The adjustment represents the impact on the NAV of the measurement of such finance leases to fair value.The rationale for capitalising and amortising acquisition expenses is to better reflect the duration of the economic benefits to the vehicle of these costs.Since assessing materiality levels might be a complex exercise, INREV recommends to request the auditor of the vehicle what the specific materiality is that he is using for the audit of the financial statements as a whole.Calculating INREV NAV, the question might arise if a certain suggested INREV NAV adjustment would have a material impact on the total INREV NAV.Key assumptions that support the computation are as follows:Expecting only immaterial effects and considering the cost-benefit-ratio fund managers might want to decide not to include a certain adjustment.The rationale behind this adjustment is that under IFRS (and many other GAAPs) deferred tax liabilities are measured at the nominal statutory tax rate. Dynamics NAV calculates the value of the inbound transaction and forwards that cost to any outbound transactions, such as sales or consumptions, which have been applied to the inbound transaction. For example, if a fund has a NAV of $200 million and 1 million shares in issue on a certain day, the "NAV per share"—the price at which shares are issued—is $200. The amount to be reclassified should reflect the corresponding carrying value of the liabilities in the IFRS accounts.Jef Holland, Deloitte, presents the INREV NAV module, including background information, adjustments, computation, disclosure requirements and Q&A.The INREV NAV guidelines override the accounting principles by making adjustments to the results arrived at by following the chosen GAAP.The adjustment represents the impact on NAV of the revaluation of other investments in real assets to fair value in accordance with the fair value assumptions under IFRS 13.Under IAS11, construction contracts for third parties are normally accounted for based on the stage of completion. Key assumptions include: Lease contract rent: 6%. The investor will then be entitled to 1/6 of whatever the fund's value is when he withdraws his investment, if in the meantime his 1/6 ownership is not altered by any further withdrawals or investments to the fund.At the completion of the valuation process and once all other appropriate accounting entries are posted, the accounting books are "closed", enabling a variety of information to be calculated and produced including the net asset value per share.The valuation of the assets and liabilities of an open-ended fund is therefore very important to investors. For example, a share deal disposal may result in lower transfer taxes but may, in fact, increase the other purchaser’s costs due to the need for additional legal expenditure and diligence required to complete any such deal.The committee aim to improve the consistency and presentation of information and encourage greater transparency in reporting to investors and the market in general.Under the fair value model, acquisition expenses of an investment property are charged to income as a component of fair value changes at the first subsequent measurement date after acquisition.Managers should make following disclosures related to the NAV computation:The adjustment represents the impact on the NAV of the difference between the amount determined in accordance with IFRS and the estimate of deferred tax which takes into account the expected manner of settlement (i.e., when tax structures and the intended method of disposals or settlement of assets and liabilities have been applied to reduce the actual tax liability). Based on the example, the following adjustment would be made:On this basis, therefore, a fixed percentage approach as outlined above will not be appropriate unless it represents a reasonable estimate of the adjustment required for both transfer taxes and other purchaser’s costs for each of the individual properties in the portfolio.When capitalising and amortising set-up costs, a possible impairment test should be taken into account every time the adjusted NAV is calculated when market circumstances change and it is not expected that the capitalised set-up costs can be recovered through the sale of units of a vehicle.
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