Oceňování dle metody IFRS v případě investičních fondů v ČR

This bachelor’s thesis deals with fair value measurement under IFRS in the environment of investment funds in the Czech Republic. The aim of the thesis is to explain the basic principles of fair value measurement and to demonstrate their practical application to selected items of an investment fund’s portfolio. The theoretical part focuses mainly on IFRS 13, valuation approaches and the hierarchy of inputs used in fair value measurement. The practical part is based on the example of J&T PROPERTY OPPORTUNITIES SICAV, a.s. A detailed analysis is performed on an equity investment related to the OC Klokan Úpice project. The value of the underlying property is assessed separately for the land and the shopping centre, while the valuation of the shopping centre is based mainly on the income approach using market-derived inputs. The resulting value is subsequently reflected through the ownership structure up to the fund level. In addition to equity investments, loans provided are also analysed as another significant component of the fund’s assets. The results of the thesis show that model-based inputs and measurements classified within Level 3 of the fair value hierarchy play an important role in the valuation of non-publicly traded equity investments and real estate projects. The thesis also emphasizes the importance of the notes to the financial statements, which allow users to understand the valuation methods, inputs and assumptions applied.