]。


按照国际会计准则第32号的规定，信托和共同基金所发行的基金单位通常作为负债来进行会计处理，这是因为他们不符合国际会计准则第32号“可回售工具”修改中作为权益列报的条件。当上述单位（不论其是否作为权益列报）使得主体的持有人有权取得净资产的比例份额时，这并不意味着该基金不是一个投资主体。

一些基金通过债务工具融资（特别是在私募股权中），而该债务工具参与基金回报的分配。根据“所有者权益”的典型特征，上述债务工具并不会给投资主体的判断带来负面影响。


Separate financial statementsThere are two different situations where separatefinancialstatementsarerelevanttoinvestment entities.

Thefirstsituationiswhereyourentitycontrolsinvestee subsidiaries but none of these subsidiaries is required to be consolidated; in other words, it does not control any subsidiaries that provide investment-related services. [IFRS 10 para 32]. In such a situation, it will measure allofitssubsidiariesatfairvaluethroughprofitorloss,anditwillpresentseparatefinancialstatementsasitsonlyfinancialstatements.[IAS27 para 8A].

Alternatively, your entity might be an investment entity that has some investee subsidiaries that areaccountedforatfairvaluethroughprofitorloss, and other subsidiaries that provide investment-related services and which are consolidated. In this case, it will prepare consolidatedfinancialstatementsunderIFRS10.Intheseconsolidatedfinancialstatements,thesubsidiaries providing investment-related

services are consolidated and other investees are measuredatfairvaluethroughprofitorloss.Theentity might also be required to prepare separate financialstatements.Inthoseseparatefinancialstatements, it must account for the subsidiaries thataremeasuredatfairvaluethroughprofitorlossinitsconsolidatedfinancialstatementsinthesamewayasinitsseparatefinancialstatements. [IAS 27 para 11A].

Reassessment of investment entity statusYou should reassess investment entity status when facts and circumstances indicate that there is a change to one or more of the three elements makingupthedefinitionofaninvestmententityor to any of the typical characteristics. [IFRS 10 para 29].

Any change in status is accounted for prospectively (that is, from the date when the change in status occurred). [IFRS 10 para 30]

Example – Investors redeem unitsDue to a change in market conditions, investors in a fund are redeeming their units. Asaresultofthisredemption,onesignificantinvestor remains in the fund. The fund should reassess its investment entity status. In this case, the fund might continue to meet the definitionandremainaninvestmententity,in either of the following situations: if its business continues to be management of investments for capital appreciation and/or income, but now for one investor instead of many; or if it expects that this will be a temporary situation.

Example – Fund nearing end of lifeA fund was set up with a limited life of 10years.Thefundisinitsfinalyear,andit reaches a stage where it has one single investment remaining. The objective of the fund has not changed; and the fund isrealisingitsfinalinvestmentwiththeobjective of maximising the return to its investors. The fund should reassess its investment entity status when it has a single investment, because it no longer meets one of the typical characteristics. But it might conclude that it continues to be an investment entity if its single investment is not inconsistent with its overall purpose; in that case,itcontinuestomeetthedefinitionofaninvestment entity.


单独财务报表

投资主体的单独财务报表存在以下两种不同的情况。

第一种情况是您的主体存在控股子公司，但是没有需要合并的子公司，换言之，它并不控制任何提供投资相关服务的子公司[IFRS 10第32段]。在这种情况下，它对所有的子公司按照公允价值计量且公允价值的变动计入损益，单独财务报表是它唯一的财务报表。[IAS 27第8A段]。

另外一种情况，您的主体可能是这样一个投资主体，它的一部分子公司按照公允价值计量且公允价值变动计入损益，另外一部分子公司提供投资相关服务，从而予以合并。在这种情况下，按照国际财务报告准则第10号的要求，它需要编制合并财务报表。在这些合并财务报表中，提供投资相关服务的子公司将被合并，而其他被投资方将按照公允价值计量且公允价值的变动计入损益。该

主体还可能被要求编制单独财务报表。对于在合并财务报表中以公允价值计量且其变动计入损益的子公司，在单独财务报表中应按照同样的方式进行会计处理。[IAS 27第11A段]。

投资主体地位的重估

当有事实和情况表明组成投资主体定义的三个要素中有一个或多个发生变化，或任何典型特征发生变化时，您应该重新评估投资主体的地位。[IFRS 10第29段]。

地位的任何变化采用未来适用法进行会计处理（即，从地位发生变化的当日算起）。[IFRS 10第30段]。

示例—投资方赎回基金单位

由于市场环境的变化，一个基金的投资方正在赎回其基金单位。这次赎回的结果是该基金只保留了一个重要的投资者。该基金应重新评估其是否仍然属于投资主体。在本案例中，该基金有可能继续满足定义从而仍作为投资主体，只要是以下任何一种情况：如果其业务继续是进行投资管理，以取得资本增值和/或收益，而目前只有一个投资方而不是多个；或者如果它预计这仅是暂时的状况。

示例—接近期末的基金

一家基金设立的经营期限为10年。现在基金正处于最后一年，在这个阶段它只剩下了一笔投资。基金的目标一直没变；该基金正在实现其最后一项投资，目标是为投资者提供最大化的回报。当只有一笔单项投资的时候，该基金应重新评估其投资主体的地位，因为有一个典型特征不再满足。但是，它可能能够得出结论其仍然是一个投资主体，只要这一笔单项投资与其总体目标不矛盾，在这种情况下，它仍然满足投资主体的定义。


Accounting for a change in status – Becoming or ceasing to be an investment entity

Consolidated financial statements

The amendment contains guidance on how your entity should account in its consolidated financialstatementsforachangeinstatus-wheniteitherbecomesorceasestobeaninvestment entity. This is done prospectively. [IFRS 10 para 30, paras B100, B101].

Theflowchartbelowillustrateshowthechangeinstatusisaccountedforintheconsolidatedfinancialstatements.

1 Subsidiaries that provide investment related services.

Change in investment entity status?

Change is accounted for from the date when change

in status occurred

Yes

Yes

Yes

Cease to consolidate subsidiaries (other than para 32 subsidiaries1)

All subsidiaries are consolidated

NoNo adjustments

Have you ceased to be an investment entity?

For subsidiaries that had been measured at fair value through profit or loss:

• Apply acquisition method under IFRS 3 Business combinations.

• Date of change in status shall be the deemed acquisition date.

• Fair value on deemed acquisition date shall represent the transferred deemed consideration when measuring any goodwill or any gain arising from deemed acquisition. [IFRS 10 para B100].

• Change in status is accounted for as ‘deemed disposal’ or ‘loss of control’ of subsidiaries at the date of change in status.

• Derecognise assets and liabilities of the subsidiaries which you cease to consolidate.

• Determine fair value of subsidiaries at the date of change in status.

• Difference between the previous carrying amount of the subsidiaries and their fair valueshall be recognised as a gain or loss in profit or loss. [IFRS 10 para B101, BC271].

Have you become an investment entity?


地位变化时的会计处理—成为或终止成为一个投资主体

合并财务报表

此次修改涉及了在合并财务报表中对主体的情况变化（成为或终止成为投资主体时）进行会计处理的指引，采用未来适用法。[IFRS 10第30段，第B100段、第B101段]。

下面的流程图说明了如何在合并财务报表中对地位变化进行会计处理。

1 提供投资相关服务的子公司。

投资主体地位发生变化？

从地位发生变化之日起，对变化进行会计处理

是

是

是

终止合并子

公司（第32段中的子公司

除外1）

所有的子公司被合并

否

不进行调整

是否不再是一个投资主体？

对于曾经以公允价值计量且变动计入损益的子公司：

• 采用《国际财务报告准则第3号—企业合并》中的购买法

• 将地位改变的日期视同为购买日

• 在计算该收购中所产生的商誉或任何利得时，以购买日的公允价值作为所转移的对价。[IFRS 10第B100段]

• 地位的改变，在改变当日按照子公司“视同处置”或“丧失控制权”进行会计处理

• 对于您不再合并的子公司，终止确认其资产和负债

• 确定变更日子公司的公允价值

• 子公司之前的账面价值和其公允价值之间的差额在利润表中确认为损益。[IFRS 10第B101段和BC第271段]

是否已成为一个投资主体？


Separate financial statements

Ifyourentitypreparesseparatefinancialstatements,theflowchartbelowillustratehowtoaccount for a change in status (that is, when your entity becomes or ceases to be an investment entity). This is done prospectively from the date of the change in status. [IFRS 27 para 11B].

DisclosureIFRS 12, ‘Disclosure of interests in other entities’hasbeenamendedtointroducedisclosure requirements for investment entities with controlled subsidiaries. Appendix A to this document sets out the disclosures. These disclosures are also required by an investment entity parent that preparesseparatefinancialstatementsasitsonlyfinancialstatements(seepage44).[IAS27 para 16A].

The intention of the IFRS 12 disclosures is to give relevant information to users to help them understand:

• significantjudgementsandassumptionsmade in making the investment entity determination;

• reasons for concluding why you consider your entity to be an investment entity, even ifitdoesn’thaveoneormoreofthetypicalcharacteristics; and

• information about unconsolidated subsidiaries and unconsolidated structured entities controlled by your entity.

An investment entity is exempt from providingsummarisedfinancialinformationabout its associates and joint ventures when they are accounted for on a fair value basis under IAS 28. [IFRS 12 para 21A].

IFRS7,‘Financialinstruments:Disclosures’applies to investments in subsidiaries that are measuredatfairvaluethroughprofitorloss.

Change in investment entity status?

Change is accounted for from the date when change

in status occurred

Yes

Yes

Yes

NoNo adjustments

Have you ceased to be an investment entity?

You can either:

• continue to account for your investments in subsidiaries in accordance with IFRS 9 or IAS 39; or

• account for your investments in subsidiaries at cost. The fair value of the subsidiaries at the date of change shall be used as the deemed cost. [IAS 27 para 11B(a)].

• Determine fair value of your subsidiaries at the date of change in status.

• Recognise the difference between the previous carrying amount of the subsidiaries and their fair value as a gain or loss in profit or loss.

• Account for your investments in subsidiaries at fair value through profit or loss in accordance with IFRS 9 or IAS 39. [IAS 27 para 11B(b)].

Are you now an investment entity?


单独财务报表

如果您的主体编制单独财务报表，下面的流程图说明了如何对地位变化进行会计处理（即，当您的主体成为或终止成为投资主体时）。从地位变更日开始采用未来适用法。[IFRS 27第11B段]。

披露

《国际财务报告准则第12号—STET在其他主体中权益的披露》（IFRS 12）已进行了修改，加入了对有控制子公司的投资主体的披露要求。本文件的附录A中列出了这些披露。对于一个只编制单独财务报表的投资主体母公司，也要进行这些披露（详见第45页）。[IAS 27第16A段]。

IFRS 12中披露的目的是为使用者提供相关信息，以帮助他们了解：

• 判断投资主体时的重大判断和假设；

• 当您的主体缺少一个或多个典型特征时，您仍认为它是投资主体的原因；以及

• 关于您的主体所控制的未合并子公司和未合并结构化主体的信息。

根据国际会计准则第28号，当投资主体对其联营和合营公司按照公允价值进行会计处理时，投资主体可豁免提供相关的财务信息概要。[IFRS 12第21A段]。

《国际财务报告准则第7号—金融工具：披露》适用于以公允价值计量且其变动计入损益的子公司的投资。

投资主体地位发生变化？

从地位发生变化之日起，对变化进行会计处理

是

是

是

否

不进行调整

是否不再是一个投资主体？

您可以采取以下任一方式：

• 继续按照IFRS9 或IAS 39对您在子公司中的投资进行会计处理；或者

• 以成本对您在子公司中的投资进行会计处理。变更日子公司的公允价值应被视为认定成本[IAS 27第11B（a）段]。

• 确定变更日子公司的公允价值

• 子公司之前的账面价值和其公允价值之间的差额应在利润表中确认为损益

• 按照IFRS 9或IAS 39对您在子公司中的投资以公允价值计量并将公允价值的变动计入损益。[IAS 27第11b（B）段]。

现在是投资主体了吗？


Date of application and transition requirementsThe amendment is applicable for periods beginning on or after 1 January 2014. Earlier application is permitted. If you apply the amendment early, that fact should be disclosed; and the amendments to other standards should also be applied. [IFRS 10 para C1B].

PwC observationEarly adoption will allow entities that apply IFRS 10 at its application date of 1 January 2013 to apply the investment entity amendment at the same time.

Toapplytheamendment,youfirstneedtodetermine whether your entity meets the definitionofaninvestmententityatthedateof initial application of the amendments. The date of initial application is the beginning of the annual reporting period for which the amendmentisappliedforthefirsttime.[IFRS10 para C2B]. For example, if you apply the amendment for the accounting period beginning on 1 January 2014, the date of initial application will be 1 January 2014. You should make the assessment as at the date of initial application (in this example, 1 January 2014) based on all the facts and circumstances that exist at that date. [IFRS 10 para C3A].

The following paragraphs assume that your entitymeetsthedefinitionofaninvestmententity at the date of initial application and is applying the amendment.

The amendment should be applied retrospectively. This is the case irrespective of whether the entity would have met the definitionofaninvestmententityinpriorreporting periods. The entity should cease to consolidate its subsidiaries; instead, it should measurethematfairvaluethroughprofitorloss as if the amendment had always been effective except for any subsidiaries it is required to consolidate because they provide investment-related services (under IFRS 10 para 32). But your entity is not required to make any adjustment for subsidiary investments which it had disposed of or lost control of before the date of initial application. [IFRS10 paraC3E]. The entity should adjust equity at the beginning of the immediately preceding period, for an amount that is the difference between:

• the previous carrying amount of the subsidiary; and

• thefairvalueoftheinvestmententity’sinvestment in the subsidiary.

The entity should also transfer to retained earnings any fair value adjustments that had been recognised in other comprehensive income at the beginning of the preceding annual period. [IFRS 10 para C3B].

Thefairvalueofyourentity’sinvestmentsatthe beginning of the immediately preceding period should be determined under IFRS 13, ‘Fairvaluemeasurement’.Iffairvalueistobedetermined on a date before IFRS 13 is adopted, the fair value of your investments should be the fair value amounts that were previously reported to investors or to management (provided those amounts represent the amount for which the investments could have been exchanged between knowledgeable, willing parties in an arm’slengthtransactionatthedateofthevaluation). [IFRS10 paraC3C].

If it is impracticable to measure subsidiaries at previous fair values, you should apply the requirements of the amendment at the beginning of the earliest period for which its application is practicable; this might be the currentperiod.Wherethisisthecase,theadjustment to equity noted above should be made at the beginning of the current period. [IFRS 10 para C3D].

PwC observationWewouldexpectthatmostinvestmententities will, be able to apply the amendment retrospectively (if they wouldalsohavemetthedefinitionofan investment entity in prior periods). This is because fair value measurement, evaluation and information provision are essential features of investment entities.

The IFRS 10 transition requirements are applicable where your entity prepares consolidatedfinancialstatementsintheprevious period and in the current period. Whereyouprepareseparatefinancialstatements(eitherasyouronlyfinancialstatements or in addition to consolidated financialstatements)theamendmentstoIAS27 include transition requirements. These are similar to ones in IFRS 10 described above and can be found in paragraphs 18C-18I of IAS 27.


适用日期和过渡要求

此次修改适用于2014年1月1日及之后开始的会计期间。允许提前采用。如果您提前采用此次修改，应披露这一事实，同时也应采用对其他准则的相应修改。[IFRS 10第C1段]。


允许提前采用，可以使主体在IFRS 10的生效日2013年1月1日采用IFRS 10的同时采用此次投资主体的修改。

要应用这一修改，首先，您需要在首次采用此次修改的当日确定您的主体是否符合投资主体的定义。首次采用的日期是首次采用此次修改的年度报告期间的起始日。[I F R S 10第C2B段]。例如，如果您在起始日为2014年1月1日的会计期间采用这一修改，首次采用的日期将为2014年1月1日。您应基于首次采用日（在本例中，为2014年1月1日）当日所存在的全部事实和情况进行评估。[IFRS 10第C3A段]。

以下段落假设您的主体在首次采用日符合投资主体的定义，将采用此次修改。

此次修改应追溯适用，而不管主体在之前的报告期间是否满足投资主体的定义。除了由于提供投资相关服务而必须合并的子公司之外，主体不再合并其子公司，而改为按照公允价值计量并将其变动计入损益，视同此次修改在之前就一直有效（根据 IFRS 10第32段）。但是您的主体无须对首次采用日前已处置或丧失控制权的子公司投资进行任何调整。[IFRS 10第C3E段]。主体应将下列两项之间的差额，在报告期的前一期期初调整权益：

• 子公司之前的账面价值；及

• 主体对子公司投资的公允价值。

主体还应将报告期最早期间期初在其他综合收益中确认的任何公允价值调整额结转至留存收益。[IFRS 10第C3B段]。

于报告期前一期的期初，您主体的公允价值应按照《国际财务报告准则第13号—公允价值计量》（IFRS 13）来确定。如果要确定在IFRS 13采用日之前的某个时点的公允价值，您的投资的公允价值应为之前向投资方或管理层报告的公允价值金额（假如这些金额代表于估值当日在公平交易中熟悉情况的交易双方自愿进行投资交换的金额）。[IFRS 10第C3C段]。

如果以之前的公允价值计量子公司不切实可行，您应在切实可行的最早期间开始采用此次修改的要求，这可能为当前期间。在这种情况下，应在当前期间开始时进行上述权益调整。[IFRS 10第C3D段]。


我们预计大部分投资主体将能够追溯采用此项修改（如果它们在以前的期间也满足投资主体的定义）。因为公允价值计量、估值和信息提供是投资主体的基本特征。

当您的主体编制以前期间和当前期间的合并财务报表时，适用于IFRS 10的过渡性规定。当您编制单独财务报表时（无论是作为您唯一的财

务报表还是另有合并财务报表），对IAS 27 的修改中也包括了过渡性规定，与上述IFRS 10中的要求类似，请参见 I A S 27中第18C段至 18I段。


TheflowchartbelowillustratesIAS27transitionrequirementsforseparatefinancialstatements of an investment entity.

On date of initial application, are you an investment entity?

[IAS 27 para 18B].

Have you disposed of or lost control of any of your investments before

the date of initial application?

Yes

No

Yes

Yes

No

Yes

No

No adjustments

No adjustments

Did you measure investments controlled by you at cost in

previous years?

• measure investments controlled by you on FVTP&L basis.

• adjust equity, at the beginning of the immediately preceding period, for an amount that is difference between the:

– previous carrying amount of the assets, liabilities and noncontrolling interest; and

– recognised amount of your interest in the investee.

[IAS 27 para 18C].

Did youmeasure investments in subsidiaries at fair value?

• continue to measure its investments on fair value basis.

• transfer to retained earnings any fair value adjustments that had been previously recognised in other comprehensive income at the beginning of the preceding annual period. [IAS 27 para 18D, 18E].


下面的流程图说明了IAS 27对投资主体单独财务报表的过渡性规定。

在首次采用日，您是否是一个投资主体？[IAS 27第18B段]

在首次采用日之前，您是否已处置或丧失了对某些投资的控制权？

是

否

是

是

否

是

否

不进行调整

不进行调整

在以前年度，您对其控制的投资是否按照成本计量？

• 以公允价值计量您所控制的投资，并将其变动计入损益

• 在前一期间期初，按照下列两项之间的差额调整权益：

– 资产、负债和非控制性权益之前的账面价值；以及

– 所确认的您在被投资方中权益的金额。

[IAS 27 第18C段]。

您是否以公允价值计量在子公司中的投资？

• 继续以公允价值计量其投资

• 将上一年度期初已确认在其他综合收益中的任何公允价值调整额转移至留存收益[IAS 27第18D段和第 18E段]。


Appendix A

DisclosuresAppropriate disclosures made? (Yes/ No/ N/A)

General disclosures

• The investment entity shall disclose information about significant judgements and assumptions it has made (and changes to those judgements and assumptions) in determining that it has met the definition of an investment entity.

[IFRS 12 para 9A]

• If the investment entity does not have one or more of the typical characteristics of an investment (see para 28 of IFRS 10), it shall disclose its reasons for concluding that it is nevertheless an investment entity.

[IFRS 12 para 9A]

• When an entity becomes, or ceases to be, an investment entity, it shall disclose the change of investment entity status and the reasons for the change. In addition, an entity that becomes an investment entity shall disclose the effect of the change of status on the financial statements for the period presented, including:

– the total fair value, as of the date of change of status, of the subsidiaries that cease to be consolidated;

– the total gain or loss, if any, calculated in accordance with paragraph B101 of IFRS 10; and

– the line item(s) in profit or loss in which the gain or loss is recognised (if not presented separately).

[IFRS 12 para 9B]

Interests in unconsolidated subsidiaries

• An investment entity that, in accordance with IFRS 10, is required to apply the exception to consolidation - and instead account for its investment in a subsidiary at fair value through profit or loss - shall disclose that fact.

[IFRS 12 para 19A]

• For each unconsolidated subsidiary, an investment entity shall disclose:

– the subsidiary’s name;

– the principal place of business (and country of incorporation if different from the principal place of business) of the subsidiary; and

– the proportion of ownership interest held by the investment entity and, if different, the proportion of voting rights held.

[IFRS 12 para 19B]


附录A

披露进行了恰当的披露？（是/否/不适用）

一般披露

• 投资主体应披露其在判定自己满足投资主体定义时所作的重大判断和假设（及对这些判断和假设所作的变更）的相关信息。

[IFRS 12第9A段]

• 如果投资主体缺少一个或多个相关的典型特征（详见IFRS 10第28段），它应披露其仍然被判断为投资主体的原因。

[IFRS 12第9A段]

• 当主体成为或终止成为投资主体时，它应披露投资主体地位的变更以及变更的原因。此外，成为投资主体的主体应披露地位变更对列报期间的财务报表的影响，包括：

– 在地位变更日，不再合并的子公司的公允价值总值；

– 根据IFRS 10第B101段计算的利得或损失总额（如果有）；以及

– 该利得或损失在利润表中的损益项目（若没有单独列报）。

[IFRS 12第9B段]

未合并子公司中的权益

• 一个投资主体根据IFRS 10的要求，对其子公司的投资应采用合并豁免，改为按照公允价值会计处理，并将公允价值的变动计入损益，主体应该披露这一事实。

[IFRS 12第19A段]

• 对于每一家未合并的子公司，投资主体应披露：

– 子公司的名称；

– 子公司的主要营业地点（及注册国家，如果注册国家与主要营业地点不一致）；以及

– 投资主体所持有的所有者权益比例及表决权的比例（如果两者不同）。

[IFRS 12第19B段]


DisclosuresAppropriate disclosures made? (Yes/ No/ N/A)

• If an investment entity is the parent of another investment entity, the parent shall also provide the disclosures in 19B (a)–(c) for investments that are controlled by its investment entity subsidiary. The disclosure may be provided by including, in the financial statements of the parent, the financial statements of the subsidiary (or subsidiaries) that contain the above information.

[IFRS 12 para 19C]

• An investment entity shall disclose:

– the nature and extent of any significant restrictions (for example resulting from borrowing arrangements, regulatory requirements or contractual arrangements) on the ability of an unconsolidated subsidiary to transfer funds to the investment entity in the form of cash dividends or to repay loans or advances made to the unconsolidated subsidiary by the investment entity; and

– any current commitments or intentions to provide financial or other support to an unconsolidated subsidiary, including commitments or intentions to assist the subsidiary in obtaining financial support.

[IFRS 12 para 19D]

• If, during the reporting period, an investment entity or any of its subsidiaries has, without having a contractual obligation to do so, provided financial or other support to an unconsolidated subsidiary (for example, purchasing assets of, or instruments issued by, the subsidiary or assisting the subsidiary in obtaining financial support), the entity shall disclose:

– the type and amount of support provided to each unconsolidated subsidiary; and

– the reasons for providing the support.

[IFRS 12 para 19E]

• An investment entity shall disclose the terms of any contractual arrangements that could require the entity or its unconsolidated subsidiaries to provide financial support to an unconsolidated, controlled, structured entity, including events or circumstances that could expose the reporting entity to a loss (for example, liquidity arrangements or credit rating triggers associated with obligations to purchase assets of the structured entity or to provide financial support).

[IFRS 12 para 19F]

• If during the reporting period an investment entity or any of its unconsolidated subsidiaries has, without having a contractual obligation to do so, provided financial or other support to an unconsolidated, structured entity that the investment entity did not control, and if that provision of support resulted in the investment entity controlling the structured entity, the investment entity shall disclose an explanation of the relevant factors in reaching the decision to provide that support.

[IFRS 12 para 19G]


披露进行了恰当的披露？（是/否/不适用）

• 如果投资主体是另一家投资主体的母公司，该母公司还应针对其投资主体子公司所控制的投资，披露第19B（a）-（c）段中所要求的信息。这个披露要求可以通过这样的方式来体现：在母公司的财务报表中加入包含上述信息的子公司的财务报表。

[IFRS 12第19C段]

• 一个投资主体应披露：

– 未合并主体以现金股利的形式向投资主体转移资金，或偿还投资主体向未合并子公司提供的贷款或预付款的能力的任何重大限制（例如借款安排、监管要求或合同安排而导致的结果）的性质和范围；以及

– 向未合并子公司提供财务或其他支持的任何已有承诺或意向，包括协助子公司取得财务支持的承诺或意向。

[IFRS 12第19D段]

• 如果在报告期间，投资主体或其任何子公司，在没有合同义务约束的情况下，向未合并子公司提供财务或其他支持（例如，购买子公司的资产或其发行的工具，或协助子公司取得财务支持），主体应披露：

– 向每家未合并子公司所提供支持的类型和金额；以及

– 提供支持的原因。

[IFRS 12第19E段]

• 如果存在任何合同安排，可以要求主体或其未合并子公司向一个受该主体控制的未合并结构化主体提供财务支持，投资主体应披露上述合同安排的条款，包括可能会给报告主体带来损失的事件或环境（例如，与购买结构化主体的资产或提供财务支持的义务相关的流动性安排或信用评级触发条款）。

[IFRS 12第19F段]

• 在报告期间内，如果一个投资主体或其任何未合并的子公司，在没有合同义务的情况下，向一个不受该投资主体控制的未合并结构化主体提供财务或其他支持，且如果所提供的支持使得投资主体控制了该结构化主体，则投资主体应在报表披露中解释其决定提供支持时的考虑因素。

[IFRS 12第19G段]


Acknowldgements致谢

Yuhui Sun | 孙宇辉Accounting Consulting ServicesDirector会计咨询服务总监

Kun Tang | 唐昆Risk & Quality - BeijingSenior Manager风险及质量管理高级经理

Sepcial thanks to the following individuals for their contributions to translation and production of this publication.

特别感谢以下参与本出版翻译及编制的普华永道成员及其所做的贡献。


Wilfred Wong | 黄家勇+852 2289 [email protected]

Baolang Chen | 陈保郎+86 (21) 2323 [email protected]

Yvonne Kam | 金以文+86 (21) 2323 [email protected]

Tracy Chen | 陈燕华+86 (21) 2323 [email protected]

Shelley So | 苏虹+852 2289 [email protected]

Elza Yuen | 阮慧瑶+852 2289 [email protected]

Yuhui Sun | 孙宇辉+86 (10) 6533 [email protected]

PwC assurance services contacts联系普华永道审计业务部

PwC accounting consulting services contacts联系普华永道会计咨询服务

Beijing | 北京梁伟坚 Thomas Leung+86 (10) 6533 [email protected]

Chongqing | 重庆李松波 Bobby Lee+86 (23) 6393 [email protected]

Dalian | 大连关兆文 Dorman Kwan+86 (411) 8379 [email protected]

Guangzhou | 广州张展豪 A1bert Cheung+86 (755) 8261 [email protected]

Qingdao | 青岛张国俊 Kevin Zhang+86 (532) 8089 [email protected]

Shanghai | 上海李丹 Danie Li+86 (21) 2323 [email protected]

Shenzhen | 深圳张展豪 Albert Cheung+86 (755) 8261 [email protected]

Suzhou | 苏州汪超ArthurWang+86 (512) 6273 [email protected]

Tianjin | 天津郑广安 Kwong On Cheng+86 (22) 2318 [email protected]

Xi’an | 西安叶骏 Joe Ye+86 (29) 8720 [email protected]


Beijing | 北京26/F.,OfficeTowerA,BeijingFortunePlaza,7 Dongsanhuan Zhong Road,Chaoyang District,Beijing 100020, PRC中国北京市朝阳区东三环中路7号北京财富中心写字楼A座26楼邮编 100020T: +86 (10) 6533 8888F: +86 (10) 6533 8800

Chongqing | 重庆Room 1905,19/F Metropolitan Tower, 68 Zou Rong Road, Chongqing 400010, PRC中国重庆市渝中区邹容路68号大都会商厦19楼1905室邮编 400010T: +86 (23) 6393 7888F: +86 (23) 6393 7200

Dalian | 大连8/F., Senmao Building,147 Zhongshan Road,Xigang District, Dalian 116011, PRC中国大连市西岗区中山路147号森茂大厦8楼邮编 116011T: +86 (411) 8379 1888F: +86 (411) 8379 1800

Guangzhou | 广州18/F., PricewaterhouseCoopers Center, 10 Zhujiang Xi Road,Pearl River New City, Tianhe District,Guangzhou510623,PRC中国广州市天河区珠江新城珠江西路10号普华永道中心18楼邮编 510623T: +86 (20) 3819 2000F: +86 (20) 3819 2100

Hangzhou | 杭州Room 3205, Canhigh Center208 Huancheng Road NorthXiacheng DistrictHangzhou310006,PRC中国杭州市下城区环城北路208号坤和中心3205室邮编 310006T: +86 (571) 2807 6388F: +86 (571) 2807 6300

Hong Kong | 香港22/F Prince’s BuildingCentralHong Kong, PRC中国香港中环太子大厦22楼T: +852 2289 8888F: +852 2810 9888

Macau | 澳门29/F Bank of China Building323 Avenida Doutor Mario SoaresMacau, PRC中国澳门苏亚利斯博士大马路323号中国银行大厦29楼T: +853 8799 5111F: +853 8799 5222

Nanjing | 南京Room 12A01, South TowerNanjing International Center201 Zhongyang RoadGulou DistrictNanjing 210009, PRC中国南京市鼓楼区中央路201号南京国际广场南塔12A层01室邮编 210009T: +86 (25) 6608 6288F: +86 (25) 6608 6210

Ningbo | 宁波Room 1203, Tower E, Ningbo International Financial Center,268 Min An Road East, Jiangdong District, Ningbo 315040, PRC中国宁波市江东区民安东路268号宁波国际金融服务中心E座1203室邮编 315040T: +86 (574) 8187 1788F: +86 (574) 8187 1700

PwC China, Hong Kong, Macau, Taiwan and Singapore Office Locations and Contacts普华永道在中国大陆、香港、澳门、台湾及新加坡的事务所


Qingdao | 青岛37/F., Tower One, HNA IMC Center234 Yanan Third Road, Shinan DistrictQingdao 266071, PRC中国青岛市市南区延安三路234号海航万邦中心1号楼37楼邮编 266071T: +86 (532) 8089 1888F: +86 (532) 8089 1800

Shanghai | 上海11/F., PricewaterhouseCoopers Center,2 Corporate Avenue,202 Hu Bin Road,Huangpu District,Shanghai 200021, PRC中国上海市黄浦区湖滨路202号企业天地2号楼普华永道中心11楼邮编 200021T: +86 (21) 2323 8888F: +86 (21) 2323 8800

Shenzhen | 深圳34/F., Tower A, Kingkey 100,5016 Shennan East Road,Luohu District,Shenzhen518001,PRC中国深圳市罗湖区深南东路5016号京基100 - A座34楼邮编 518001T: +86 (755) 8261 8888F: +86 (755) 8261 8800

Singapore | 新加坡8 Cross Street #17-00,PWCBuilding,Singapore 048424新加坡 048424邮区PWC大厦克罗士街八号十七楼T: +65 6236 3388F: +65 6236 3300

Suzhou | 苏州Room 1501, Genway Tower,188WangDunRoad,SuzhouIndustrialPark,Suzhou215028,PRC中国苏州市苏州工业园区旺墩路188号建屋大厦1501室邮编 215028T: +86 (512) 6273 1888F: +86 (512) 6273 1800

Taiwan | 台湾International Trade Building,27F, 333 Keelung Road, Section 1,Taipei 110台北市信义区 110基隆路一段333号27楼T: +886 (2) 2729 6666F: +886 (2) 2757 6371

Tianjin | 天津36/F., The Exchange Tower Two,189 Nanjing Road,Heping District,Tianjin 300051, PRC 中国天津市和平区南京路189号津汇广场2座36楼邮编 300051T: +86 (22) 2318 3333F: +86 (22) 2318 3300

Xiamen | 厦门Unit B, 11/F.,InternationalPlaza,8 Lujiang Road,Siming District,Xiamen 361001, PRC中国厦门市思明区鹭江道8号国际银行大厦11楼B室邮编 361001T: +86 (592) 210 7888F: +86 (592) 210 880

Xi’an | 西安7/F., D Block, Chang’an Metropolis Center, 88 Nanguan Street, Xi’an 710068, PRC中国西安市南关正街88号长安国际中心D座7楼室邮编 710068T: +86 (29) 8469 2688F: +86 (29) 8469 2600

如欲了解更多资讯, 敬请登陆公司网站:For more information, please visit our websites at:www.pwccn.comwww.pwchk.com

www.pwccn.comThis content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

本文仅为提供一般性信息之目的，不应用于替代专业咨询者提供的咨询意见。

© 2013 PwC. All rights reserved. PwC refers to the China member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.

© 2013 普华永道。版权所有。普华永道系指普华永道网络及/或普华永道网络中各自独立的成员机构。详情请进入www.pwc.com/structure。

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