Real Estate Investment Funds: Financial reporting - Alfi

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accounting c. There is no detailed definition of how or when to calculate the leverage ratio in CSSF guidelines. However, it is normal practice to calculate the ratio on a spot basis each time an official Fund NAV is reported. The basis of the calculation should be detailed in the Fund Documentation. d. It is the responsibility of the Fund’s Management to calculate and monitor the ratio. Custodians, central administrators and auditors, in the normal course of their work, verify that this control is effective and that the calculation has been correctly made in line with the Fund Documentation. e. External debt comprises the overall borrowings of the fund, excluding working capital credit balances such as creditors and accruals. This would normally mean that overdrafts which are used to finance the ongoing operations of the fund would be included, along with mortgage debt, subscription lines, revolving credit facilities etc., but does not include shareholder loans, other shareholder debt instruments or inter-company debt inside the REIFs holding structure. f. Monitoring of compliance with the obligations of these various borrowing facilities is primarily the responsibility of the Fund’s Management. Custodians may also consider the effectiveness of this control in so far as it is an encumbrance on the assets of the fund which they have a responsibility to supervise on behalf of investors. Auditors also consider this element in their review for potential contingencies, and in their audit of the presentation of borrowings in the balance sheet. 20
net asset value calculation chapter IV
Page 1: guidelines Real Estate Investment F
Page 5 and 6: table of contents chapter I - PROPE
Page 7 and 8: property valuation chapter I
Page 9 and 10: y the seller. The assessment of the
Page 11 and 12: valuation uncertainty chapter II
Page 13 and 14: 3. How recent should a valuation be
Page 15 and 16: accounting chapter III
Page 17 and 18: discussed above in Chapter III.2.c
Page 19 and 20: understand the nature and potential
Page 21: f. INREV guidance states that in ca
Page 25 and 26: financial statements and disclosure
Page 27 and 28: 3. What are the typical contents of
Page 29 and 30: 1. What specific issues arise with
Page 31 and 32: In general, a FOREF invests in illi
Page 33 and 34: What information in respect of inve
Page 35 and 36: chapter IX how does increased valua
Page 37 and 38: chapter X what options do FOREFS ha
Page 39 and 40: 3. Continue to produce Fund NAVs/fi
Page 41 and 42: In general, auditors will have to p
Page 43 and 44: Glossary of terms 91/75 The IML Cir

Real Estate Investment Funds: Financial reporting - Alfi

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