IMA ISSUES PROPOSALS FOR A REVISED SORP FOR AUTHORISED FUNDS

The Investment Management Association (IMA) has today issued an Exposure Draft (ED) of a revised Statement of Recommended Practice for Authorised Funds. Comments are requested by 25 July 2008.

This revision is being proposed in response to expansion in the range of investment powers available to funds and demand for greater clarity regarding the split of income and capital.

IMA is particularly interested to hear views regarding:

• The relevance and overall content of the reports from users of financial statements
• The practical consequences of the revisions from preparers of financial statements

The proposals do not include any further convergence with International Financial Reporting Standards (IFRS) at this stage.  The Accounting Standards Board (ASB) is still considering its detailed proposals for the future application of IFRS in the UK.  The global open-ended funds community, while supporting the development of a consistent worldwide regime for financial reporting, has expressed concerns regarding the detailed application of particular aspects of IFRS to open-ended funds.  The ED therefore seeks views on this issue.

Copies of the invitation to comment and the Exposure Draft can be downloaded free of charge.  Comments should be sent via email to: financialreporting@investmentuk.org.

-ENDS-

For further information, please contact:
Noreen Shah, Press Officer, IMA, 020 7831 0898

Out of hours:
Mona Patel, Head of Communications, IMA, 07834 089 332