Northern Trust Helps Clients Navigate IFRS 7 Disclosures
CHICAGO, March 29 /PRNewswire/ -- Northern Trust announced today it has created an "IFRS Valuation Toolkit" to assist institutional clients with the additional fair value measurement disclosures required by the International Financial Reporting Standards 7 (IFRS 7) and similar national financial reporting standards.
In March 2009, amendments to IFRS 7, Financial Instruments: Disclosures, introduced a three-level pricing hierarchy to frame disclosures of fair values. Reporting entities are required to analyze their investment portfolios, classify securities into three levels, disclose movements of securities between levels and provide reconciliation from beginning to ending balances (also known as "roll-forward reporting") related to transactions for level 3 securities, the most difficult-to-price assets in the marketplace.
"Northern Trust's toolkit is designed to provide a broad range of documentation, reporting, and recommendations from industry experts to help global custody clients meet IFRS 7 financial reporting disclosure requirements," said Debra Clayton, client reporting product manager for Northern Trust. "Our toolkit is distinctive in that it automates the process. This delivers assurance of data integrity and enables the client to collate data for their IFRS reporting with greater ease, freeing them from the labour intensive and potentially complex tasks."
Available via Northern Trust's single, global operating platform and fully integrated into client reporting packages, the IFRS 7 Valuation Toolkit consists of customizable level determination reports and various pricing related documents that provide clients with details related to the securities within their portfolios. An important element is level 3 roll-forward reporting, which shows activities and current year change in unrealized gains or losses for level 3 securities held at the end of the year. Level 3 securities have unobservable inputs or uncorroborated prices in the marketplace. Therefore additional footnote disclosures assist investors to better understand the risks associated with investing in these types of investments.
The toolkit is currently available for institutional clients that follow International Financial Reporting Standards. "The IFRS Valuation Toolkit saves clients time by helping to identify the fair value measurement information they need to complete year-end disclosure requirements," said Teresa Parker, chief executive officer of the Asia-Pacific region for Northern Trust. "The toolkit aggregates the relevant information in one place, which makes it much easier to compile for reporting purposes."
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2009, Northern Trust had assets under custody of US$3.7 trillion, and assets under investment management of US$627.2 billion. For 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A, incorporated with limited liability in the U.S.
The Northern Trust Company, London Branch (reg. no. BR001960), Northern Trust Global Investments Limited (reg. no. 03929218) and Northern Trust Global Services Limited (reg. no. 04795756) are authorised and regulated by the Financial Services Authority.
The material within and any linked material accessed via this communication is directed to eligible counterparties and professional clients only and should not be distributed to or relied upon by retail investors. For Asia Pacific markets, it is directed to institutional investors, expert investors and professional investors only and should not be relied upon by retail investors.
The Northern Trust Company operates in Australia as a foreign authorised deposit-taking institution (foreign ADI) and is regulated by the Australian Prudential Regulation Authority. |
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The Northern Trust Company of Hong Kong Limited is a securities company regulated by the Securities and Futures Commission. |
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The Northern Trust Company has a Singapore Branch which is a foreign wholesale bank regulated by the Monetary Authority of Singapore. |
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The Northern Trust Company operates in China as a Representative Office and is regulated by the China Banking Regulatory Commission. |
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Northern Trust Global Investments Japan, K.K. is regulated by the Japan Financial Services Agency. |
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Northern Trust (Guernsey) Limited, Northern Trust Fiduciary Services (Guernsey) Limited, Northern Trust Fiduciary Company (Guernsey) Limited and Northern Trust International Fund Administration Services (Guernsey) Limited are licensed by the Guernsey Financial Services Commission. |
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Northern Trust International Fund Administrators (Jersey) Limited and Northern Trust Fiduciary Services (Jersey) Limited are regulated by the Jersey Financial Services Commission. |
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Northern Trust International Fund Administration Services (Ireland) Limited and Northern Trust Fiduciary Services (Ireland) Limited are regulated by the Financial Regulator. |
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Northern Trust Global Services Limited has a Netherlands Branch which is authorised and regulated in the Netherlands by De Nederlandsche Bank. |
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Northern Trust Global Services Limited has a Luxembourg Branch which is authorised and regulated by the Commission de Surveillance du Secteur Financier (CSSF). |
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Northern Trust Luxembourg Management Company S.A. is regulated by the Commission de Surveillance du Secteur Financier (CSSF). |
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Northern Trust Global Services Limited operates in Abu Dhabi as a Representative Office, Licence number 13/238/2008 which is authorised and regulated by the Central Bank of the United Arab Emirates. |
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The Northern Trust Company operates in Canada as The Northern Trust Company, Canada Branch which is an authorized foreign bank branch under the Bank Act (Canada). Trustee related services in Canada are provided by the wholly owned subsidiary The Northern Trust Company, Canada, an authorized trust company under the Trust & Loans Companies Act (Canada). Deposits with The Northern Trust Company and its affiliates and subsidiaries are not insured by the Canada Deposit Insurance Corporation. |
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Northern Trust Global Services Ltd (UK) Sweden Filial is Authorised by the Financial Services Authority and subject to regulation by the Finansinspektionen. |
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SOURCE Northern Trust
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