The Financial Conduct Authority has amended the requirements for financial statements of UK authorised funds. The Collective Investment Schemes Sourcebook (Accounting Amendments) (No2) Instrument 2015 amends the COLL Sourcebook to:
- require use of the 2014 edition of the Statement of Recommended Practice (SORP) for the Financial Statements of UK Authorised Funds for periods commencing on or after 1 January 2015;
- amend the requirements for comparative information, and to apply this to QISs;
- remove the requirement for aggregation in the reports of umbrella schemes, but also to impose a requirement for a table showing cross-holdings between sub-funds within an umbrella; and
- make it clear that the report for a QIS must include a full portfolio statement.
The changes took effect on 1 March 2015.