pension funds act: regulatory reporting …...staatskoerant, 4 februarie 2009 no.31838 3 board...
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-
3 STAATSKOERANT, 4 FEBRUARIE 2009 No.31838
BOARD NOTICE
BOARD NOTICE 14 OF 2009
PENSION FUNDS ACT NO 24 OF 1956
REGULATORY REPORTING REQUIREMENTS FOR
RETIREMENT FUNDS
I, Dube Phineas Tshidi, Registrar of Pension Funds, hereby prescribe the following Regulatory Reporting Requirements for Retirement Funds for the preparation of the annual financial statements as referred to in Board Notice 99 of 2008.
Underwritten funds and retirement annuity funds are exempted from the requirements of the Regulatory Reporting Requirements for Retirement Funds in so far as it relates to accrual basis for all financial year-ends ending during 2006,2007, 2008 and 2009.
This Board Notice takes effect on publication hereof.
Ef 1'Bl-i tJs1 DPTSHIDI
REGISRAR OF PENSION FUNDS
-
RE
GU
LA
TO
RY
RE
PO
RT
ING
R
EQ
UIR
EM
EN
TS
FO
R
RE
TIR
EM
EN
T F
UN
DS
CO
NT
EN
TS
Pref
ace
Rep
onin
g co
ncep
ts
Def
initi
ons
Inve
stlil
ents
C
ash
HO
llsin
g hJ
all f
acili
ties
Res
erve
s S
mpl
us
Tra
nsfe
rs
Acc
ount
S re
ceiv
able
and
acc
oullt
s pa
yabl
e pl
anl
and
equi
pmen
t
Prov
isio
ns. c
ontin
gent
lia
bilit
ies
and
cont
mgc
n( a
sset
s C
ontri
butio
ns
Ben
efils
In
vest
men
t ill
com
e A
dmin
istr
atio
n c"
pells
es
Ope
rali
ng le
ases
A
ccou
ntIn
g po
licie
s. c
hang
es in
acc
olln
ting
estim
atcJ
i and
err
ors
Rel
aled
par
ties
/'ag
e.\
I 2
10
II
22
23 ~ 2
8 29
}O
31
32
36
37 ~ 3
9 40
41
43
44
45
46
~ 5
4 5
5-
57
58 -
61
62
63
60\.
67
68·
69
70
71
7]
PRE
FAC
E
His
tori
cally
1he
fin
anci
al s
tate
men
ts o
f ret
irem
ent
fund
s w
ere
prep
ared
on
the
basi
s of
Sou
lh A
fric
an
Stal
emen
ts o
f G
enem
lly
Acc
eple
d A
ccou
ntin
g Pr
actic
e W
ilh
a nu
mbe
r o
f de
panu
res.
T
his
has
prov
ed d
iffi
cult
10 d
efin
e.
it is
ac
cepl
ed
that
In
tern
alio
nal
Fina
ncio
l th
e re
tirem
ent
fim
ds i
ndus
try.
It
is a
ntic
ipat
ed (
118t
fund
s, S
outh
Afi
ica
will
fol
low
tho
se s
tand
ards
. H
owev
er,
it is
unl
ikel
y th
at
slau
dard
s w
ill b
e de
velo
ped
ill t
he I
lear
fut
tlre.
Tite
se r
egul
ato!
), r
epon
ing
requ
irem
ents
hav
e be
en d
evel
oped
as
a ba
sis
for
fina
ucia
l re
tirem
ent
fund
s in
So
uth
Afr
ica.
T
he
requ
irem
ents
w
ere
fina
lised
af
ter
a pe
riod
co
nsul
tatio
n w
hich
allo
wed
for
inp
ut f
rom
acc
ount
ants
, aud
ltors
, tr
uste
es a
nd m
embe
rs o
f re
tirem
ent
fund
s.
The
R
egul
ato!
), fo
r R
elir
emem
Fu
nds
Ithe
re
tirem
ent
fund
s re
gist
ered
tm
der
the
Pens
ion
Fund
s A
ct,
repo
rtiu
g re
quir
emen
ts a
re a
pplic
able
to
the
fina
ncia
l st
atem
ents
an
nual
ly t
o tit
e Fi
nanc
ial S
ervi
ces
Boa
rd I
FS
B)
Pres
enta
tion
and
disc
losu
re
requ
irem
ents
are
set
ou
t in
th
e fo
nlla
t o
f th
e fi
nanc
ial
stat
emen
ts
Ihe
Reg
isfr
ar.
"nle
fin
anci
al s
tate
men
ts a
re a
vaila
ble
on L
he r
etir
emen
t fu
nds
page
of
ite:
W\\
'w.(
'ib
.CO
.llL
The
reg
ulat
ory
repo
rtmg
requ
irem
ents
add
ress
the
rec
ogm
lioJl
and
m
easu
rem
en(
prin
cipl
es t
o be
lIs
ed
in p
repa
ring
the
fim
mda
l st
atem
ents
and
als
o pr
ovid
e so
me
guid
ance
rel
atin
g to
dis
clos
ure
and
pres
enla
lioll
in t
he p
resc
ribe
d fo
nnaL
repo
rli"
g re
quir
emen
ts w
ill
bc
from
lim
e to
tim
c fo
r ch
ange
s ill
glo
bal
are
appr
opri
ate
for
retir
emen
t
\Vllc
re r
elir
cmel
lt flm
ds
fina
ncia
l st
atem
ents
spe
cifk
ally
fix
ot
her
exte
rnal
us
ers
or ro
r m
embe
rs o
f tile
fu"
d, t
he
repo
rtin
g re
qllir
eille
n(s
may
not
nec
essa
rily
be
appr
opri
,uc.
Thc
reg
ulat
ory
repo
rtin
g re
quir
emen
ts d
o no
t ad
dres
s Ih
e ac
tuar
ial
valu
atio
n.
Tra
nsitj
onal
pro
visi
ons
and
(I til
ilelin
e fo
r fh
e ap
Plic
atio
n o
f the
req
uire
mei
lls f
or f
unds
tha
t cu
rren
tly
appl
y a
"all
-acc
rual
bas
i' of
aCC
otU
ltinl
! w
ill b
e is
sued
by
the
FSB
bv
boor
d no
tice
or d
irec
tive
TI,e
FSB
will
als
o de
leon
ine
whe
ther
cer
tain
(,ll
lds
requ
irem
ents
bas
ed o
n tll
eir
sile
or
natw
e. f
hcsc
or
dire
cLiv
e.
Furt
her
guid
ance
and
exa
mpl
es m
ay a
lso
be p
rovi
ded
sepa
rate
ly.
.Ilo z p W
......
CO
VJ CO
G) ~ m ::n z !: m
z -i
G) ~ g m "" "11 m III ::n C » ~ !\) o o
-
RE
PO
RT
ING
CO
NC
EP
TS
Intr
od
uct
ion
ou
tlm
es t
he c
once
p!s
cont
amed
It!
Ih
e pr
epar
atio
n an
d pr
esen
tati
on o
f th
e st
ai:e
men
ls s
ubm
itted
ann
ually
to
the
FSB
. T
he p
LUpO
SC o
fthe't
>e c
once
pts
are
to,
fina
ncia
l Slatement~
in
appl
ying
th
e re
quir
emen
ts a
ud
in
deal
ing
with
to
pics
tha
r ar
e nO
I sp
ecif
icai
lv
regu
lato
ry l
cpor
ting
req
uire
men
ts:
Ass
ist
audl
turs
in
form
intt
an o
pini
on a
s to
whe
ther
st
atem
ents
con
fonl
l til
e re
b'ul
ator
y re
port
ing
requ
irem
ents
: an
d
Ass
ist
the
rSll
in
th
e in
fim
natio
ll co
ntai
ned
fina
llcia
l st
atem
ellts
pr
epar
ed i
ll co
nfor
mit
y th
e rc
gula
lof)
' rep
ortin
g re
quilc
mel
Hs
The
se
do n
ot a
ddre
ss a
ny s
peci
fic
mea
sure
men
t o
r di
sclo
sure
iss
ues.
d
o t
hey
spec
ific
ally
dea
lt w
ith i
n an
y ot
her
chap
ter
of
the
reql
lircm
clIl
s,
a co
nflic
t be
twee
n th
ese
conc
epts
an
d th
c te
quir
emen
B w
ere
10 be
id
enlif
ied.
the
reg
ulat
ory
repo
ning
req
uire
men
ts w
ould
ov
cr t
he c
once
pts.
.01
T
hese
con
cept
s de
al w
ith
The
obj
ecti
ve o
f fin
aTic
ial
stat
emen
ts:
The
qua
litat
ive
char
acte
rist
ics
thal
del
erm
ine
the
usef
ulne
ss o
f w
fonn
atio
ll i
n fl1
1anc
ial
stat
emel
lts,
and
Ihe
defi
nitio
ll,
reco
,l!nu
ioll
and
mea
sure
mel
lt o
f lh
e el
emen
l5 n
'ol11
w
hich
fll
i3nc
lal
stat
emen
ts a
re c
Olls
truct
ed
The
B
oard
o
f T
mst
ees
of
the
retir
emen
t fu
nd
lias
thc
for
the
and
orcs
enta
tion
of
the
fina
ncia
l st
atem
ents
. th
e fi
nanc
ial
stat
emen
ts e
ven
thou
gh i1
has
acc
ess
has
mee
t It
s ow
n ne
eds.
T
he r
epor
ting
or
nrc
Boa
rd o
f T
rmtc
cs
canc
epis
and
the
reg
ulat
ory
repo
rtin
g re
quire
men
t:.,
Th
e ob
ject
ive
of
tbe
fina
ncia
l st
atem
ents
T
he o
biec
tive
of
lhe
fman
clal
st
atem
ents
in
fonn
alio
n
posi!lo~,
perl"
{mm
mee
and
cha
nges
in
lite
lIs
erlil
to t
he F
SR
.06
rhc
info
nnat
ion
in
the
fllla
ncia
l st
atem
ents
is.
ho
wev
er,
Inni
ted
bv
the
fact
th
at
the
fina
ncia
l st
atem
ents
lar
ge'y
por
tray
the
fm
anci
al e
ffec
ts o
f pas
t ev
ents
..
07
Fina
ncia
l st
atem
ents
al
so
relle
et
the
acco
unta
bilil
y o
f lh
e B
oard
o
f T
nlst
ees
for
Ihe
reso
urce
s en
tflls
ted
to i
t.
Fin
anci
aill
osi
tio
n,
per
form
ance
and
cha
nges
iu
nn
and
al p
osit
ion
08
Info
l1na
tioll
abou
l th
e fll
lanc
ial
posi
tion
of
the
retir
emen
t fu
nds
is pr
imaI
ily p
rovi
ded
ill t
he
stat
emen
t o
f ue
t as
sets
and
fun
ds.
lufo
rmat
ion
abou
t pc
rfon
nanc
e of
. an
d ch
ange
s III
tile
fi
nanc
ial
POSi
llOl1
is
prim
arily
pro
vide
d In
the
stal
emcn
t of c
hang
es I
n n
et a
sset
s an
d ftl
nds
.09
part
s of
the
fin
anci
al s
tate
men
ts I
Ilte
n"da
te b
ecau
se l
hey
reH
ect
diff
eren
t sa
me
tran
sact
ions
or o
ther
eve
nts
;>io
tes
and
sup
ple
men
tary
sch
edul
es
10
The
fi
nanc
ial
stat
emen
ts
also
co
ntai
n no
tes
and
supp
lem
enta
ry
sche
dule
s aJ
1d
othe
r in
fonl
latio
n th
at i
s re
leva
nt t
o th
e FS
B r
egar
ding
Ite
ms
refl
ecte
d in
the
sta
tem
ent
of
net
asse
ts a
nd f
unds
and
the
sta
tem
ent o
f cha
nges
in n
et a
sset
s an
d fu
nds.
Und
erly
ing
assu
mp
tio
ns
Acc
rual
bas
is
I I
file
fin
anci
al s
tate
men
ts a
re p
repa
red
on t
he a
ccru
al b
asts
of
acco
untl
llg
Llld
cr t
his
balil
s,
the
elT
ects
of
tran
sact
ions
and
oth
el e
vent
s ar
e re
cogn
ised
whe
n th
ey o
ccur
(an
d no
t as
cas
l1
or i
ts e
ouiv
alen
t is
rec
eive
d or
oai
{j).
and
thev
are
rec
orde
d in
the
acc
ount
ing
reco
rds
and
to w
hich
lhe
y re
late
. Fi
nanc
ial
stat
elll
ents
re
gard
ing
past
tr
ansa
Cllo
ns
to p
ay c
ash
in t
he n
Uur
c
prep
ared
011
th
c as
sum
plio
n th
at a
rel
irei
llent
fun
d fo
r th
e fo
rese
eabl
e [U
llin
:.
Hen
ce.
It
nor
the
need
to
Of
cur1
ali
need
th
e fin
ancI
al
Qu
alit
ath
'c c
har
acte
rist
ics
of
fina
ncia
l st
atem
ents
IJ
Q
ualit
ativ
e ch
arac
teri
stic
s ar
e th
e aU
ribu!
es t
hat
mak
e th
e in
fmm
atlO
ll pI
Ovi
ded
stat
emen
ts
usef
ul
to
user
s.
The
fo
ur
prin
cipa
l qu
ahta
tiyc
ch
arac
ten:
::llc
s (Ir
e un
ders
tand
abili
ty,
rele
vanc
e, r
elia
bilit
y an
d C
Ol1
1rfl
lrah
ilil\·
llnd
erst
"nda
bili
ty
1·1
An
esse
ntia
l qu
alii
y o
f til
e Jl
lfon
nalio
ll pr
ovid
ed i
n fm
anci
a! s
taie
men
ts I
S !h
al i
t re
adil
) un
ders
tand
able
.
Rel
evan
ce
15
To b
e us
eful
, Jl
1f(
)[]n
att
oll
mus
t be
rel
evan
t 10
th
e Ile
eds
of
the
j'SH
In
form
atio
n ha
;:. th
e qu
ality
or
rele
vanc
e w
hen
it he
lps
the
FS
B t
o cy
alua
te p
asL
pr~senl or
Hltm
c ev
ents
OJ
to
conf
irm
. or
corr
ect
its p
asl
eval
uatio
ns
,~f(l/(!n(
{ftl
r
.16
"n
le r
e1e\
"anc
e o
f in
form
atio
n is
affe
cted
by
Its l
latu
re a
nd m
ater
ialit
y. I
II so
me
case
s, t
he
natu
re o
rmfo
nnat
ion
alon
e is
suf
fici
ent
to d
eten
nine
its
rel
evan
ce.
In o
ther
cas
es:,
both
the
na
ture
and
rna
teIi
ality
are
im
port
ant.
is m
ater
ial
jf i
ts
oilli
ssio
n O
f m
isst
atem
ent
coul
d in
flue
nce
the
econ
omic
de
ciSi
ons
of
the
FSB
tak
cn o
n th
e ba
sis
of
the
fina
ncia
l st
atem
ents
. rv
late
llal
ity
on
the
size
of
the
item
O
f er
ror
judg
ed i
n th
e pa
rtic
ular
cir
cum
stan
ces
of
ils
or
mis
stat
emen
t. T
hus.
mat
eria
litv
prov
ides
a t
hres
hold
or
cut-
off
rath
er t
han
bem
g a
iufo
nlla
tlQIl
mus
t ha
ve
is t
o be
use
ful.
I~eli"bi
lit:
r 18
T
o be
use
fllL
inf
onna
lion
mus
l al
so b
e re
liabl
e \~hen
It is
fr
ee
ti"om
m
alcr
Ial
erro
r an
d bi
as a
nd
can
be
repr
esen
! fa
ithfu
lly
expe
cted
re
pres
ent.
19
Info
nnat
ion
may
be
rele
vallt
but
sO
unre
liabl
e in
nat
ure
Of
repr
esen
tati
on
may
be
pote
ntia
lly m
isle
adin
g. I
n th
ose
inst
ance
s, il
may
be
inap
prop
riat
e fu
nd t
o re
cobr
nise
an
amou
nt i
n th
e st
atem
ent
of
£lei
asse
ts a
nd
fund
s or
the
sta
tem
enl
of
chan
ges
in n
el a
sset
s an
d fu
nds,
alth
ough
it
may
be
appr
opri
ate
In d
iscl
ose
the
info
rmat
ion
in t
he n
otes
to
the
fina
ncia
l st
aler
nent
s.
CJ) ~ ~ CJ) 6 m ::0 » Z _-1 " ~ m tll ::0 C » ;!! m I\) o o (0 z p W -' (Xl W (Xl CJ1
-
into
01l3
tion
mus
t re
pres
ent
the
tran
sacl
ions
and
oth
er e
vent
s ei
ther
Pl
LIT)
orts
to
repr
esen
t or
cou
ld
rea
expe
eled
10
re
pres
ent
Tilli
S,
for
exam
ple.
a s
tate
men
t o
f net
ass
ets
alld
fun
ds
11 fa
ilhfu
llv I
he I
rans
aclio
ns a
nd
olhe
r ev
ents
tha
t re
sult
In a
sset
s. l
iabi
litie
s an
d fu
nds
relir
emen
t H
lIld
at t
he r
epor
ting
date
whi
dJ n
tcc:
t th
e re
cogn
ition
crI
teri
a.
.10
.21
Mos
t fi
nanc
ial
info
rmat
ion
is su
bjec
t to
so
me
risk
of
bein
g le
ss
than
a
fairh
fh!
to p
ortr
ay.
Thi
s is
1101
du
e to
bia
s, b
ut r
athe
r to
th
e fr
ansa
ctio
Jls
and
othe
r eve
nts
to b
e m
easu
red
or
It
and
pres
enta
tion
tech
niqL
les
thai
ca
n co
nvey
w
ilh
thos
e tr
ansa
ctio
ns
and
even
ts.
In
cert
ain
ca5es~
the
mea
sure
men
t o
f th
e fi
nanc
ial
efTe
cts
of
item
s co
uld
be s
o ul
lcer
tain
tha
t re
tirem
ent
fund
s ge
nera
lly \
"mlld
Hot
rec
ogni
:;;e
them
in
the
finan
cial
sta
tem
ents
. In
oth
er c
ases
. !lo
\",e
ver.
it m
ay
be
rele
vant
10
rec
ogni
se
item
s fw
d to
dis
dose
the
ns,k
o
f er
ror
surr
ound
ing
Ihei
r re
cob:
rniti
on a
nd m
caSl
Ircr
nenL
Subs
/onc
e .2
2
(f in
fonn
atio
n is
fo
repr
esen
t fa
ithfu
lly t
ile t
rans
actio
lls a
nd m
her
even
ts t
hat
it pu
rpor
ts t
o re
pres
ent.
it is
nec
essa
ry t
hat
they
are
acc
ount
ed f
or a
nd p
rese
nted
in
acco
rdan
ce w
ith t
heir
su
bsta
nce
and
econ
omic
rea
hlV
and
not
mer
elv
thei
r le
gal
fonn
. Ilo
wcv
eL i
ll th
e re
lirem
cnt
fimds
env
irof
lmen
t, w
here
an
~venl
requ
ires
app
rova
l b;
' tlte
FSI
3 it
shou
ld n
ot b
e ac
coun
ted
for
IlIlli
! Ih
e ap
prov
al i
s ob
tain
ed
The
Pen
sion
Fun
ds A
CI w
ill i
n al
l ca
ses
supe
rsed
e Ih
c m
les
of
the
fund
how
evC
f. th
e m
les
of t
he f
und
!TIll
st h
e dr
afte
d in
corn
olia
nce
wit
h t
he a
ct
and
shou
ld b
e pr
escr
ipti
vc i
n 1e
nns
of t
he a
ccou
nts
and
rese
rves
to b
e
the
illfo
nn!l
tioll
cunt
aine
d in
fm
anci
al s
tate
men
ts m
ust
be n
eutr
al:
that
is.
fr
ee f
rom
bia
s Fi
nanc
ial
$lat
emel
lts a
re n
ot n
entr
al j
f. by
the
sel
ectio
n or
nre
senl
atro
n o
f
info
nnat
ion,
the
y in
flue
nce
the
mak
ing
of
a de
cisi
on o
r ju
dgem
ent
in
pred
eten
ninc
d re
sult
or o
utco
me.
.2~
/'I'li
de
nn
' 24
"I1
1e u
repa
rers
of
fina
ncia
l st
atem
ents
do,
how
ever
. ha
ve t
o co
nten
d w
ith t
he u
nt.:e
rtain
ties
surr
ound
m
any
even
ts
and
circ
umst
allc
es,
slic
h as
(h
e co
llec
tabl
lity
o
f re
celv
ahle
s. S
tich
unce
rtai
ntie
s ar
e re
cogn
ised
by
the
disc
losu
re o
f the
ir n
atur
e an
d th
e ex
erC
ise
of
prud
ence
tt
l th
e pr
epar
atio
n o
f th
e fm
anci
ai
stat
emcn
!s.
Incl
usio
n o
fa
ofca
utiO
Il i
n th
e ex
erci
se o
f the
judg
emen
ts n
eede
d II
I
mak
ing
the
esti
mat
es r
equi
red
cond
ition
s o
f ul
lcer
lain
ty, ~uch t
hat
asse
ts o
r in
com
e ar
e no
t ov
erst
ated
and
lia
bilit
ies
or e
xpen
ses
are
not
unde
rsta
ted.
How
ever
. th
e ex
erci
se o
f pr
uden
ce d
oes
not
allo
w.
for
exam
ple,
the
cre
alio
ll o
f ex
cess
ive
prov
isio
ns.
the
deli
bera
te
uTld
erst
atem
ent
of
asse
ts
or
inco
me.
or
th
e de
liber
ate
over
stat
emen
t o
f lia
bilit
ies
or
expe
nses
. be
caus
e in
thi
s ca
se t
he f
inan
cial
sta
tem
ents
wou
ld n
ot b
e ne
utra
l an
d, t
here
fore
, w
ould
not
hav
e th
e qu
alily
of r
elia
bilit
y.
.25
1'0
be
relia
ble.
the
inf
onna
tion
in
fina
ncia
l st
atem
ents
mus
t be
com
piet
e w
ithi
n th
e bo
unds
o
f m
ater
ialit
y an
d co
st,
An
omis
sion
can
cau
se j
nfon
nati
on t
o be
fal
se o
r m
isle
adin
g an
d th
us u
nrel
iabl
e an
d de
fici
em in
ten
ns o
f its
rei
c\'a
nce.
Com
llal
1lbi
lity
.2
6
TIle
fin
anci
al s
tafe
men
ts o
f a
retir
emcn
t fu
nd m
ust
be
thro
ugh
time
in o
rder
to
iden
tify
tren
ds i
n Ih
e re
tirem
ent
nmd'
s fin
anci
al
perf
onna
nce.
It
mus
t al
so b
e po
ssib
le t
o co
mpa
re
the
finan
cial
re
tirem
ent
fund
s in
or
der
io
eval
uate
the
ir r
elal
ive
fina
ncia
l in
fin
anci
al
Hen
ce,
the
mea
sure
men
t an
d di
spla
y o
f Ih
e fin
anci
al e
neel
of
like
lran
sacl
ions
and
nlh
er
evel
lts m
ust
be c
arri
ed o
ut i
n a
cons
iste
nt w
ay b
y re
tirem
ent
fund
s an
d ov
er t
ime,
27
impl
icat
ion
of
the
tlual
itativ
e ch
arac
teri
:;;tic
of
com
oara
bilil
v st
atem
ents
des
crib
e th
e aC
COUl
11
fina
ncia
l st
atem
ents
, an
y ch
ange
s in
tho
se
28
The
nee
d fo
r co
mpa
rdbi
llly
shou
ld n
ot h
e co
nfus
ed w
ith m
ere
unif
onni
ty a
nd s
houl
d no
t be
al
low
ed t
o be
com
e an
im
pedi
men
t to
the
int
rodu
ctio
n o
f Im
prov
ed a
ccou
ntin
g pr
actic
es.
It is
not
app
ropr
iate
for
a r
etir
emen
t fu
nd t
o co
mill
tle a
ccou
ntill
g [n
the
sam
e m
anne
r fO
i a
tran
sact
ion
or o
ther
eve
nt
if t
he
polic
y ad
opte
d IS
no
t in
ke
epin
g w
ith
the
qual
itat
ive
char
acte
rist
ics
of
rele
vanc
e an
d re
liabi
lity,
It
is al
so i
napp
ropr
iate
for
a r
etir
emen
t fu
nd t
o
leav
e its
acc
ount
ing
polic
ies
unch
ange
d w
hen
mor
e re
leva
nt a
nd r
elia
ble
ahem
ativ
es e
xisl
.]9
B
ecau
se u
sers
wis
h to
pe
rion
nanc
e an
d ch
ange
s in
1in
anci
al
posi
tion
of
a re
tirem
ent
fund
ove
r tim
e. i
t th
at t
he f
inan
cial
sta
tem
ents
sho
w
corr
espo
ndin
g in
form
atio
n fo
r tIl
e pr
eced
ing
.}O
re
qUlr
emen
ts
are
!lot a
djus
ted
for
chan
ges
erro
rs.
Full
be g
iven
in
lite
curr
ent
year
. wh
efl.
~
com
para
bilil
y.
Co
nst
rain
ts o
n re
leva
nt a
nd
rel
iabl
e in
form
atio
n T
imel
ines
s 31
If
ther
e is
undu
e de
lay
in t
he r
epor
ting
of
info
nnat
ion
it m
ay l
ose
ils r
elev
ance
. T
he B
oard
o
f Tru
slee
s m
ay n
eed
to b
alan
ce t
he r
elat
Ive
I1ll!
rits
ofti
mcl
y re
port
ing
and
the
plov
isio
n o
f re
liabl
e in
fonn
alio
l1.
To
prov
ide
info
nnat
ion
all a
um
ely
basi
s it
may
oft
en b
e ne
cess
ary
to
all
aspe
cts
of
a tr
ansa
ctio
n or
ot
her
even
t ar
e kn
own,
th
us
impa
irin
g is
dela
yed
ullti
l al
l as
pect
s ar
e kn
own,
the
inf
onna
lion
us
c to
Ihe
fS
B,
whi
ch h
as h
ad t
o m
ake
deci
Sion
s ill
Ihe
in
teri
m.
In
achi
evin
g a
bala
nce
betw
een
rele
vanc
e an
d re
iiab1
1ity
. th
e ov
erri
ding
co
nsid
erat
ion
is ho
w b
est
lO s
atis
fY f
he r
equi
rem
ents
ofl
he
FSB
.
Bal
ance
bet
wee
n be
nefi
t an
d c
osl
.32
"I1
le ba
lanc
e be
twee
n be
nefi
t an
d co
st i
s fl
perv
asiv
e co
nstr
aint
rat
her
than
a q
uali
lati
vc
char
acfe
rist
lc,
The
ben
efils
der
ived
fro
m i
nfor
mat
ion
shou
ld e
xcee
d th
e: c
ost
ofpr
ovfd
ing
it '11
1e e
valu
atio
n or
bene
fits
and
cos
ts is
, ho
wev
er.
subs
tant
ially
aju
dgem
enla
l pr
oces
s.
Bal
ance
bet
wee
n v
ario
us
qu
alit
ativ
e ch
arac
teri
stic
s .3
3
In
prac
tice
a ba
lanc
e be
twee
n va
rIO
us
qual
itativ
e ch
arac
teri
stic
s is
onen
ne
cess
ary
Gen
eral
ly t
he a
im i
s to
ach
ieve
an
appr
opri
ate
bala
nce
amon
g lh
e ch
arac
teri
stic
s ill
ord
er to
m
eet
the
obje
ctiv
c o
f fi
nanc
ial
stat
emen
ts. T
he r
elat
ive
tlnpO
nallc
e o
f the
cha
ract
eris
tics
in
diff
eren
t ca
ses
is a
mat
ter o
f pro
fess
iona
l jud
gem
ent
.34
Th
e el
emen
ts o
f fi
nanc
ial
stat
emen
ts
.}S
Fi
nanc
ial
stat
emen
ts
port
ray
the
fina
ncia
l ef
fect
s o
f tr
ansa
ctio
ns
and
othe
r ev
ents
by
!,.
rt"on
ping
the
m i
nto
broa
d cl
asse
s ac
cord
ing
to t
heir
eco
nom
ic c
hara
crer
islic
s. T
hese
bro
ad
clas
ses
are
tenn
cd t
he "
elem
ent"
,)"
of
fina
neia
i st
alem
enlS
. T
he e
lem
ents
dir
ectly
rel
ated
10
the
mea
sure
men
t o
f fi
nanc
ial
Ilos
itiol
l in
the
sta
tem
ent
of
net
asse
ts a
nd f
imds
are
ass
ets.
lia
bilit
ies.
and
fill
lds
and
rese
ryes
. T
he e
lem
ents
dir
eclly
rel
aled
to
the
mea
sure
men
l o
f pe
rfon
nanc
e in
Ihe
sla
tem
ent
of
chan
ges
in n
et a
ssel
s an
d fil
l1ds
ate
inc
ome
and
'!ltc
sta
tem
ent
of
chan
ges
in n
el a
ssel
s an
d fu
nds
also
ref
lecl
s ch
ange
s in
the
po
sitio
n re
flec
led
in t
he s
tate
men
t o
f net
ass
ets
and
fund
s,
0'1
z p (.) ... CD (.) CD G) ~ m II Z SO; m z -I G) » N S
J11
.j:l. II
m
OJ
II
C » ~ I\J g lO
-
Fin
anci
al p
osit
ion
lhe e
lem
clIl
s di
rect
l)' r
elat
ed 1
0 th
e m
easu
rem
elll
or
fina
ncia
l po
siti
on a
re a
sset
s, l
iabi
liti
es,
and
fund
s an
d re
serv
es
01 !l
ese
are
defi
ned
as r
ollo
\\s
All
asse
t is
a r
eSO
lII c
e co
ntro
lled
th
e re
tire
men
t fU
lld a
s a
resu
lt o
f pa
st e
vent
s an
d fr
oIll
whi
ch f
utur
e ec
onom
ic
expe
cted
to
flow
to
ihe
retir
emen
t fund~
A I
iabi
llty
is
a pr
esen
t oh
liga
tion
of
the
Ieti
rem
ent
fund
ev
ents
. th
e se
ttle
men
t o
f w
hich
is
expe
cted
to
resu
lt I
n an
ou
tflo
w f
rom
fu
nd o
f re
soll
fces
em
body
ing
ecol
lom
ic b
enel
its:
and
Fun
ds a
nd r
eser
ves
are
the
resH
itml
inte
rest
ill
the
asse
ts o
f th
e re
tire
men
t fu
nd a
flel
de
duct
ing
all
its
lIai
lili
tles
.
.37
T
he d
etln
itio
lls
uf
a1l
asse
t an
d a
liab
ilit
y id
enti
fy t
heir
ess
enti
al f
eatu
res
but
do
not
att
empt
to
spe
cify
fhe
crl
leri
a Ih
at n
eed
to h
e m
et b
efor
e Ih
ey a
re r
ecog
nise
d 1I
l th
e st
atem
ent
of
lIet
asse
ts a
nd f
unds
. T
hus,
the
def
init
ions
em
brac
e it
ems
that
arc
1I0
t
liab
ilit
ies
in l
he s
tate
men
t o
f ne
t as
sets
and
fun
ds b
ecau
se t
he V
do
not
re
cogn
ition
dis
clts
sed
in p
arag
raph
s .5
7 to
,72
in
particul~r, t
he e
xpec
tatio
n ec
oBm
nic
bene
fits
wilt
fl
o\\'
to o
r fr
om a
ret
ircm
ellt
fU
IHl
mus
t be
suf
fici
entl
y ce
rtai
n 10
m
eet
the
prob
abil
ity
Cri
teri
on i
n pa
ragm
ph 5
8 b
efor
e ai
l as
set
or l
iabi
lity
is
rcco
,l!ni
sed
38
In a
sses
sing
whe
ther
an
item
mee
ts t
he d
efin
itio
n o
f an
ass
et,
or
fU1l
d, at
tent
ion
need
s to
be~
gi v
en t
o Its
und
erly
ing
subs
tanc
e an
d ec
onom
ic r
eali
ty
not
mer
ely
its
lega
l io
nH.
Ass
ets
:w
1h
e fu
ture
CC
OH
OIf
ilC
hen
efit
em
bodi
ed i
ll .
dll
assc
t is
the
pm
cnli
nl t
o cO
Jltr
ibut
e, d
irec
tly
or
indi
rect
ly.
to t
he f
low
of
cash
and
cas
h eq
UIv
alen
ts t
o th
e re
tire
men
t fu
nd.
it
also
tak
e th
e fo
nn
cOlw
erti
bili
ty
into
ca
sh o
r ca
sh e
quiv
alen
ts o
r a
Gap
abili
ty
10
cash
ou
tflo
\\s.
.40
T
he a
sset
s o
f th
e re
tire
men
l fu
nd a
re l
Ised
\0
sup
pol1
Its
lia
bili
tIes
10
ils m
embe
rs
havc
a p
hysi
t.:ai
fon
n. l
low
eveJ
.A
I 42
asse
ts,
for
exam
ple:
:, re
cejv
able
s an
d pr
oper
ly.
are
asso
ciaf
ed
wit
h
the
righ
t o
f ow
ners
hip.
In
dc
tenn
inin
g th
e eX
Iste
nce
of
nn
asse
t,
is n
ot e
ssen
tial
. A
ltho
ugh
the
capa
city
of
a re
tirem
ent
fund
to
con
trol
ben
efit
s is
re
sult
of
lega
l ri
ghts
, an
ite
m m
ay n
onet
hele
ss s
atis
fy t
he d
efin
itio
n o
f an
ass
et
ther
e is
no
lega
l con
lrol
.43
T
he
asse
ts
of
a re
tirem
ent
fund
re
sult
fr
om
past
lr
ansa
ctio
ns
or
olhe
r pa
st
evem
s R
etir
emen
t Il
mds
no
nnaJ
ly
oiJt
ain
asse
ts
by
purc
hasi
ng
them
, bu
r ut
her
tran
sact
ions
or
even
ts m
ay
asse
ts.
Tra
nsac
tion
s o
r ev
ents
exp
ecte
d to
occ
ur i
n lh
e fu
ture
do
not
in
them
selv
es
rise
10
asse
ts:
henc
e, f
or e
xam
ple,
an
inte
llli
on t
o pu
rcha
se a
n a.
sset
doe
s n
o!,
its
elf,
mee
t th
e de
finh
ion
of a
n as
set.
~4
rher
e is
a c
lose
ass
ocia
lion
bet
wee
n jn
cuni
ng e
xpen
ditu
re a
nd
two
do n
ot
nece
ssar
ilv
coin
cide
. H
ence
. w
hen
a re
tire
men
t m
ay p
rovi
de e
vide
nce "
that
nllu
re e
cono
mic
ben
efits
wer
e th
at a
n it
em s
atis
fyin
g th
e de
finH
lon
of
an a
sset
has
bee
n .
a re
Jale
d ex
pend
itur
e do
cs n
ot p
recl
ude
an i
lem
fro
m
sati
sfyi
ng t
he d
eflll
itiO
Il o
f an
8ss
el
and
tbus
bec
omin
g a
cand
idat
e fo
r re
cogn
itio
n in
the
sta
tem
ent
of
net
asse
ts a
nd f
Lind
s; f
or
exam
ple,
ite
ms
that
hav
e be
en d
onat
ed t
o tIl
e re
tire
men
t fu
nd m
ay s
atis
fY t
he d
efin
itio
n o
f an
ass
et
l,ia
bil
itit
s ·1
5
An
esse
mia
l ch
arac
teds
lic
ofa
]ia
bIlit
): i
s th
at l
he r
etir
emen
t fu
nd b
as a
ple
senl
ohl
igat
ion,
A
ll ob
liga
tion
is a
dut
y ur
res
pons
Ibil
ity
to a
ct o
r pe
rfon
n in
a c
erta
in 'v
ay.
Obl
igat
ions
may
be
le
gall
y en
forc
eabi
c as
a c
onse
quen
ce o
f a
bjnd
ing
cont
ract
or
stal
utor
y rC
{Hlir
emel
lf O
blig
atJo
ns a
lso
an~e
, ho
wev
er.
from
Jl
onlla
l bu
sine
ss p
ract
ice,
cus
tom
and
a
mai
ntai
n go
od b
usin
ess
rela
tion
s or
act
in
an e
quit
able
man
ner
.46
.~\ d
isti
ncti
on n
eeds
to b
e dr
aml
betw
een
a pr
esen
t ob
liga
tion
and
a f
utur
e co
mm
itm
ent
A
deci
sion
by
the
Boa
rd o
flrl
.lst
ecs
to a
cqui
re a
sset
s in
the
ful
ure
does
not
, of
itse
lr.
give
nsc
to
a p
rese
nt o
blig
atio
n. A
n ob
liga
tIO
n lI
onna
lly
aris
es o
nly
whe
n (h
e as
set
is d
eliv
ered
or
the
reti
rem
ent
fund
ent
ers
into
an
irre
voca
ble
agre
emen
t to
acq
uire
Ihe
ass
et I
n th
e la
tter
ca
se,
the
irre
voca
ble
natu
re o
f th
e ag
reem
ent
mea
ns t
hat
the
econ
omic
con
sequ
ence
s o
f to
hon
our
tllt~:
obl
iuat
ion
leav
e th
e re
tire
men
t fu
nd w
ith
litt
le,
if a
ni'.
disc
reti
on t
o o
f re
sQu;
ces
anot
her
part
y .
47
Tile
se
ttle
men
t o
f a
pres
ent
obli
gati
on
uSl1
ally
in
volv
es
the
rcti
rem
cllt
fu
nd
reso
urce
s em
body
ing
econ
omic
ben
efit
s in
ord
er t
o sa
lisf
y th
e cl
aim
of
the
( Se
ttlem
ent
of
a pr
esen
t ob
lil!
ilti
on m
ay o
ccur
in a
num
ber
ofw
ay:s
: fo
r ex
ampl
e. b
y.
Paym
ent
of c
ash:
TIan
sfe:
:r o
f oth
er a
sset
s:
Pro
visi
on o
f ser
vice
s: o
r
Rep
lace
men
t o
f tha
t ob
liga
tion
with
i'll
loth
er o
blig
atio
n.
All
obli
gati
on m
ay a
lso
be e
xtIn
guis
hed
by o
ther
mea
ns,
such
as
torf
citi
ng it
s ri
ghts
.
Lia
bili
ties
res
ult
from
pas
t tr
ansa
ctio
ns o
r ot
her
past
eve
nts
49
Som
e li
abil
itie
s ca
n be
m
easu
red
olll"
bv
reti
rem
ent
hmds
des
crib
e th
ese
liab
ilit
ies ~s
on
and
sat
;sr.
es t
ite r
est o
f the
to
be
esti
mat
ed.
Fu
nd
s an
d r
esen
'cs
fund
s an
d le
serv
cs a
re d
efin
ed I
n pa
lJgm
ph
35 a
s a
resi
dlw
l. th
cy m
ay b
e su
bin
the
sta
tem
ent
of
net
asse
ts a
nd f
unds
. S
uch
clas
sifi
cati
ons
can
be r
efe\
·anl
, ..·h
ell
[hey
Ind
icat
e le
gal
or
othe
r re
stri
ctlu
llS
Oll
the
use
of
thos
e hm
ds a
nd r
eser
ves
.s I
Til
e cr
eati
on o
f re
serv
es i
n a
retl
rem
enl
fund
is
requ
ired
by
the
Pf r
\ an
d lh
e ru
les
of
the
fund
.
Per
form
ance
.5
2 T
he e
lem
ents
of
inco
me
and
expe
nses
are
def
ined
as
foll
ows'
hlco
me
is i
ncre
ases
in
econ
omic
ben
efit
s du
rin!!
the
pe
riod
in t
he f
ontl
of
Infl
ows
or
enha
ncem
ents
of
asse
ts o
r de
crea
ses
of
ljab
ilit
les
resu
lt 1
11 in
crea
ses
in
fund
s an
d re
serv
es;
and
are
decr
ease
s in
eco
nom
ic b
enef
its
du
nn
g t
he a
ccuu
ntln
g pe
riod
in
the
fonn
's
or
tile
depl
etio
n o
f as
sets
or
incU
JfC
nce
of
liab
ilit
ies
that
res
ult
in d
ecre
ases
in
fun
ds a
nd r
eser
ves,
oth
er t
han
thos
e re
lati
ng to
dis
trib
utio
ns o
r tm
nsfe
rs o
f fu
nds
and
rese
rves
.
.53
The
def
init
ions
of
inco
me
and
expe
nses
ide
ntit
y th
eir
esse
ntia
l fe
atur
es b
ut d
o no
t at
tem
pt
the
crH
cria
tha
t w
ould
nee
d to
be
mel
bef
ore
they
arc
rec
obrn
iscd
in
the
stat
emel
lt
in n
el a
sset
s an
d fu
nds.
Cri
teri
a fo
r th
e re
cogn
ition
of
inco
me
and
expe
nses
are
pa
ragr
aphs
.57
to
,72,
cred
ltOi
wai
ving
or
(f) ~ ~ (f) [3 m :D l> Z .-1 .jl. m "
tIl :D
C
l>
:D
iii
!\:)
o fil z p (,:) -"
~ CD --I
http:sat;sr.es
-
9
Inco
me
.54
InC0
1He
aris
es b
oth
HI t
he c
ours
e o
f ord
inar
y ac
tiviti
es o
f a r
etire
men
t fu
nd a
nd f
rom
th
at m
ay,
or
may
no
t ar
ise
in t
ile C
Ollr
se o
r tile
ord
Inar
y ac
tivi
ties
ofa
ret
irem
ent
fund
: fo
r in
com
e ar
isin
g o
nli
lc d
ispo
sal
orno
n-cu
rren
t as
sets
.55
T
he d
efin
itIo
n o
f in
com
e al
so i
nclu
des
llnr
eali
sed
gain
s: f
or e
xam
ple.
tho
se a
risi
ng.
on t
he
reva
luat
ion
of
fina
ncja
l in
Stnl
lHen
ts a
nd
lilO
.,e
resu
ltin
g fr
om
incr
ease
s in
the
car
ryin
g am
ounl
ofl
oll
g-l
enn
ass
ets
unle
ss o
ther
wis
e pr
escr
ibed
in
the
regu
lato
ry f
ram
ewor
k
Ex
pen
ses
.56
T
he d
efin
itio
n o
f ex
pens
es e
ncom
pass
es t
hose
exp
ense
s th
at a
rise
in
the
cour
se o
f th
e or
dina
ry a
ctiv
itie
s o
ftll
e re
lire
men
t fll
ud a
nd l
osse
s lh
at m
eet
the
defi
niti
on o
fexp
ense
s an
d m
ay. o
r m
ay n
ot.
aris
e in
the
cou
rse
oft
he
ordi
nalY
act
ivit
ies
oft
he r
etir
emen
t fu
nd
.57
T
he
defi
nIti
on o
f ex
pens
es a
lso
incl
udes
mue
alis
ed l
osse
s~ f
or e
xam
ple.
tho
se a
risi
ng f
rom
th
e ef
fect
s o
f jH
crea
ses
in t
he r
ale
of
exch
ange
for
a
fore
ign
curr
ency
in
resp
ect
of
the
inve
stm
ents
o
f a
reli
rem
eJlt
fu
nd
in t
hat
curr
enc\
,. W
hen
slat
emen
l o
f ch
ange
s in
net
ass
ets
ami
fund
s. t
hey
are uS
lialty
kn
owle
dge
ort
hem
is
IIse
ful
for
the
Rec
ogni
tion
of
the
elem
ents
of
fina
ncia
l st
ate
men
ts
58
Rec
ogni
tion
is
th
e pr
oces
s o
f in
corp
orat
ing
in
the
stat
emcu
t o
f ne
t as
sets
and
fun
d,.;
or
stat
emcn
r o
fdla
ng
eS in
net
ass
ets
and
fund
s an
ite
m t
hat
mee
ts t
he d
efin
ition
of
all
elem
clI(
an
d sa
tisf
ies
the
c;it
eria
for
rec
ogni
tion
set
out
in p
arag
raph
.58
. It
invo
lves
tile
dep
icti
on o
f tl1
e ite
m
in
wor
ds a
nd
by a
mon
etar
y am
OH
nt a
nti
the
incl
usio
n o
f th
at
amou
nt i
n th
e st
atem
ent
of
net
asse
ts a
nd f
unds
or
stat
emen
t o
f ch
alli
!cs
in n
et a
sset
s an
d fu
nds'
lO
lals
. H
ems
that
sat
isfy
the
reC
Oht
lU'ti
on c
rite
n3 s
houl
d be
rec
ogni
sed
In t
he s
tate
men
t of
!let
ass
ets
and
fund
s o
r st
atem
ent
of
chan
ges
in n
et a
sset
s an
d fu
nds.
The
fai
lure
to
reco
gl1i
se s
uch
item
s is
no
t re
ctif
ied
by
disc
losu
re o
f th
e ac
coun
ting
po
lici
es
lIse
d no
r by
no
tes
or
e:.:
plan
atm
y Il
late
rial
.59
A
n it
em t
hat
mee
ts t
he d
eOll
llio
n o
fan
elem
ell!
sho
uld
be r
ecog
nise
d if
is p
roba
ble
that
any
fut
ure
econ
omic
ben
efit
ass
ocia
ted
with
th
e it
em w
ill
flow
to
or
from
the
ret
irem
ent
fuud
: an
d
Th
e ile
m h
as a
cos
t o
r va
lue
Ihat
can
be
mea
sure
d w
ith
reli
abil
ity.
.60
in
ass
essi
ng w
helh
er a
n it
em m
eets
the
se c
rite
ria
and
lher
efor
e qu
alif
ies
for
reco
gnit
ion
in
the
fin
an
da
l st
atem
ents
, re
gard
ne
eds
to
be
give
n to
th
e m
ater
iali
ty
cons
idcr
atio
ns
disc
usse
d in
par
agra
phs
.16
and
.17.
The
int
erre
lall
onsh
ip b
etw
een
the
elem
ents
mea
ns t
hat
afl
item
tha
t m
eets
th
e de
fini
tion
and
re
cogn
jlio
n cr
iter
ia
for
a pa
rtic
uiar
ele
men
t.
for
exam
ple,
an
asse
t au
tom
atic
ally
req
uire
s th
e re
cogn
itio
n o
f an
othe
r ef
elue
nt.
for
exam
ple,
in
com
e o
r a
liab
ilit
y,
Th
e p
rob
abil
ity
of
fulu
l'c e
cono
mic
ben
efit
61
T
he c
once
pt o
f pr
obab
ilit
y is
us
ed i
n th
e re
cogn
itio
n cr
iten
a to
re
fer
to t
he
degr
ee o
f un
cert
aint
y th
at t
he f
utur
e ec
onom
ic b
enef
its
asso
ciat
ed w
ilh
the
item
will
flo
w t
o o
r fr
om
the
reti
rem
ent
fund
. T
he
conc
ept
is i
n ke
epin
g w
itb
the
unce
rtai
nty
that
cha
ract
eris
es t
he
envi
ronm
ent
in w
hich
a r
etir
emen
t fU
lld o
pera
tes.
Ass
essm
ents
of
the
degr
ee o
f un
cert
aint
y to
the
flo
w o
f fu
ture
eco
nom
ic b
enef
its
are
mad
e on
the
bas
is o
f th
e ev
iden
ce
whe
n th
e fi
nanc
ial
stat
emen
ts a
rc p
repa
red.
For
exa
!llp
le,
whe
n it
is p
roba
ble
that
a
rt.><
:eiv
able
ow
ed t
o a
refi
rem
ent
fund
wilt
be
paid
, it
is
then
just
ifia
ble.
in
the
abse
nce
of
any
evid
ence
to t
he c
ontr
ary.
to
reco
gnis
e th
e re
ceiv
ahle
as
an a
ssel
.
Rel
iabi
lity
of
mea
sure
men
t .6
2 lh
e s
econ
d cr
iter
ion
for
the
reco
gnit
ion
of
all
item
is
that
it
poss
esse
s a
cost
or
valu
e th
at
can
be
mea
sure
d w
ith
reli
abil
ity
as d
iscu
ssed
in
para
grap
hs .
18 t
o .
25 o
f th
is c
hapt
er.
In
man
y ca
ses,
cos
t o
r va
lue
mus
t be
est
imat
ed:
the
use
ofr
easo
nabl
e es
tJm
ates
is
an e
ssen
fial
o
f th
e pr
epar
atio
n o
f fi
nanc
ial
stat
emen
ts a
nd d
oes
not
llnd
enni
ne t
heir
reh
ho
wev
er.
a re
ason
able
est
imat
e ca
nnot
be
mad
e th
e ite
m
is n
ot r
ecog
nise
d
stat
enlc
nt o
f ne
t as
sets
and
fu
nds
or
stat
emen
t o
f ch
ange
s in
net
ass
els
and
fund
s,
For
exam
ple,
the
exp
ecte
d pr
ocee
ds f
rom
a 1
awsu
it m
ay m
eet
the
defm
itio
ns o
f ho
th a
ll as
set
and
inco
me
as w
eil
as t
he p
roba
bili
ty c
rite
rion
for
rec
ogni
tion
: ho
wev
er.
if it
is
nOl
for
the
clai
m t
o b
e m
easu
red
reli
ably
, it
shou
ld n
ot b
e re
cogn
ised
as
an a
sset
or
as
fhe
exis
tenc
e o
f lh
e cl
aim
, ho
wev
er.
wou
ld b
e di
sclo
sed
in t
he
nOle
s, ex
plan
ator
y m
ater
JaI
or
supp
lem
enta
ry s
ched
ules
.
63
An
item
tha
t, a
t a
ill t
ime,
fal
ls t
o m
eet
the
reco
gnit
ion
crite
ria
in p
arag
raph
.5
8 m
ay q
uali
fy
reco
gniti
on a
t a
latc
r da
te a
s a
resu
lt o
f su
bseQ
uent
drc
umst
ance
s or
ev
ents
.
M
An
item
tha
t po
sses
ses
the
esse
ntia
l ch
arac
teri
stic
s o
f an
ele
men
t bu
t fa
ils
to m
eet
the
crit
eria
fo
r re
co,b
'11i
tion
may
no
neth
eles
s w
arra
nl
disc
losu
re
in
the
note
s,
expl
anat
ory
mat
eria
l or
in
supp
lem
enta
lY s
clre
dule
s. T
his
is a
ppro
pria
te w
hell
kll
owle
dge
of
the
item
is
cons
ider
ed t
o be
re
leva
nt t
o th
e cv
alua
tion
of
the
fina
ncia
1 po
siti
on.
perf
onm
mce
and
ch
ange
s in
fm
anci
al p
ositi
on o
f a
reti
rem
ent
nmd
by t
he u
sers
off
inan
cial
sta
tem
ents
Rec
ogni
tion
of a
sset
s 65
A
n as
set
is r
ecog
nise
d in
the
sta
tem
ent
of
net
asse
ts a
nd l
imos
whe
n j(
1s
prob
able
Iha
t lh
e fu
tm"e
eco
nom
ic b
enef
its
will
flo
w t
o th
e re
tire
men
t fu
nd a
nd t
he a
sset
has
a c
ost
or
valu
e th
at c
an b
e m
e(ls
ured
rel
Iabl
y
.66
A
n as
set
is n
ot
in t
he s
tate
men
t o
f ne
t as
sets
and
fun
ds w
hen
expe
ndit
ure
has
been
inc
ur re
d fo
r it
is c
Oll
side
red
impr
obab
le t
hat
econ
omic
ben
efit
s \\'
111
tlow
to
the
rett
rem
ent
fund
th
e cu
rren
t ac
coun
ting
per
iod.
Ins
tead
suc
h a
tran
sacl
lol1
res
ults
in
the
reco
gnil
ioll
~n
se
in t
he s
iate
men
t o
f ch
ange
s in
net
ass
ets
and
fund
s.
Thi
s ei
ther
tha
t th
e in
tent
ion
of
the
Boa
rd o
f lm
stee
s in
in
curr
ing
expe
ndit
ure
was
oth
er t
han
(0 g
ener
ate
fh(u
re e
cono
mic
ben
efit
s fo
r th
e re
tirem
ent
fund
o~·
that
th
e B
oard
of
Tll
lste
es "
as
mis
guid
ed.
Th
e on
ly i
mpl
icat
ion
is
that
th
e de
gree
o
f th
at
econ
omic
be
nefi
ts
will
fl
ow
to
the
reti
rem
ent
fund
be
yond
th
e cu
rren
t pe
riod
is
insu
ffic
ient
to
war
rant
the
rec
ogni
tion
of a
n as
set.
Rec
ogni
tion
of
liab
ilit
ies
67
A l
iabi
lity
is
reco
gnis
ed i
n th
e st
atem
ent
of
net
asse
ts a
nd f
unds
whe
n it
is p
roba
ble
Ihat
an
outf
low
of
reso
urce
s em
body
ing
econ
omic
ben
efit
s w
ill r
esul
t fr
om
the
sett
lem
enl
of
a pr
esen
t ob
liga
tion
and
the
am
ounl
a1
whi
ch t
he s
ettl
emen
t w
B!
take
pla
ce c
an b
e m
easu
red
reli
ably
.
Rec
ogni
tion
of
inco
me
68
Inco
me
is r
ecog
nise
d in
the
sta
tem
ellt
of
chan
ges
in n
et a
sset
s an
d fu
nds
\ ....h
eu a
n in
crea
se
in f
utur
e ec
onom
ic b
enef
its
rela
ted
to a
n in
crea
se il
l an
ass
et o
r a
decr
ease
of
a lia
biH
ty h
as
anse
n t
hat
can
be m
easu
red
reii
ably
. T
his
mea
ns,
in
eRec
t lh
al r
ecog
niti
on o
f in
com
e oc
curs
sim
ulta
neou
sly
wit
h th
e re
CO
gnili
on o
f inc
reas
es i
n as
sets
or
decr
ease
s in
lia
bjji
lies
.69
T
he p
roce
dure
s no
nnal
ly a
dopt
ed
in p
ract
ice
for
reco
gnis
mg
inco
me
are
appl
icat
ioll
s o
f th
ese
reco
gnit
ion
crit
eria
. S
uch
pr
oced
ures
ar
e ge
nera
lly
dire
cted
at
re
stri
ctin
g th
e re
cogn
itio
n as
inc
ome
to t
ho
se i
tem
s th
at c
an b
e m
easu
red
reli
ably
and
hav
e a
degr
ee o
f ce
rtai
nty.
Oil z eN ..... CO ~ Q ~ m
lJ
Z s: m ~ Q g » N .f11 "" m "
OJ
lJ ~ ~ I\) o ~
9
-
G') g
Rec
ogni
tion
of
expe
nses
,
70
Exp
ense
s ar
e re
cogn
ised
in
th
e st
atem
ent
of
chan
ges
in
!let
as
sets
and
fl
lnds
w
hell
Iio I\)
de
crea
se i
n ft
ltm
e ec
onom
ic b
enef
its
rela
ted
to
decr
ease
in
an a
sset
or
H:l
OJ
liab
itil
y ha
s: a
rise
n th
at c
an h
e m
easu
red
reli
ab!y
. T
his
mea
ns.
in e
ffec
t. I
hat
en
e~penscs
occu
rs s
imul
tane
ousl
y w
ith
the
Ieco
gniti
on
of
all
incr
ease
in
I'.D r
decr
ease
ill a
sset
s
7 !
E~penses a
re r
ecog
nise
d in
the
sta
tCI1
1ent
a
dire
ct a
ssoc
ia[i
on b
crw
ecil
th
e co
sts
illc
un'e
d an
d th
e re
cogn
itio
n o
f sp
ecif
ic i
tem
s o
f in
com
e.
Thi
s pr
oces
s,
com
mon
ly
refe
rred
lo
as
th
e m
atch
ing
of
cost
s w
ith
reve
nues
. in
volv
es
the
sim
ulta
neol
ls o
r co
ml>
ined
re
cogn
iliol
l o
f re
venu
es a
nd
dire
ctly
and
joi
ntly
fro
m t
he s
ame
tran
sact
ions
or
othe
r ev
ents
. H
O\v
ever
, th
e m
atch
ing
conc
ept
otltl
lned
in
this
cha
pter
doe
s no
t al
low
the
rec
ogni
tion
of
item
s in
lhe
as
sets
and
fun
ds w
hich
do
nor
I11t
'el th
e de
fini
lion
of a
sset
s o
r lia
biliT
ies
IX!
,72
Whe
n ec
onom
ic b
enef
its a
re
case
s pr
oced
ures
aJ e
peri
ods
in w
hich
the
eco
nom
ic b
enef
its
An
expe
nse
is r
ecog
nise
d im
med
iate
ly i
n th
e sl
atem
ent
oC c
hang
es i
n ne
t as
se!s
al}
d fu
nds
whe
n an
exp
endi
ture
no
fut
ure
econ
omic
be
ne
fits
or
whe
n, a
nd 1
0 th
e ex
tent
tha
t. fu
ture
eco
nom
Ic
do H
ot q
ualif
y, o
r cea
se to
qua
lify.
f(ir
rec
ogni
tion
in I
he s
tate
mcn
t o
r llc
t as
sets
and
ftm
ds a~
(1n
asse
t 1he
sta
tem
ellt
of c
hang
es I
II ne
t as
sets
and
flm
ds i
ll th
ose
case
s A
n w
ithou
t th
e re
cogn
ition
of a
u as
set
J\le
asll
rem
ent
uf t
he
elem
ents
of
fina
ncia
l st
atem
ents
rv
leas
urem
enl
is th
e pr
oces
s an
d am
olLn
t5 a
t w
hich
the
ele
men
ts o
f th
e fi
nanc
ial
stat
emen
ts a
le t
o be
in
the
sta
lem
ent
of
net
asse
ts a
nd
fund
s an
d st
atem
ent
of
chan
ges
in n
et a
ssel
s an
d fu
nds
Thi
s in
volv
es t
he s
elec
tion
of
the
part
icul
ar b
asis
of
mea
sure
men
t.
A n
umbe
r o
f di
ffer
ent
mea
surc
men
t ba
ses
are
10 d
iffe
rent
deg
rees
alld
in
vaJ
)'II1
!; co
mui
nati
ons
ill f
inan
cial
sta
tem
ents
. T
hey
follo
win
g'
His
tori
cal
cost
: A
sset
s ar
e re
cord
ed a
t (h
e am
olln
t o
f ca
sh o
r ca
sh e
quiv
alen
ts
the
fair
valu
e o
f th
e cO
Hsi
dera
tion
givc
n to
acq
uire
the
m a
l. th
e tim
e o
f th
eir
acq
Lia
bili
ties
ar
e re
cord
ed
at
the
amou
nt
of
proc
eeds
re
ceiv
ed
ill
exch
ange
fo
r th
e ob
liga
tion
, or
, in
so
me
circ
lIJn
stan
ces,
at
th
e am
ount
s o
f ca
sh
or
cash
eq
uiva
lent
s ex
pect
ed t
o be
pai
d to
sat
isfy
the
lia
bilit
y ill
the
llo
nnal
cou
rse
ofbl
tsin
css:
Cur
rent
cos
t: A
ssel
s ar
e ca
rrie
d ?I
t th
e am
ount
of
cash
or
cash
cqu
ival
eJH
s th
at w
ould
ha
ve t
o be
pai
d if
the
sam
e or
an
equi
vale
nt a
sset
..va
s cu
rren
tly.
Lia
bili
ties
arc
ca
rrie
d at
the
nnd
isco
unte
d am
ount
of
cash
ca
sh
Ihat
wou
ld b
e re
quir
ed
to s
ettl
e th
e ob
tiga
tlon
cur
rellt
ly:
Rea
tisa
bie
(se
ttle
men
t)
valu
e:
Ass
ets
arc
calT
ied
at
the
amou
nt
of c
ash
or
cash
th
at c
ould
cllr
rcnr
[y b
e ob
tain
ed b
y th
e as
set
in a
n or
derl
y di
spos
al
arc
carr
ied
at t
heir
settl
emen
t va
lues
; th
at
the
ulld
isco
unte
d am
olln
ts o
f CA
sh o
r ca
sh e
quiv
alen
ts e
:\pec
ted
10
be p
aid
to s
atis
fY t
he l
iabj
litle
s in
the
Don
nal
cour
se o
f bu
sine
ss:
and
Pres
cnl
valu
\;!:
Ass
ets
are
carr
ied
at t
he p
rese
nt d
isco
unte
d va
lue
of
the
futm
e ne
t ca
sh
infl
ows
that
th
e ite
m
is ex
pect
ed
to
gene
rate
in
th
e !l
omla
l co
ur'le
o
f bu
sine
ss
Lia
bili
ties
are
can
-ied
(II t
he p
rese
m d
isco
unte
d va
llie
of
the
futu
re n
et c
ash
outf
iuw
s th
al a
re e
xpec
ted
to b
e re
quir
ed t
o se
ttle
the
liab
ilit
ie~
in t
he n
onna
l co
urse
of
busi
ness
10
DE
FIN
ITIO
NS
The
val
ue t
hat
the
valn
atm
has
pla
ced
011
the
asse
ts o
f th
e ru
nd
less
any
cr
edit
bala
nces
in
the
mem
ber
and
empl
uyer
su
rplu
s ac
coun
ts;
and
on t
he l
iabi
liti
es o
f th
e fu
nd i
n re
spec
t o
f pe
nsio
nabl
e sC
f\iic
e ac
ciue
d b
y m
embe
rs p
nor
the
valu
atio
n da
le
toge
ther
w
ith
the
valu
e o
f tll
e am
OU
!Hs
stan
ding
to
th
e cr
edit
of
thos
e co
ntin
genc
y re
serv
e ac
coun
ls
whi
ch a
re e
stab
lish
ed o
r w
hich
th
e B
oard
or
Tm
stee
s de
ems
prud
ent
to e
stab
lish
on t
he a
dvic
e o
f th
e va
luat
or:
Exe
mpl
fro
m a
ctua
rial
val
uatio
n m
eans
the
dd
lcrc
ncc
bet
wee
n
The
fai
r vi
tlne
of th
e as
sets
of
the
Hlll
d le
ss a
n\' c
redi
t ba
lanc
es
in t
he m
embe
r an
d em
ploy
er '1
urpl
us a
ccou
nts;
~lId
rhe
sum
of
(he
valu
es o
f th
e am
ount
s Ih
e ac
coun
ts h
eld
for
indi
vidu
al m
embe
rs,
whe
ther
con
trib
utor
y or
pa
id-u
p_
pillS
th
e va
lue
or a
ny
othe
l lia
bilit
ies
pIllS
th
e to
the
cred
it o
f an v
inv
estm
ent
rese
rve
acco
unt
the
smoo
thin
g o
f fu
nd
rcH
lm
cred
ited
10
cont
inge
ncy
rese
rve
acco
nnts
wiu
ch
prud
ent
to e
stab
lish.
amor
tised
" co
st u
f ci-
tll-laI
1c1a
l as'sc
I oi--
i1m
:mda
t !i'ab~it-v"fS-!T1C a
mC)
lllH
at
finan
cial
tii
tbilit
~, ll1~asurcd
whi
ch
the
asse
t or
fi
llanc
ial
is
at
mili
a!
reCOf
LHn 1
011
min
us
or
min
us
the
clIm
ulat
lve