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MACQUARIE UNIT TRUST SERIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013 2 Summary of significant accounting policies (continued) a) Basis of preparation (continued) New accounting standards Certain new Accounting Standards and Interpretations have recently been issued or amended but are not yet effective and have not been adopted by the Sub-Funds for the annual reporting year ended 30 June 2013. The directors of the Sub-Funds have not early adopted any of these new or amended standards or interpretations as listed below: i) IFRS 9 Financial Instruments: Classification and Measurement IFRS 9 was issued by the IASB in November 2009 and amended in December 2011. It introduces new requirements for the classification and measurement of financial assets effective from January 1, 2015 with early adoption permitted. ii) IFRS 10 Consolidated Financial Statements IFRS 10 establishes a new control model that applies to all entities. It replaces parts of IAS 27 Consolidated and Separate Financial Statements dealing with the accounting for consolidated financial statements and SIC 12 Consolidation-Special Purpose Entities. iii) IFRS 12 Disclosures of Interests in Other Entities IFRS 12 includes all disclosures relating to an entity's interests in subsidiaries, joint arrangements, associates and structured entities. New disclosures have been introduced about the judgements made by management to determine whether control exists, and to require summarised information about joint arrangements, associates and structured entities and subsidiaries with non-controlling interests. iv) IFRS 13 Fair Value Measurement IFRS 13 establishes a single source of guidance under IFRS for determining the fair value of assets and liabilities. IFRS 13 does not change when an entity is required to use fair value, but rather, provides guidance on how to determine fair value when fair value is required or permitted. Application of this definition may result in different fair values being determined for the relevant assets. IFRS 13 also expands the disclosure requirements for all assets or liabilities carried at fair value. This includes information about the assumptions made and the qualitative impact of those assumptions on the fair value determined. IFRS 13 will be adopted by the Sub-Funds on the next reporting period commencing 1 July 2013. The Sub- Funds have not yet decided when to adopt IFRS 9, IFRS 10 and IFRS 12. Management does not expect this will have a significant effect on the Sub-Funds’ financial statements. Standards and interpretations that are not expected to have a material impact on the Sub-Funds have not been included. b) Foreign currency translation i) Functional and presentation currency In view of the international nature of the operations of each of the Sub-Funds, the amounts shown in these financial statements are presented in United States dollars (“US$”) which are the Sub-Funds’ functional and presentation currency. The Manager considers the United States dollar to be the functional currency of the Macquarie IPO China Concentrated Core Fund, the Macquarie IPO China Gateway Fund, and the Macquarie Asia New Stars Fund due to unitholders’ funds being raised in United States dollars. 15
MACQUARIE UNIT TRUST SERIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013 2 Summary of significant accounting policies (continued) b) Foreign currency translation (continued) ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statements of comprehensive income. Translation differences on non-monetary financial assets such as financial assets at fair value through profit or loss are recognised on the statements of comprehensive income within the fair value net gains or losses. c) Financial assets at fair value through profit or loss i) Classification The Sub-Funds’ investments are categorised as at fair value through profit or loss. They comprise: • Financial instruments held for trading These include derivative financial instruments such as forward foreign currency contracts. The Sub- Funds do not designate any derivatives as hedges in a hedging relationship. • Financial instruments designated at fair value through profit or loss upon initial recognition These include financial assets that are not held for trading purposes and which may be sold. These include investments in fixed interest securities and discount securities. Financial assets and financial liabilities may be designated at fair value through profit or loss at inception if they are managed and their performance evaluated on a fair value basis in accordance with the Sub-Funds’ documented investment strategy. The Sub-Funds’ policy is for the Manager to evaluate the information about these financial assets on a fair value basis together with other related financial information. ii) Recognition/derecognition Purchases and sales of investments are recognised on the trade date - the date on which each of the Sub- Funds commits to purchase or sell the investment. Investments are derecognised when the rights to receive cash flows from the investments have expired or each of the Sub-Funds has transferred substantially all risks and rewards of ownership. iii) Measurement Financial assets and liabilities held at fair value through profit or loss are measured initially at fair value excluding any transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. Transaction costs on financial assets and financial liabilities at fair value through profit or loss are expensed immediately. Subsequent to initial recognition, all instruments held at fair value through profit or loss are measured at fair value with changes in their fair value recognised in the statement of comprehensive income. • Fair value in an active market The fair value of financial assets and liabilities traded in active markets is based on their quoted market prices at the statement of financial position date without any deduction for estimated future selling costs. Financial assets are priced at current bid prices, while financial liabilities are priced at current asking prices. • Fair value in an inactive or unquoted market The fair value of financial assets and liabilities that are not traded in an active market is determined using valuation techniques. These include the use of recent arm’s length market transactions, reference to the current fair value of a substantially similar other instrument, discounted cash flow techniques, option pricing models or any other valuation technique that provides a reliable estimate of prices obtained in actual market transactions. Where discounted cash flow techniques are used, estimated future cash flows are based on management’s best estimates and the discount rate used in a market rate at the statement of financial position date applicable for an instrument with similer terms and conditions. 16
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