Framo, Ryan Christopher

Section 12
Webinar 4: Asset and Wealth Management

I. Specialized Industry
There are many kinds of wealth and management institutions that are included in this
industry. Mainly, these are related with funding and other banking institutions. Managing
wealth and other assets can be vital for the public, because this promote the proper
management rather than wasting of these precious assets that can be converted into much
more valuable assets or such income-generating properties.
There are investment companies, which caters to the public, being known as the entities
that keep and manage the assets legally, and there are also the asset managers whom are
under these investment companies. They are the one’s responsible for making the said
asset and wealth into much more meaningful asset that are from the contributor of capital or
those that own them.

II. Accounting standards applicable to the industry

The asset and wealth management sector adheres to the PFRS 9 or in relation to Financial
Instruments, wherein the main focus is the proper recording of trade related transactions,
that are in particular to the normal flow of the business. These include the proper
classifications of the transactions related to the said sector.

III. Accounting Considerations

The common consideration for this kind of sector is that, there are two different kinds of fund
system, wherein these are differentiated into different kinds of characteristic, based on
nature. Common to these two is that they are open-ended as per classification, and for the
valuation, they are both Market based. Included in the considerations are the equity and
debt investment measurements wherein these are measured at fair value through profit and
loss given that a transaction is in the same portfolio and is reported to the key management
as a whole.
There are key controls on recording, and these include the considerations like entity level of
controls, and transaction level controls. Treasury, equity, management fees and the financial
reporting is the main process of the wealth and asset management sector.

IV. Reflection and Learning points

The audit of wealth and asset management sector does not only include many wisdoms
when it pertains to the different businesses and asset that an individual owns, but it also
includes different styles of handling these said asset and wealth. Given that the people all
around the world are different in his/her own ways, asset management as per my
perspective, can be very diverse, because people come from different origin and financial
capability.
I see that as a future accountant, the financial advisory or asset management will be one of
my goals that I will achieve one day, because there lies the passion of mine, handling
different accounts of customers wanting to make profit out of something that they own, and
that is what I have always wanted on my progression as a BSA student.
V. References (links)
Based on the PDF given in MS Teams (FEU-AWM-Webinar-for-Students.pdf)