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

RS Official Gazette, No 93 of 1 July 2020 Pursuant to Article 30, paragraph 3 of the Law on Accounting (RS Official Gazette, No 73/2019) 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, 106/2012, 14/2015, 40/2015 ‒ CC decision and 44/2018), the Governor of the National Bank of Serbia hereby issues D E C I S I O N ON THE CONTENT AND FORM OF FINANCIAL STATEMENTS OF VOLUNTARY PENSION FUND MANAGEMENT COMPANIES

1. This Decision lays down the content and form of financial statements
   for voluntary pension fund management companies (hereinafter:
   management company), including the content of items in the Balance Sheet, Income Statement, Statement on Other Comprehensive Income, Cash Flow Statement and Statement of Changes in Equity, as well as the content of notes to financial statements. The forms referred to in paragraph 1 of this Section are enclosed herewith as Schedules 1, 2, 3, 4 and 5, and are integral thereto. The content of some groups of accounts and accounts in the forms referred to in paragraph 1 hereof have been stipulated by the decision governing the Chart of Accounts and the content of accounts in the Chart of Accounts for voluntary pension fund management companies. Amounts disclosed in the forms referred to in paragraph 1 hereof shall be expressed in thousands of dinars.
2. A management company which underwent a status change or
   bankruptcy or liquidation proceedings, shall disclose consolidated data for the entire reporting period, as a net amount, after the balancing of results before and after the change, in its approved financial statement. It shall designate all such statement forms with either “STATUS CHANGE”, “BANKRUPTCY” or “LIQUIDATION”. 3 A management company shall enter data in columns 4–7 of the Balance Sheet form, in accordance with the content of groups of accounts and accounts specified in column 1 of the form. A management company shall enter data in appropriate fields in the column for the opening balance of the prior year (column 7 of the Balance Sheet) in cases stipulated by IAS 1, i.e. when it:

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1. retrospectively applies an accounting policy;
2. retrospectively corrects items in its financial statements;
3. reclassifies items in its financial statements;
4. performs retrospective application, retrospective corrections or
   reclassifications which have a materially significant effect on information in the Balance Sheet form at the start of the previous period.

4. A management company shall enter data in columns 4–6 of the
   Income Statement form, in accordance with the content of groups of accounts and accounts specified in column 1 of the form.
5. A management company shall enter data in columns 4–6 of the
   Statement of Other Comprehensive Income form, in accordance with the content of accounts specified in column 1 of the form. Items referred to in paragraph 1 hereof are income and expenses items (including reclassification caused by adjustments) not recognised in the Income Statement as required or allowed under IFRS. Item ADP 2015 – Tax gains pertaining to other comprehensive income of the period shall disclose the positive effects of tax, calculated by applying the mandated profit tax rate on all components of other comprehensive income of the period disclosed in items ADP 2003–2014, while item ADP 2016 – Tax losses pertaining to other comprehensive income of the period shall disclose the negative effects of tax calculated on those grounds.
6. A management company shall enter data in columns 3 and 4 of the
   Cash Flow Statement form.
   Cash flows, within the meaning of this Decision, shall be collections and payments in cash or cash equivalents through current accounts and foreign currency account including compensations, assignments, and cessions in these accounts. Transfer of cash and cash equivalents between individual accounts of the same management company shall not be considered cash flows within the meaning of this Decision. The amount of cash inflows and outflows may be determined based on the records of inflows and outflows in cash vault, on business accounts and foreign currency account or corresponding accounts in the Balance Sheet and Income Statement and groups of accounts and account in the books of the management company.
7. A management company shall enter data in columns 2–11 of the
   Statement of Changes in Equity form.

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8. Notes to financial statements shall contain in particular:

1. general data about the management company;
2. basis for compilation of financial statements;
3. description of significant accounting policies;
4. description of risk management system of the management
   company;
5. analysis of individual items in financial statement forms;
6. notes about organisational and technical capacities of the
   management company;
7. notes about significant findings of internal auditor;
8. additional disclosures required under IFRS.
   General data from paragraph 1, indent 1) hereof are identification data (name, registration number), data about establishment of the management company and about voluntary pension funds (hereinafter: funds) managed by the company, laws governing operations of the management company and description of the activities it performs. The basis referred to in paragraph 1, indent 2) hereof are accounting policies used for preparation of financial statements as well as the information about the alignment of financial statements with domestic regulations and IFRS as well as potential deviations from those regulations. Accounting policies referred to in paragraph 1, indent 3) hereof include references to IFRS, accounting policies of recognition, valuation, presentation and disclosure of significant items in the Balance Sheet, Income Statement and Statement of Other Comprehensive Income, to accounting treatment of amounts in foreign currency and measurement of items of assets and liabilities at fair value, as well as to the overview of comparable data for the previous period. Description referred to in paragraph 1, indent 4) hereof means presentation and analysis of the most important aspects of the management company’s risk management. Analysis of individual items referred to in paragraph 1, indent 5) hereof means at least minimum information about the structure of every significant item and about the nature of assets or liabilities disclosed in those items. Notes about organisational capacity referred to in paragraph 1, indent
9. hereof means at least the description of organisational structure of a
   management company and names and mandates of the company’s management members, internal auditor and portfolio manager.

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9. This Decision repeals the Decision on the Content and Form of
Financial Statements of Voluntary Pension Fund Management Companies (RS Official Gazette, Nos 87/2014 and 141/2014). The provisions of this Decision shall apply to financial statements compiled as at 31 December 2020.
10. This Decision shall come into effect on the eighth day following its
publication in the RS Official Gazette.
D. No 12 G o v e r n o r
30 June 2020 of the National Bank of Serbia B e l g r a d e Dr Jorgovanka Tabaković

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Schedule 1
Filled in by the management company Registration number Activity code: TIN:
Name:
Head office:
BALANCE SHEET as at ______ 20__
(amounts in RSD thousand)
Group of accounts, account
Item ADP Note Current year
Previous year
End of the period
Beginning of the 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, 131, 133 Securities 0005 132, 134, 135, 136, 138 Deposits and other financial assets 0006 26 Current tax assets 0007 27 Fixed assets held for sale and discontinued operations 0008 210 Receivables from VPFs 0009 21 (except for 210) Other receivables 0010 20, 24, 25 Other assets 0011 23 Cash and cash equivalents 0012 TOTAL ASSETS (0001 to 0012) 0013 30 Core capital 0401 31 Reserves 0402 32≥0 Revaluation reserves and unrealised gains/losses 0403 32<0 Revaluation reserves and unrealised gains/losses 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 Financial liabilities 0411 440, 441, 442 Liabilities to VPFs 0412 48 Liabilities arising from fixed assets held for sale and discontinued operations 0413 49 Current tax liabilities 0414 44 (except for 440, 441, 442), 45, 46, 47 Other liabilities 0415 TOTAL LIABILITIES (0409 to 0415) 0416 TOTAL LIABILITIES (0408+0416) 0417 In ________________________, on _____________________ Legal representative of the management company __________________________

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Schedule 2
Filled in by the management company Registration number Activity code: TIN:
Name:
Head office:
INCOME STATEMENT in the period from ______ until ______ 20__ (amounts in RSD thousand) Group of accounts, account Item ADP Note Current year Previous year 1 2 3 4 5 6 600 Income from pension contribution fees 1001 601 Income from fund management fees 1002 609 Other income from fund management 1003 500 Costs arising from fund assets investments 1004 501 Marketing expenses 1005 502 Expenses of custody bank services 1006 503, 504 Mediation expenses 1007 505, 509 Other expenses arising from fund management 1008 Fund management gains (1001+1002+1003-1004- 1005-1006-1007-1008) 1009 Fund management losses (1004+1005+1006+1007+1008-1001-1002-1003) 1010
part 672-
part 572
Net gains from derecognition of financial instruments measured at amortised cost - 1011
part 572-
part 672
Net losses from derecognition of financial instruments measured at amortised cost - 1012
part 672
-part 572 Net gans from derecognition of financial instruments measured at fair value 1013
part 572
-part 672
Net losses from derecognition of financial instruments measured at fair value 1014 683+ 686+ 687-583- 586-587 Net gains from adjustment of value of financial instruments 1015 583+ 586+587- 683-686- 687 Net losses from adjustment of value of financial instruments 1016 671+675- 571-575 Net gains from reclassification of financial instruments 1017 571+575- 671-675 Net losses from reclassification of financial instruments 1018 680+682- 580-582 Net gains on hedges 1019 580+582- 680-682 Net gains on hedges 1020 688-588 Net income from reversal of write-down of financial assets for expected credit losses 1021 588-688 Net expenses from write-down of financial assets for expected credit losses 1022 662 Interest income 1023

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562 Interest expenses 1024
663+664 Income from exchange rate gains and losses 1025 563+564 Expenses from exchange rate gains and losses 1026 55 Salaries, compensations and other expenses related to employees 1027 530 Depreciation expenses 1028 53 (except for 530) Expenses of provisions 1029 61, 669, 67 (except for 671,672 and 675), 681, 684, 689 Other income 1030 54, 569, 57 (except for 572,571 and 575), 581, 584, 589 Other expenses 1031 Pre-tax profit (1009-1010+1011-1012+1013-1014+1015- 1016+1017-1018+1019-1020+1021-1022+1023- 1024+1025-1026-1027-1028-1029+1030-1031) 1032 Pre-tax loss (1010-1009-1011+1012-1013+1014-1015+1016- 1017+1018-1019+1020-1021+1022-1023+1024- 1025+1026+1027+1028+1029-1030+1031) 1033 690 Gains from discontinued operations 1034 590 Losses on discontinued operations 1035 361 Profit from increase in deferred tax assets and reduction of deferred tax liabilities 1036 360 Loss from reduction of deferred tax assets and increase in deferred tax liabilities 1037 721 Profit tax 1038 Profit for the period (1032-1033+1034-1035+1036-1037-1038) 1039 Loss of the period (1033-1032-1034+1035-1036+1037+1038) 1040 In ________________________, on _____________________ Legal representative of the management company __________________________

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Schedule 3
Filled in by the management company Registration number Activity code: TIN:
Name:
Head office:
STATEMENT OF OTHER COMPREHENSIVE INCOME in the period from ______ until ______ 20__ (amounts in RSD thousand) Accoun t Item ADP Note Current year Previous year 1 2 3 4 5 6 NET OPERATING RESULT Profit of the period 2001 Loss of the period 2002 OTHER TOTAL RESULT OF THE PERIOD Balance sheet items which will not later be reclassified in income statement 320 Increase in revaluation reserves based on change in the value of intangible assets, property and equipment 2003 320 Decrease in revaluation reserves based on change in the value of intangible assets, property and equipment 2004
part 325
Gains from financial liabilities of a management company measured at fair value through profit and loss account arising from the change in credit standing of the management company 2005
part 326
Losses from financial liabilities of a management company measured at fair value through profit and loss account arising from the change in credit standing of the management company 2006
part 325
Other gains which will not be later reclassified to income statement (except for those disclosed under ADP 2005) 2007
part 326
Other losses which will not be later reclassified to income statement (except for those disclosed under ADP 2006) 2008 Balance sheet items which may later be reclassified to income statement 321 Positive effect of the change in value of debt instruments measured at fair value through other comprehensive income 2009 322 Negative effects of the change in value of debt instruments measured at fair value through other comprehensive income 2010 323 Gains in respect of cash flow hedging instruments 2011 324 Losses in respect of cash flow hedging instruments 2012 327 Other gains which may later be reclassified to income statement 2013 328 Other gains which may later be reclassified to income statement 2014 Gains from tax pertaining to other comprehensive income of the period 2015 Loss from tax pertaining to other comprehensive income of the period 2016 Other total gains of the period (2003-2004+2005- 2006+2007-2008+2009-2010+2011-2012+2013- 2014+2015-2016) 2017 Other total loss of the period (2004-2003- 2005+2006-2007+2008-2009+2010-2011+2012- 2013+2014-2015+2016) 2018 TOTAL RESULT OF THE PERIOD

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Total net gains of the period
(2001-2002+2017-2018≥0) 2019
Total net loss of the period
(2001-2002+2017-2018<0) 2020
In ________________________, on _____________________ Legal representative of the management company __________________________

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Schedule 4
Filled in by the management company Registration number Activity code: TIN:
Name:
Head office:
CASH FLOW STATEMENT in the period from ______ until ______ 20__ (amounts in RSD thousand) ITEM ADP code Amount Current year Previous year 1 2 3 4 А I CASH FLOW FROM OPERATING ACTIVITIES Cash inflow from operating activities (3002 to 3005) 3001 1 Inflow of contribution fees 3002 2 Inflow of management fees 3003 3 Inflow from fees for services to funds members 3004 5 Other inflow from operating activities 3005 II Cash outflow from operating activities (3007 to 3012) 3006 1 Fund management expenses 3007 2 Salaries, compensations and other expenses related to employees 3008 3 Taxes, contributions and other duties charged against income 3009 4 Other outflow from operating activities 3010 5 Paid profit tax 3011 6 Paid dividends 3012 III Net cash inflow from operating activities (3001-3006) 3013 IV Net cash outflow from operating activities (3006-3001) 3014 B I CASH FLOWS FROM INVESTING ACTIVITIES Cash inflow from investing activities (3016 to 3020) 3015 1 Inflow from investment in financial assets, other than deposits 3016 2 Inflow from sale of intangible assets, property and equipment 3017 3 Interest 3018 4 Deposits 3019 5 Other inflow from investing activities 3020 II Cash outflow from investing activities (3022 to 3025) 3021 1 Outflow from investment in financial assets, other than deposits 3022 2 Outflow for the purchase of intangible assets, property and equipment 3023 3 Outflows under deposits 3024 4 Other inflow from investing activities 3025 III Net cash inflow from investing activities (3015-3021) 3026 IV Net cash outflow from investing activities (3021-3015) 3027 C I CASH FLOW FROM FINANCING ACTIVITIES Cash inflow from financing activities (3029 to 3033) 3028 1 Increase in capital 3029 2 Long-term loans and subordinated liabilities 3030 3 Short-term borrowings 3031 4 Issued securities 3032 5 Other inflow from financing activities 3033 II Cash outflow from financing activities (3035 to 3040) 3034 1 Purchase of own shares 3035 2 Payment of long-term loans and subordinated liabilities 3036 3 Short-term borrowings 3037 4 Issued securities 3038 5 Interest 3039 6 Other outflow from financing activities 3040 III Net cash inflow from financing activities (3028-3034) 3041

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IV Net cash outflow from financing activities (3034- 3028) 3042 D. TOTAL NET CASH INFLOW (3013+3026+ 3041) 3043 E TOTAL NET CASH OUTFLOW (3014+3027+ +3042) 3044 F NET CASH INCREASE (3043-3044) 3045 G NET CASH DECREASE (3044-3043) 3046 H CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR (Note: ) 3047 I EXCHANGE RATE GAINS FROM CASH RECALCULATION 3048 J EXCHANGE RATE LOSSES FROM CASH RECALCULATION 3049 K CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (Note: ) (3045- 3046+ 3047+ 3048-3049) 3050 In ________________________, on _____________________ Legal representative of the management company __________________________

RS Official Gazette, No 93 of 1 July 2020
Schedule 5
Filled in by the management company Registration number Activity code: TIN:
Name:
Head office:
STATEMENT OF CHANGES IN EQUITY in the period from ______ until ______ 20__ (amounts in RSD thousand) No DESCRIPTION ADP Tier 1 capital (group 30) ADP Own shares (group 35) ADP Premium on issue of shares (account 310) ADP Reserves (accounts 311, 312) ADP Reserves from other comprehensiv e income (group 32 credit balance) ADP Reserves from other comprehens ive income (group 32 debit balance) ADP Profit (group 33) ADP Loss (group 34) ADP Total capital (col. 2- 3+4+5 +6-7+8-9 ADP Total capital deficit (col. 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 previous year 4001 4027 4053 4079 4109 4135 4161 4189 4215 4221 2 Effects of the first application of new IFRS - increase 4002 4028 4054 4080 4110 4136 4162 4190 ххх 3 Effects of the first application of new IFRS - decrease 4003 4029 4055 4081 4111 4137 4163 4191 ххх 4 Correction of material errors and change of accounting policies in the past year - increase 4004 4030 4056 4082 4112 4138 4164 4192 ххх 5 Correction of material errors and change of accounting policies in the past year - decrease 4005 4031 4057 4083 4113 4139 4165 4193 ххх 6 Adjusted opening balance as at 1 January of the past year (for columns 2-9 No 1+2-3+4-5) 4006 4032 4058 4084 4114 4140 4166 4194 4216 4222 7 Other total profit of the period ххх 4115 4141 ххх 8 Other total loss of the period ххх 4116 4142 ххх 9 Profit of the period ххх 4167 ххх 10 Loss of the period ххх 4195 ххх 11 Transfer from reserves to result due to cancellation of reserves - increase ххх 4117 4143 4168 4196 ххх 12 Transfer from reserves to result due to cancellation of reserves - decrease ххх 4085 4118 4144 4169 4197 ххх 13 Transactions with owners recorded directly in equity

• increase 4007 4033 4059 4086 ххх
  14 Transactions with owners recorded directly in equity
• decrease 4008 4034 4060 4087 ххх
  15 Distribution of profit - increase 4009 4035 4061 4088 ххх 16 Distribution of profit, and/or loss coverage - decrease 4010 4036 4062 4089 ххх 4170 4198 ххх 17 Dividend payments ххх 4090 ххх 4171 ххх 18 Other - increase 4011 4037 4063 4091 4119 4145 4172 4199 ххх 19 Other - decrease 4012 4038 4064 4092 4120 4146 4173 4200 ххх 20 Balance as at 31 December of the past year (for columns 2 to 6, 8 and 9 No 6+78+9+10+11-12+13- 14+15-16-17+18-19, for column 7 No 6-7+8+11- 4013 4039 4065 4093 4121 4147 5 4174 4201 4217 4223

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12+18-19)
No DESCRIPTION
ADP
Tier 1 capital
(group
30)
ADP
Own shares
(group 35)
ADP
Premium on issue of shares
(account 310)
ADP
Reserves
(accounts
311, 312)
ADP
Reserves from other comprehensi ve income (group 32 credit balance) ADP Reserves from other comprehensi ve income (group 32 debit balance) ADP Profit (group 33) ADP Loss (group 34) ADP Total capital (col. 2- 3+4+5 +6-7+8-9 ADP Total capital deficit (col. 9- 2+3-4-5- 6+7-8) 1 2 3 4 5 6 7 8 9 10 11 21 Balance as at 1 January of the current year 4014 4040 4066 4094 4122 4148 4175 4202 4218 4224 22 Effects of the first application of new IFRS - increase 4015 4041 4067 4095 4123 4149 4176 4203 ххх 23 Effects of the first application of new IFRS - decrease 4016 4042 4068 4096 4124 4150 4177 4204 ххх 24 Correction of material errors and change of accounting policies in the current year - increase 4017 4043 4069 4097 4125 4151 4178 4205 ххх 25 Correction of material errors and change of accounting policies in the current year - decrease 4018 4044 4070 4098 4126 4152 4179 4206 ххх 26 Adjusted opening balance as at 1 January of the past year (for columns 2-9 No 21+22-23+24-25) 4019 4045 4071 4099 4127 4153 4180 4207 4219 4225 27 Other total profit of the period ххх 4128 4154 ххх 28 Other total loss of the period ххх 4129 4155 ххх 29 Profit of the period ххх 4181 ххх 30 Loss of the period ххх 4208 ххх 31 Transfer from reserves to result due to cancellation of reserves - increase ххх 4130 4156 4182 4209 ххх 32 Transfer from reserves to result due to cancellation of reserves - decrease ххх 4100 4131 4157 4183 4210 ххх 33 Transactions with owners recorded directly in equity

• increase 4020 4046 4072 4101 ххх
  34 Transactions with owners recorded directly in equity
• decrease 4021 4047 4073 4102 ххх
  35 Distribution of profit - increase 4022 4048 4074 4103 ххх 36 Distribution of profit, and/or loss coverage - decrease 4023 4049 4075 4104 ххх 4184 4211 ххх 37 Dividend payments ххх 4105 ххх 4185 ххх 38 Other - increase 4024 4050 4076 4106 4132 4158 4186 4212 ххх 39 Other - decrease 4025 4051 4077 4107 4133 4159 4187 4213 ххх 40 Balance as at 31 December of the current year (for columns 2 to 6, 8 and 9 No 26+27- 28+29+30+31-32+33-34+35-36-37+38-39, for column 7 No 26-27+28+31-32+38-39) 4026 4052 4078 4108 4134 4160 4188 4214 4220 4226 In ________________________, on _____________________ Legal representative of the management company __________________________