Investment funds – Illustrative disclosures

Your essential year-end guide

Our Guides to financial statements help you to prepare financial statements in accordance with IFRS Accounting Standards by illustrating one possible format. 

Our Guide to annual financial statements – Illustrative disclosures for investment funds is based on a fictitious tax-exempt open-ended single-fund investment company, which is not a first-time adopter of IFRS Accounting Standards. 

It reflects IFRS Accounting Standards in issue at 30 November 2025 that are required to be applied for annual periods beginning on 1 January 2025. 

What’s new in 2025?

Tell a clear, coherent and connected story

Investors, regulators and other report users rely on the financial statements to provide decision-useful information – i.e. information about a company that is useful in making decisions about providing resources to that company.

In times of uncertainty, users look for clarity in the annual report. They want to know how a company is affected and how it addresses the challenges, and what judgements, estimates and assumptions management makes.

Companies may also face direct challenge from users if their annual reports fail to tell a connected story. This is especially important when reporting on issues that create volatility for the company’s prospects – e.g. climate-related effects and other uncertainties. The annual report’s three key areas – the financial statements, the sustainability disclosures and management commentary (e.g. management’s discussion and analysis) – need to provide insights into the company’s business model and strategy, connecting the dots between financial and non-financial information.

Annual financial statements – 2025 reporting period   

This edition includes additional appendices as follows:  

• Appendix VIII: Example disclosures for venture capital and private equity funds that measure financial assets using significant unobservable inputs. 
• Appendix IX: Limited-life fund in liquidation.

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