The Fund applied, for the first time, certain standards, interpretations and amendments, which are effective

for annual
periods beginning on or after 1 January 2019.

Effected for
accounting
period
beginning
New or revised standards on or after
IFRS 16 Leases 1 January 2019
IFRIC Interpretation 23 Uncertainty over Income Tax Treatments 1 January 2019
Prepayment Features with Negative Compensation - Amendments to IFRS 9 1 January 2019
Long-term interests in Associates and Joint Ventures - Amendments to IAS 28 1 January 2019
Plan Amendment, Curtailment or Settlement - Amendments to IAS 19 1 January 2019
IFRS 3 Business Combinations - Previously held interests in a joint operation 1 January 2019
IFRS 11 Joint Arrangements - Previously held interests in a joint operation 1 January 2019
IAS 12 Income taxes - Income tax consequences of payments on Financial instruments classified as
1 January 2019
equity
IAS 23 Borrowing costs-Borrowing costs eligible for capitalisation 1 January 2019

The nature and impact of those standards, interpretations and amendments relevant to the Fund are described below:

IFRS 16 Leases

IFRS 16 was issued in January 2016 and it replaces IAS 17 Leases, IFRIC 4 Determining whether an Arrangement
contains a Lease, SIC-15 Operating Leases-Incentives and SIC-27 Evaluating the Substance of Transactions Involving
the Legal Form of a Lease. IFRS 16 sets out the principles for the recognition, measurement, presentation and
disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model similar to the
accounting for finance leases under IAS 17. The standard includes two recognition exemptions for lessees – leases of
’low-value’ assets (e.g., personal computers) and short-term leases (i.e., leases with a lease term of 12 months or less).
At the commencement date of a lease, a lessee recognises a liability to make lease payments (i.e., the lease liability)
and an asset representing the right to use the underlying asset during the lease term (i.e., the right-of-use asset). Lessees
ware required to separately recognise the interest expense on the lease liability and the depreciation expense on the
right-of-use asset.

Lessees are be also required to remeasure the lease liability upon the occurrence of certain events (e.g., a change in the
lease term, a change in future lease payments resulting from a change in an index or rate used to determine those
payments). The lessee will generally recognise the amount of the remeasurement of the lease liability as an adjustment
to the right-of-use asset.

Lessor accounting under IFRS 16 is substantially unchanged from today’s accounting under IAS 17. Lessors will
continue to classify all leases using the same classification principle as in IAS 17 and distinguish between two types of
leases: operating and finance leases.

The Fund made an assessment on adoption of IFRS 16 at the initial application date of 1 January 2019 and determined
that there were no impact on the financial position or performance of the Fund.
 Effective for
accounting period
beginning on or
after

Definition of a Business – Amendments to IFRS 3 1 January 2020

Interest Rate Benchmark Reform – Amendments to IFRS 9, IAS 39 and IFRS 7 1 January 2020
Definition of Material – Amendments to IAS 1 and IAS 8 1 January 2020
The Conceptual Framework for Financial Reporting 1 January 2020
IFRS 17 Insurance Contracts 1 January 2020

The nature and impact of those standards, interpretations and amendments that are expected to be
relevant to the Fund are described below:

Financial liabilities measured at fair value through profit or loss (FVTPL)

A financial liability is measured at FVTPL if it meets the definition of held for trading.The Fund also includes its
redeemable shares in this
category and the Fund’s accounting policy regarding the redeemable participating shares is described in  Note 3 (i).

Financial liabilities measured at amortised cost

This category includes all financial liabilities, other than those measured at fair value through profit or loss. The
Fund includes in this category its short-term payables.

The Fund recognises an allowance for expected credit losses (ECLs) for debts financial asset measured at amortised
cost or at fair value through OCI. ECLs are based on the difference between the contractual cash flows due and all
the cash flows that the Fund expects to receive.

ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit
risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible
within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant
increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the
remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

The Fund considers a financial asset in default when contractual payments are 90 days past due. However, in certain
cases, the Fund may also consider a financial asset to be in default when internal or external information indicates
that the Fund is unlikely to receive the outstanding contractual amounts in full before taking into account any credit
enhancements held by the Fund. A financial asset is written off when there is no reasonable expectation of
recovering the contractual cash flows.

Due to its insignificant amount, the Fund has not recorded any ECL on its receivables.