Disclosure by Venture Capital Funds Formed Under Investment Partnership Agreement

Elena Yu. Makushina ()
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Elena Yu. Makushina: HSE University, Moscow 109028, Russian Federation

Finansovyj žhurnal — Financial Journal, 2022, issue 2, 113-129

Abstract: Russia’s private equity and venture capital industry is in the early stages of development. In 2011 the Federal Law on Investment Partnership (335-FZ) was enacted. It brought the best international practices of collective investments into the Russian legal system by making it possible to create venture capital funds through investment partnership. This particular type of funds is the closest in substance to the most popular legal form of globally known venture capital funds which is a limited liability partnership. Significant progress has been made so far in reforming the Russian system of accounting and financial reporting under the IFRS. However, the existing regulations have not been amended to (capture) incorporate accounting and reporting of financial investments, and proper templates for disclosure and reporting by investment partnership funds have not been worked out. The aim of the article is to develop suggestions and recommendations to enhance domestic model of information disclosure by venture capital funds formed under investment partnership agreements. Researching the international practices of disclosure by venture capital funds created as limited liability partnerships allowed to devise financial reporting templates that can be used by domestic venture capital funds formed under investment partnership agreements. These templates proposed in this piece of research can serve as the basis for future industry standards of financial accounting in Russia.

Keywords: venture capital funds; investment entities; financial reporting; IFRS; fair value (search for similar items in EconPapers)
JEL-codes: G11 M41 O30 O31 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:fru:finjrn:220207:p:113-129

DOI: 10.31107/2075-1990-2022-2-113-129

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