Accounting principles applicable to UCIs
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Accounting principles applicable to UCIs

Introduction to the Investment Funds Industry (module 2)

courseType Technical Skills, Financial Sector

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Phone +352 49 48 48 4040

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2 rue Gerhard Mercator
L-2182 Luxembourg
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General course details


Luxembourg is considered as a location of choice for investment funds since it is the second largest investment funds centre after the United States with more than Eur 1.5 billion assets under management and a market share of more than 25% in Europe.

This sector provides a large number of jobs in the fields of administration, custody and distribution. From a practical point of view, the investment funds industry is characterized by continuous stricter legislations and a higher complexity of its jobs.


At the end of the training, participants will be able to:
  • Explain and review the functioning and the specificities of UCIs in Luxembourg.

  • Have an overview of the investment funds focusing on regulatory, operational, fiscal and accounting aspects linked to these vehicles

  • Use this overview to help participants responding to the different specificities of those products


1) Basics

  • Components of net asset value (NAV)
  • Accounting policies of NAV

2) Accounting Schemes base

  • Transactions on capital
  • Subscription, Redemption
  • Dividends distributed to shareholders / unitholders
  • Transactions on securities portfolio
  • Purchase and sale of securities
  • Determining the outcome realised and unrealised
  • Calculation of the change in the net unrealised
  • Net income from investments
  • Interest on bonds
  • Dividends on shares held in portfolio
  • Proportional to the NIV and other expenses

3) Case Study: Determination of Net Asset Value

  • Accounting for daily transactions (day 1 to day 7)
  • Determination of the NAV per share / unit of D-Day

4) Significant accounting and valuation rules

  • Presentation of Financial Statements
  • Legal Schematic presentation of the annual report
  • Contents of the notes to the accounts

 Full modular curriculum

Each module can be attended independently.

Target Audience

  • Beginner accountant
  • Transfer Agent
  • Employee of custodian bank
  • New employee involved in the accounting aspects of investment funds

Feedbacks from past participants

  •  "Excellent"
  • "Great global vision of the various stakeholders and their respective roles"

Our lead experts

This training will be coordinated by Frédéric Botteman, Partner, PwC Luxembourg. The different modules will be animated by subject matter experts regularly involved in the audit of investment funds.

Frédéric, Audit Partner, is specialized in the valuation of derivatives and illiquid securities. Thanks to this, he has gained a high expertise in the audit of guaranteed funds.
 Frédéric has developed a strong fund audit experience.
 He is also involved in the expert team in the area of circular CSSF 2002/77 requirements and is instructor in several courses linked to this topic and to derivatives.
 Frédéric is also leading several SRI reporting for major IM players.

Useful Information 

Language : English

                   This training is also available in French and German.

Number of participants: limited to 20 participants to ensure good interactivity

Duration: 0.5 day

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