Decision on the Content and Layout of Forms of Financial Statements of Voluntary Pension Fund Management Companies

RS Official Gazette, Nos 87/2014 and 141/2014 Pursuant to Article 26, paragraph 3 of the Accounting Law (RS Official Gazette, No 62/2013) and Article 18, paragraph 1, item 3 of the Law on the National Bank of Serbia (RS Official Gazette, Nos 72/2003, 55/2004, 85/2005 – other law, 44/2010, 76/2012 and 106/2012), Governor of the National Bank of Serbia issues the following DECISION ON THE CONTENT AND LAYOUT OF FORMS OF FINANCIAL STATEMENTS OF VOLUNTARY PENSION FUND MANAGEMENT COMPANIES

1. This Decision sets out the content and layout of forms of financial
   statements of voluntary pension fund management companies (hereinafter:
   management company), including the content of items in the Balance Sheet, Income Statement, Statement of Other Comprehensive Income, Cash Flow Statement and Statement of Changes in Equity, and notes to financial statements. The forms referred to in paragraph 1 hereof are enclosed herewith as Schedules 1, 2, 3, 4 and 5 and are integral hereto. The contents of some groups of accounts and accounts in forms from paragraph 1 hereof are prescribed by the Decision on the Chart of Accounts and Content of Accounts in the Chart of Accounts of Voluntary Pension Fund Management Companies. The amounts disclosed in the statement forms referred to herein shall be expressed in thousands of dinars.
2. A management company undergoing a status change or subject to
   bankruptcy or liquidation proceedings shall submit its annual financial statement to the Business Registers Agency in a consolidated form for the entire reporting period, as a net change before and after. All forms of the financial statement shall be designated with “STATUS CHANGE”, “BANKRUPTCY” or “LIQUIDATION”.
3. A management company shall enter data in columns 4 to 7 of the
   Balance Sheet form, in accordance with the content of groups of accounts and accounts from column 1 of this form.

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4. A management company shall enter data in columns 4 to 6 of the
Income Statement form, in accordance with the content of groups of accounts and accounts from column 1 of this form.
5. A management company shall enter data in columns 4 to 6 of the
Statement of Other Comprehensive Income form, in accordance with the content of accounts from column 1 of this form. The items from the form referred to in paragraph 1 hereof shall consist of income and expenditure items (including reclassification adjustments) which are not recognised in the Income Statement, as required or allowed by the IFRS. The designation ADP 2013 – Profit based on tax relating to other result of the period, shall disclose the positive effects of the tax calculated by applying the prescribed rate on profit tax on all components of other result of the period, disclosed in items ADP from 2003 to 2012, whereas the designation ADP 2014 – Loss based on tax relating to other result of the period, shall disclose the negative effects of the tax calculated on these grounds.
6. A management company shall enter data in columns 3 and 4 of the
Cash Flow Statement form.
For the purpose of this Decision, cash flows mean collections and payments in cash and cash equivalents through current and foreign currency accounts, including any compensations, assignments and cessions effected through such accounts. Transfers across individual cash and cash equivalent accounts within the same management company are not deemed cash flows. The amount of cash inflows and outflows may be determined based on records of inflows and outflows in the cash register, business and foreign currency accounts or relevant accounts in the Balance Sheet and Income Statement forms and groups of accounts and accounts in business books of a management company.
7. A management company shall enter data in columns 2 to 11 of the
Statement of Changes in Equity form.
8. Notes to financial statements shall contain in particular:

1. general data on a management company;
2. grounds for compilation of financial statements;
3. description of significant accounting policies;

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4) description of a management company’s risk management
system;
5) analysis of individual items from financial statement forms;
6) notes on a management company’s organisational and technical
capacity;
7) notes on the most important observations of the internal auditor;
8) additional disclosures required by the IFRS.
The general data referred to in paragraph 1 subparagraph 1 hereof consist of identification data (name, registry number), data on establishment of a management company and data on voluntary pension funds (hereinafter:
funds) managed by the company, names of laws regulating the management company’s operation and the description of its activities. The grounds referred to in paragraph 1, subparagraph 2 hereof are accounting regulations which apply to the preparation of financial statements, and information on the alignment of financial statements with domestic regulations and the IFRS, including any exemptions from such regulations. The accounting policies referred to in paragraph 1, subparagraph 3 hereof include references to the IFRS, accounting principles of recognition, measurement, classification and disclosure of important items of Balance Sheet and Income Statement forms, currency translation methods and the assessment of assets and liabilities items at fair value, and the overview of comparative data for the prior period. The description referred to in paragraph 1, subparagraph 4 hereof includes an overview and analysis of the most important aspects of risk management by the management company. The analysis of individual items referred to in paragraph 1, subparagraph 5 hereof discloses minimum information on the structure of each significant item and the nature of assets or liabilities disclosed in these items. Notes on the organisational capacity referred to in paragraph 1, subparagraph 6 hereof include at least the description of the management company’s organisational structure, the names and responsibilities of members of its board of directors, internal auditor and portfolio manager.
9. This Decision shall apply to financial statements compiled as at 31
December 2014.

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10. This Decision repeals the Decision on the Content and Forms of
Financial Statements of Voluntary Pension Fund Management Companies (RS Official Gazette, No 60/2011).
11. This Decision shall be published in the RS Official Gazette and shall
enter into force on 31 December 2014.
D. No 19 Governor
20 August 2014 National Bank of Serbia Belgrade Dr Jorgovanka Tabaković, sign.

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Schedule 1
To be completed by the management company Registration number Activity code Tax ID number Name:
Head office:
BALANCE SHEET as at ______ 20__
(in RSD thousand)
Group of accounts, account
Item ADP Note Current year
Previous year
End of period
Start of period
1 2 3 4 5 6 7
10 Intangible assets 0001
11 Property, plant and equipment 0002 12 Investment property 0003 14 Deferred tax assets 0004 130, 222 Financial assets held to maturity 0005 131, 223 Financial assets available for sale 0006 133, 225 Financial assets initially recognised at fair value through profit and loss 0007 224 Financial assets at fair value through profit and loss intended for trading 0008 132,138, 221, 229 Deposits and other financial placements 0009 26 Current tax assets 0010 27 Non-current assets held for sale and discontinued operations 0011 20, 21, 24, 25 Other assets 0012 23 Cash and cash equivalents 0013 TOTAL ASSETS (from 0001 tо 0013) 0014 30 Core capital 0401 31 Reserves 0402 32≥0 Revaluation reserves and unrealised profit/loss 0403 32<0 Revaluation reserves and unrealised profit/loss 0404 33 Profit 0405 34 Loss 0406 35 Own shares 0407 TOTAL CAPITAL (0401+0402+0403-0404+0405-0406-0407) 0408 40 Provisions 0409 42 Deferred tax liabilities 0410 41, 43 Financial liabilities 0411 48 Liabilities under non-current assets held for sale and discontinued operations 0412 49 Current tax liabilities 0413 44, 45, 46, 47 Other liabilities 0414 TOTAL LIABILITIES (from 0409 tо 0414) 0415 TOTAL LIABILITIES (0408+0415) 0416 In ________________________, Legal representative of the management company On _____________________ ______________________

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Schedule 2
To be completed by the management company Registration number Activity code Tax ID number Name:
Head office:
INCOME STATEMENT from ______ to ______ 20__ (in RSD thousand) Group of accounts, account Item ADP Note Current year Previous year 1 2 3 4 5 6 600 Pension contribution fees 1001 601 Management fees 1002 609 Other management revenue 1003 500 Asset investment expenses 1004 501 Marketing expenses 1005 502 Custody charges 1006 503, 504 Brokerage fees 1007 505, 509 Other management expenses 1008 Fund management profit (1001+1002+1003- 1004-1005-1006-1007-1008) 1009 Fund management loss (1004+1005+1006+1007+1008-1001-1002-1003) 1010 672+682+ 684-572 -583-587 Net gains on sale and value adjustment of financial investment 1011 572+583+ 587-672- 682-684 Net losses on sale and value adjustment of financial investment 1012 662-562 Net interest income 1013 562-662 Net interest expenses 1014 663+664- 563-564 Net income from exchange rate differences 1015 563+564- 663-664 Net expenses from exchange rate differences 1016 55 Costs of wages/salaries, allowances and other personal expenses 1017 530 Depreciation costs 1018 533 Provisioning costs 1019 61, 669, 67 except for 672, 68 except for 682 and 684 Other income 1020 54, 569, 57 except for 572, 58 except for 583 and 587 Other expenses 1021 Profit before tax (1009-1010+1011-1012+1013-1014+1015-1016- 1017-1018-1019+1020-1021) 1022 Loss before tax (1010-1009-1011+1012-1013+1014- 1015+1016+1017+1018+1019-1020+1021) 1023 690-590 Profit from discontinued operations 1024 590-690 Loss on discontinued operations 1025

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361 Profit from increased deferred tax assets and decreased deferred tax liabilities 1026 360 Loss on reduced deferred tax assets and increased deferred tax liabilities 1027 721 Profit tax 1028 Profit (1022-1023+1024-1025+1026-1027-1028) 1029 Loss (1023-1022-1024+1025-1026+1027+1028) 1030 In ________________________, Legal representative of the management company On _____________________ ________________________

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Schedule 3
To be completed by the management company Registration number Activity code Tax ID number Name:
Head office:
STATEMENT OF OTHER COMPREHENSIVE INCOME from ______ to ______ 20__ (in RSD thousand) Accoun t Item ADP Note Current year Previous year 1 2 3 4 5 6 NET OPERATING INCOME Profit 2001 Loss 2002 OTHER TOTAL RESULT Items not to be reclassified to profit or loss in subsequent periods 320 Increase in revaluation reserves in respect of change in the value of intangible assets, property, plant and equipment 2003 320 Reduction in revaluation reserves in respect of change in the value of intangible assets, property, plant and equipment 2004 325 Other gains not to be reclassified to profit or loss in subsequent periods 2005 326 Other losses not to be reclassified to profit or loss in subsequent periods 2006 Items to be reclassified to profit or loss in subsequent periods 321 Gains from securities available for sale 2007 322 Loss from securities available for sale 2008 323 Gains from cash flow hedging instruments 2009 324 Loss from cash flow hedging instruments 2010 327 Other gains to be reclassified to profit or loss in subsequent periods 2011 328 Other losses to be reclassified to profit or loss in subsequent periods 2012 Gains from taxes relating to other result of the period 2013 Loss from taxes relating to other result of the period 2014 Other total gain (2003-2004+2005-2006+2007- 2008+2009-2010+2011-2012+2013-2014) 2015 Other total loss (2004-2003-2005+2006-2007+2008- 2009+2010-2011+2012-2013+2014) 2016 TOTAL RESULT OF THE PERIOD Total net gain (2001-2002+2015-2016≥0) 2017 Total net loss (2001-2002+2015-2016<0) 2018 In ________________________, Legal representative of the management company On _____________________ _____________________
Schedule 4
To be completed by the management company

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Registration number Activity code Tax ID number Name:
Head office:
CASH FLOW STATEMENT from ______ to ______ 20__ (in RSD thousand) ITEM ADP Amount Current year Previous year 1 2 3 4 А. I CASH FLOWS FROM OPERATING ACTIVITIES Cash inflows from operating activities (3002 to 3006) 3001

1. Contribution fees 3002
2. Management fees 3003
3. Fees for services provided to fund members 3004
4. Investment in securities intended for trading 3005
5. Other business revenue 3006
   II Cash outflows from operating activities (3008 to 3014) 3007
6. Fund management expenses 3008
7. Gross wages/salaries, allowances and other personal expenses 3009
8. Taxes, contributions and other duties charged to income 3010
9. Outflows under other operating costs 3011
10. Profit tax paid 3012
11. Dividends paid 3013
12. Investment in securities intended for trading 3014
    III Net cash inflows from operating activities (3001- 3007) 3015 IV Net cash outflows from operating activities (3007- 3001) 3016 B. I CASH FLOWS FROM INVESTING ACTIVITIES Cash inflows from investing activities (3018 to 3022) 3017
13. Investment in securities apart from securities intended for trading 3018
14. Sale of intangible and fixed assets 3019
15. Interest 3020
16. Net inflows from deposits 3021
17. Other inflows from investing activities 3022
    II Cash outflows from investing activities (3024 to 3027) 3023
18. Investment in securities apart from securities intended for trading 3024
19. Purchase of intangible and fixed assets 3025
20. Net outflows from deposits 3026
21. Other outflows from investing activities 3027
    III Net cash inflows from investing activities (3017- 3023) 3028 IV Net cash outflows from investing activities (3023- 3017) 3029 C. I CASH FLOWS FROM FINANCING ACTIVITIES Cash inflows from financing activities (3031 to 3035) 3030
22. Capital increase 3031
23. Long-term loans and subordinated liabilities 3032
24. Disbursed short-term loans, net 3033
25. Securities 3034
26. Financing activities 3035
    II Cash outflows from financing activities (3037 to 3042) 3036
27. Repurchase of own shares 3037
28. Repayment of long-term loans and subordinated liabilities 3038
29. Disbursed short-term loans, net 3039
30. Securities 3040

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5. Interest 3041
6. Other outflows from financing activities 3042
III Net cash inflows from financing activities (3030 - 3036) 3043 IV Net cash outflows from financing activities (3036 - 3030) 3044 D. TOTAL NET CASH INFLOWS (3015+3028+ 3043) 3045 E. TOTAL NET CASH OUTFLOWS (3016+ 3029+ 3044) 3046 F. NET INCREASE IN CASH (3045 - 3046) 3047 G. NET DECREASE IN CASH (3046- 3045) 3048 H. CASH AT THE BEGINNING OF THE YEAR (Note: ) 3049
I. EXCHANGE RATE GAINS FROM CALCULATION OF CASH 3050
J. EXCHANGE RATE LOSSES FROM CALCULATION OF CASH 3051 K. CASH AT END-PERIOD (Note: ) (3047- 3048+ 3049+ 3050-3051) 3052 In ________________________, Legal representative of the management company On _____________________ __________________________

RS Official Gazette, Nos 87/2014 and 141/2014
Schedule 5
To be completed by the management company Registration number Activity code Tax ID number Name:
Head office:
STATEMENT OF CHANGES IN EQUITY from ______ to ______ 20__ (in RSD thousand) No ITEM ADP Share capital (group 30) ADP Own shares (group 35) ADP Issue premium (account 310) ADP Reserves (accounts 311, 312) ADP Reserves from other result (group 32 – credit balance) ADP Reserves from other result (group 32 – debit balance) ADP Gain (group 33) ADP Loss (group 34) ADP Total capital (column s 2- 3+4+5+6 -7+8-9) ADP Total capital shortfall (columns 9- 2+3-4-5- 6+7-8) 1 2 3 4 5 6 7 8 9 10 11 1 Balance as at 1 January of the prior year 4001 4023 4045 4067 4093 4115 4137 4161 4183 4189 2 Adjustment for material errors and changes in accounting policies in previous years – increase 4002 4024 4046 4068 4094 4116 4138 4162 ххх 3 Adjustment for material errors and changes in accounting policies in previous years – decrease 4003 4025 4047 4069 4095 4117 4139 4163 ххх 4 Adjusted opening balance as at 1 January of the previous year (for columns 2-9, No 1+2-3) 4004 4026 4048 4070 4096 4118 4140 4164 4184 4190 5 Other total gain of the period ххх 4097 4119 ххх 6 Other total loss of the period ххх 4098 4120 ххх 7 Gain of the period ххх 4141 ххх 8 Loss of the period ххх 4165 ххх 9 Transfer from provisions to result due to provisions reversal – increase ххх 4099 4121 4142 4166 ххх 10 Transfer from provisions to result due to provisions reversal – decrease ххх 4071 4100 4122 4143 4167 ххх 11 Transactions with owners recorded directly on capital – increase 4005 4027 4049 4072 ххх 12 Transactions with owners recorded directly on capital – decrease 4006 4028 4050 4073 ххх 13 Distribution of profit – increase 4007 4029 4051 4074 ххх 14 Distribution of profit and/or coverage of loss – decrease 4008 4030 4052 4075 ххх 4144 4168 ххх 15 Payment of dividends ххх 4076 ххх 4145 ххх 16 Other – increase 4009 4031 4053 4077 4101 4123 4146 4169 ххх 17 Other – decrease 4010 4032 4054 4078 4102 4124 4147 4170 ххх

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Balance as at 31 December of the prior year (for columns 2-6, 8 and 9 No 4+5-6+7+8+9-10+11- 12+13-14-15+16-17, for column 7 No 4-5+6+9- 10+16-17) 4011 4033 4055 4079 4103 4125 4148 4171 4185 4191 No ITEM ADP Share capital (group 30) ADP Own shares (group 35) ADP Issue premium (account 310) ADP Reserves (accounts 311, 312) ADP Reserves from other result (group 32 – credit balance) ADP Reserves from other result (group 32 – debit balance) ADP Gain (group 33) ADP Loss (group 34) ADP Total capital (columns 2- 3+4+5+6 -7+8-9) ADP Total capital shortfall (columns 9- 2+3-4-5- 6+7-8) 1 2 3 4 5 6 7 8 9 10 11 19 Balance as at 1 January of the current year 4012 4034 4056 4080 4104 4126 4149 4172 4186 4192 20 Adjustment for material errors and changes in accounting policies in the current year – increase 4013 4035 4057 4081 4105 4127 4150 4173 ххх 21 Adjustment for material errors and changes in accounting policies in the current year – decrease 4014 4036 4058 4082 4106 4128 4151 4174 ххх 22 Adjusted opening balance as at 1 January of the current year (for columns 2-9, No 19+20-21) 4015 4037 4059 4083 4107 4129 4152 4175 4187 4193 23 Other total gain of the period ххх 4108 4130 ххх 24 Other total loss of the period ххх 4109 4131 ххх 25 Gain of the period ххх 4153 ххх 26 Loss of the period ххх 4176 ххх 27 Transfer from provisions to result due to provisions reversal – increase ххх 4110 4132 4154 4177 ххх 28 Transfer from provisions to result due to provisions reversal – decrease ххх 4084 4111 4133 4155 4178 ххх 29 Transactions with owners recorded directly on capital – increase 4016 4038 4060 4085 ххх 30 Transactions with owners recorded directly on capital – decrease 4017 4039 4061 4086 ххх 31 Distribution of profit – increase 4018 4040 4062 4087 ххх 32 Distribution of profit and/or coverage of loss – decrease 4019 4041 4063 4088 ххх 4156 4179 ххх 33 Payment of dividends ххх 4089 ххх 4157 ххх 34 Other – increase 4020 4042 4064 4090 4112 4134 4158 4180 ххх 35 Other – decrease 4021 4043 4065 4091 4113 4135 4159 4181 ххх 36 Balance as at 31 December of the current year (from columns 2-6, 8 and 9 No 22+23- 24+25+26+27-28+29-30+31-32-33+34-35, for column 7 No 22-23+24+27-28+34-35) 4022 4044 4066 4092 4114 4136 4160 4182 4188 4194 In ________________________, Legal representative of the management company On _____________________ __________________________