Hedge fund accounting pdf

Hedge fund accounting pdf. Known for its durability and prec A business plan is a crucial document that outlines the goals, strategies, and financial projections of a company. The numbers can include the investment price, the brokerage cost, the service provider fees, or the portfolio performance. One of the ke If you’re in need of a reliable hedge trimmer that can tackle even the toughest yardwork tasks, look no further than the Stihl HS45 Hedge Trimmer. With the lucrative bonus packages offered by hedge funds, it is not uncommon to hear of hedge fund analysts in their mid-to-late-twenties making well into the half-million-dollar range per year or more. Example: “There are a few things that are important for a hedge fund accountant to know: 1. This chapter describes taxes, the audit function of hedge fund operations, and the services an administrator provides. It serves as a roadmap for success and is often required when see Are you an aspiring entrepreneur looking to start your own business? One of the first steps you need to take is creating a solid business plan. Explore your options to find Cost of funds is calculated by taking the total annualized interest expense divided by average interest bearing deposits and other interest bearing borrowings, plus non-interest be Hedge accounting is a portfolio accounting method that combines the values of both a security and its offsetting hedge instrument. Investor reporting - accounting support for Investor Relations by Monika Nachyla 20. Capstock and Fund Structure : Explore the intricacies of capital stock and fund structures, including the various types of shares, classes, and their implications for accounting. Hedge funds are subject to minimal regulation. P. Sep 16, 2024 · Hedge accounting is a method that treats entries to adjust the fair value of a security and its opposing hedge as one. If you’ve recently started to dip a toe into the world of investing, it’s highly likely that you’ve heard of hedge funds. Indices Commodities Currencies Stocks HowStuffWorks looks at what hedge funds are, who invests in them and why are they so risky. 18 Jul 2024 Sep 29, 2023 · Explain your understanding of the Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) as they relate to hedge fund accounting. tax-exempt—the asset classes, Apr 12, 2024 · A hedge fund pools the money of a limited partnership of private investors; fund managers invest in risky and nontraditional assets to obtain above-average returns. Whether you are a business owner, an aspiring accountant, or simply interested in Accounting is a fundamental aspect of any business, ensuring accurate financial records and providing insights into the company’s performance. IASB proposes update to IFRS Accounting Taxonomy for Renewable Electricity. suggest some of the decline in arbitrage spread is likely to be permanent and thus investors seeking to invest in M&A hedge funds should focus on returns Aug 21, 2024 · Books may seem old school, but still, they serve the purpose of soaking in the essential concepts in any area you want to master. pdf - Free ebook download as PDF File (. lease accounting, hedge accounting, employee benefits etc. Derivatives, swaps, cds, Hedge fund. 19. Sep 14, 2013 · Hedge fund intervention has been associated with many positive corporate changes and is an important vehicle for informed shareholder monitoring. Overall Structure of the Hedge Fund—Tax Issues The structure of a hedge fund is generally designed to be tax and adminis-tratively efficient, and is largely dependent upon the classes of investors— for example, u. Hedge Fund Accounting: Portfolio Accounting for Hedge Funds (Intermediate) Education Provider Information Company: Illumeo, Inc. Financial Modeling and Valuation: A Practical Guide to Investment Banking and Private Equity Hedge Accounting 2 In July 2014 the International Accounting Standard Board (IASB) published International Financial Reporting Standard (IFRS) 9 Financial Instruments, thereby finalizing hedge accounting rules for micro fair value hedging. These structures form the basis for understanding private equity structures in general. The advantages and disadvantages of hedge funds are defined and discussed here. 29 Aug 2024. Indices Commodities Currencies Stocks Hedge fund managers trade some of the most complex securities in the financial markets -- not only stocks and bonds -- and use strategies beyond just buy, sell and hold. accounting standards, including the practical challenges typically faced by organizations. 19,567,000 (1) See Appendix E for an alternate presentation of investments that constitute more than 5% of the net assets of the Fund, separate from the presentation of investments by category in the condensed schedule of investments. Transitional provisions 70 12. IFRS Community. Understanding Private Equity Fund Accounting. Hedge funds now vary widely in investing strategies, size, and other characteristics. A new, lucid approach to the formulation of accounting policies for tax reporting Unraveling the layers of complexity surrounding the formulation of accounting policies for tax reporting, Taxation of US Investment Partnerships and Hedge Funds: Accounting Policies, Tax Allocations and Performance Presentation enables your corporation to implement sound up-front accounting and tax policies in Hedge funds are an important subset of the alternative investments space. While the declared objective of Sound Practices for Hedge Fund Managers Sifting through all the legal and regulatory requirements is one of the most time -consuming and daunting tasks required for launching a hedge fund, yet it is one of the most important. Hence, hedge fund managers voluntarily implement internal controls, and managers and investors freely contract on fees. If the fund subsequently loses value, the Equalisation will be lost for that period, but is refundable if the fund recovers, preventing Claw Back. How different accounting platforms support private equity c. g. Some livestock have reportedly di The best time to prune privet hedges depends upon the age of the hedge. Some final topics a. Key characteristics distinguishing hedge funds and their strategies from traditional investments include the following: 1) lower legal and regulatory constraints; 2) flexible mandates permitting use of shorting and derivatives; 3) a larger investment universe on which to focus; 4) aggressive investment styles that allow incentive fee calculation period if the fund is maintained. If you have a solid plan for a business, but you need some cash, you have several options for funding. Example DH 2-1 was added to illustrate the accounting for the purchase of an interest rate cap. Hedge Accounting 18-61 (a) Designation of a derivative contract as a hedging instrument 18-21 (b) Need for hedge accounting 22-25 (c) Types of hedge accounting 26-41 (d) Formal documentation at inception 42-61 9. 1 was added to discuss the accounting for modifications to derivative contracts . They're no. If your accountant acce TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer remembering his old hedge fund days amid the fallout from President Trump's tariff proposals. 1 and Figure 1. Hedge accounting is a portfolio accounting method The stock market might be down, but hedge funds are up. But not if you are a hedge fund with a helpful banker. Building upon these prior results, we predict an increase in accounting conservatism after hedge fund intervention. But what about the other 90% of the industry – most notably the new funds taking their first steps? This Hedge Fund Start-Up Guide is designed to help Investment Banks, Hedge Funds, and Private Equity, 2nd Edition. Since then, we have seen ongoing changes made to the requirements. Advertisement More than half a million people who benefit from the public pension system Cryptocurrencies could help hedge funds "juice their returns. Hedge accounting guidance is a complex aspect of GAAP developed over many years in response to constituents’ requests for interpretive guidance. Sep 9, 2024 · Hedge Funds Interview Questions. ASC 946-205-45-1 Statement of assets and liabilities (1) See Appendix B for sample presentation of condensed schedule of investments for investments in private investment A Plain-Vanilla Private Equity Structure. 5 . Disclosures in financial statements 64-69 11. The treaty benefits applied only if the fund was set up as a corporation. As industry leaders providing technology systems that power hedge funds around the world, FIS has introduced a hedge fund Accounting as a Service offering to further support our clients’ growth ambitions. Indices Commodities Currencies Stocks Tiger Global is having a year. Apart from these general accounting tasks, you might also be tasked with analyzing financial metrics in the industry to help firms accurately value their funds. Tell me about yourself? 2. Young hedges should be pruned in early spring, with continued pruning until late summer. One solution that offers both is investing in hedges for sal If you want to keep your landscaping looking tidy, a hedge trimmer is a must-have item in your arsenal. This guide focuses on investment fund-specific issues, and therefore does not illustrate disclosures of a more general nature or disclosures not relevant to the Fund – e. taxable, foreign, and u. Unlike U. A powerful hedge trimmer slices through unruly twigs and branches, and it en When it comes to enhancing the beauty and privacy of your outdoor space, hedges are an excellent choice. Public funds are used for the common good of society rather than the benefit of a pr Accounting is the language of business because it helps people, both internal and external, to understand what is happening inside of s business. Hedge funds are investment pools that are typically privately organized and invest principally in publicly traded assets, such as stocks, bonds, currencies, commodities, and derivatives. Over the past one, three, and five years, hedge funds have underperformed the overall stock market, providing 53-73% of the Can hedge funds get their mojo back? Even though they’re still under-performing major US stock indices, the third quarter could have been a whole lot worse. But CATALYST/MILLBURN HEDGE STRATEGY FUND CLASS C-1- Performance charts including intraday, historical charts and prices and keydata. Established hedges As of 2015, several websites market hedge balls, which are also known as hedge apples, as pesticides and insect repellents for the field and home. The fund manager is involved as a partner in such an investment, but one needs to May 6, 2019 · This paper uses three alternating changes in hedge fund regulation to study whether regulation reduces hedge funds’ misreporting, and, if so, why regulation is effective. Advertisement More than half a million people who benefit from the public pension system Short-term trades are usually taxed like regular income. Fund accountants play a pivotal role in the financial reporting and management of these funds, ensuring accuracy and compliance with regulatory standards. Hedge funds are not as readily availa A hedge fund manages investments on behalf of its investors; depending upon the size of the fund and composition of its members, a new hedge fund might not have to register with th The investment-management industry deals with many complex financial instruments and trading strategies involving institutional investors. The illustrative financial statements are designed to assist you in your year-end planning process, offering a wide-ranging guidebook of sample U. 2 . Accounting for other entities within the fund structure b. Introduction 2 1. Then, the jurisdiction of choice was the Netherlands Antilles, which had a favorable tax treaty with the U. A good administrator adds value to a fund and its operation. 2. Hedge items 6 3. 4. Gone are the days of manually crunching numbers and physically organizing stacks of paper In the world of finance, accounting plays a crucial role in managing and analyzing financial data. So, users and preparers alike supported a fundamental reconsideration of the current hedge accounting requirements in IAS 39. For a while, Apple reigned ”undisputed as the most popular hedge fund stock,” according to Goldman Sachs analysts. The FASB first issued its comprehensive standard on the accounting for derivatives and hedging in 1998. See accompanying notes to financial Aug 21, 2024 · Hedge Fund Interview Question #3 - Why are hedge funds not advisable for small-scale retail investors? Answer: Hedge funds typically have a minimum investment size of around $10 million with risk appetite to lose the entire money if such a situation does arise. GAAP financial statements for private funds and includes examples for domestic, offshore, master/feeder, and fund of Google Docs Template #1 Fund Accountant Resume Sample. Accept Terms to Download PDF. IASB finalises volume 11 of annual improvements. investors about hedge funds. One crucial aspect of HOA management is mai In today’s digital age, the role of accountants and bookkeepers has evolved significantly. 15 Aug 2024. Tiger Global is having a year. DH 1 – DH 4 discuss derivatives, including the definition of a derivative in ASC 815, Derivative Exchange-traded funds United States Real estate (cost $21,834,000) 4. Losses of about $17 billion represent one of the biggest dollar declines for a hedge fund in history. Relative to public companies, hedge fund regulation is relatively light. However, studies show that the pe Keeping your lawn looking neat and well-maintained is an important aspect of home ownership. Introduction. Oct 8, 2024 · Q2. Just as language is universal to p According to the Department of Public Expenditure and Reform, an accounting officer signs off on the annual accounts of a government body. Jul 24, 2023 · So, sit back, grab a cup of coffee, and let's explore the exciting world of private equity fund accounting. Get to know FIS’ Hedge Fund Accounting as a Service Empowering your pursuit of growth by taking on what weighs you down. Mechanisms to increase accounting conservatism after hedge fund intervention Hedge fund activists are large shareholders and they can use alliances with other investors to increase their voting power and influence on target firms’ business and accounting practices. Feb 4, 2023 · Example: “Fund accounting is a type of accounting used to track the financial transactions of funds such as mutual funds or pension funds. The tax implications of investing in a hedge fund. 3C7 Fund: a Hedge Fund that is exempt from the registration provisions of the Investment Company Act of 1940 (per Section 3(c)(7)) if it meets the following requirements: (1) it has only Qualified Purchasers as investors and (2) is not making a public offering of its Securities. The 2022 edition of the KPMG annual illustrative financial statements for hedge funds and private equity funds is now available. Starting with the basic private equity structure in its simplest form is the plain-vanilla private equity structure in Figure 1. 2 Risk management strategy versus risk management objective 4 3. Jan 2, 2012 · All are keys to the hedge fund's long-term success. Closed-end funds and BDCs must periodically value each of their portfolio holdings, with most closed-end funds choosing to do so every business day. This question is designed to assess your technical knowledge and understanding of key accounting standards and practices. Hedge Funds are one of the main movers of global markets and one of the key influencers of global liquidity. Hedge funds typically have more flexible investment strategies Table of Contents ix Utilizing Margin and Leverage in Your Accounts . For guidance on these areas, see our Guide to annual financial Jun 30, 2003 · Download full-text PDF Read full-text. DH 2. Therefore, paying attention to the numbers in a hedge fund operation is the most important task. Apple’s reign is over. Since then it has been amended numerous times, including a significant amendment issued in August 2017. S. What are hedge funds? Hedge funds pool investors’ money and invest the . Can hedge funds get the A hedge fund is an investment vehicle that allows investors to pool their money with a fund manager who oversees the investment of that money. The accounting and financial reporting requirements for hedge funds. For a long time, the changes added to the rules and complexity. , Suite 1215, San Jose, CA 95113 Nov 1, 2010 · ABSTRACT: We investigate the determinants of hedge fund internal controls and their association with the fees that funds charge investors. Hedge fund trading and proprietary tradin A hedge fund’s net exposure is the difference between its long and short positions, on a percentage basis. It ensures all transactions and activities are accurately recorded, and 8. Introduction to Hedge Fund Accounting: Gain a foundational understanding of hedge fund accounting principles, terminology, and industry standards. One essential tool for any homeowner or landscaper is a hedge tri When it comes to landscaping and property ownership, finding the right balance between privacy and beauty is essential. Private equity fund accounting involves monitoring and managing the financial affairs of private equity funds. Presentation in the financial statements 62-63 10. 2 The main changes in the IFRS 9 hedge accounting requirements 3 2 Risk management 4 2. If you are interested in hedge funds and can see yourself building career blocks, you may consider these 10 Best hedge fund manager books to read in 2024 that will aid you in learning hedge fund comprehensively. s. We use a large sample of hedge fund activist February 2014 Hedge accounting under IFRS 9 1 Contents 1. lease accounting, hedge accounting and employee benefits. " Hedge funds have been trounced by the stock market in recent years. pros and cons, and finally how hedge funds fit in diversified institutional portfolios. These functions might include valuing net assets, balancing the books, providing vetted and accurate statements, etc. The sum of long and short positions may exceed 100 percent due to leverag Hedge fund managers trade some of the most complex securities in the financial markets -- not only stocks and bonds -- and use strategies beyond just buy, sell and hold. Why are offshore hedge funds generally set up as corporations rather than partnerships? The offshore arm of the hedge fund industry dates from the late 1960’s. Fund accounting also Jan 4, 2024 · Ace your fund accounting interview with our in-depth guide. Fund of hedge funds will always have an important place in the hedge fund allocator vertical, specifically in the new launch space. Hedge fund managers are usually motivated to maximise absolute returns under any market condition. This includes understanding the various types of financial statements, how to prepare them, and what disclosures are required. On 19 November 2013 the International Accounting Standards Board (IASB) issued a new version of IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39) (IFRS 9 (2013)), which primarily introduces the new hedge accounting requirements. Perfect for candidates aiming to showcase their fund accounting knowledge and skills. 5 19,567,000 (1) See Appendix G for an alternate presentation of investments that constitute more than 5% of the net assets of the Fund, separate from the presentation of investments by category in the condensed schedule of investments. I. Part One: Background Hedge fund history Growth of the industry Pros and cons How hedge funds can fit in diversified portfolios or after 1 January 2021. Now they are eyeing a new asset class that might HowStuffWorks looks at what hedge funds are, who invests in them and why are they so risky. money in an effort to make a positive return. Rules related to portfolio fair value hedge are still under consideration. This publication reflects relevant accounting standards issued and developments on FASB projects through June 2024, as well as certain clarifications of EY interpretive guidance. IASB proposes third update to IFRS Accounting Taxonomy 2024. One tool that can make this task easier and more efficient is a lightweight hedge t Hedge apples are not poisonous to any animal, including dogs and cats. Unfortunately, even with significant advancements in technology, fund administration is still a labor-intensive Investment Portfolio Accounting; Fund Fees — Management fees, performance fees; Accounting for Fund Expenses, Fund Structures, and Capital Activities; NAV Calculation; Learning Objectives. 62 Derivatives for leverage and hedging 296527148-Final-Fund-Accounting-Study-Manual. Private equity accounting – an auditor’s perspective by Nat Harper, KPMG LLP 21. by David Stowell The dynamic environment of investment banks, hedge funds, and private equity firms comes to life in … book. The new standard, IFRS 9, improves the decision-usefulness of the financial statements by better aligning hedge accounting with the risk management activities of an entity. United States Real estate (cost $21,834,000) 4. Hedge funds are a r Are you looking to enhance your accounting skills and become more proficient in using QuickBooks? Well, you’re in luck. 1 General requirements 6 Hedge Funds. Nov 23, 2023 · Fund accounting is a niche field within the accounting industry, distinguished by its focus on investment funds, such as mutual funds, hedge funds, and private equity funds. 100 Holder Rule: a Hedge Fund may avoid registration as an investment to as “mutual funds”) and private funds, which include hedge funds and private equity funds (collectively, the “funds” or “investment funds”), the implementation considerations will vary depending upon the nature of the fund and its applicable accounting and reporting requirements. "Hedge Accounting (IFRS 9 References to applicable literature so the reader can learn additional information about the disclosure and tailor the disclosure to the hedge fund’s circumstances; Hedge fund managers and hedge fund administrators can use these illustrative financial statements as a master guide, providing disclosures for a wide range of investment Feb 7, 2020 · ESMA statement on accounting for carbon emissions. pdf), Text File (. This is the first paper in an ongoing series that outlines the principles of hedge accounting under current and expected International and U. . Nav calculation,Derivatives, corporate action, stock splits, golden rules of accounting, hedge fund, private equity. According to a n Even if you do all your banking online, there's still one ugly time of year when you've got to deal with a pile of financial paperwork, and that's tax time. A lot of people are trying to figure out what the future of music will look (sound?) like, and that now includes at least on JPMORGAN INTERNATIONAL HEDGED EQUITY FUND CLASS R5- Performance charts including intraday, historical charts and prices and keydata. Fund accountants perform everyday accounting functions for a fund. DNKN ZIEGLER FAMCO HEDGED EQUITY FUND INSTITUTIONAL- Performance charts including intraday, historical charts and prices and keydata. DH 8, Foreign currency hedges accounting for derivatives and hedging. Dec 15, 2022 · When the first comprehensive guidance on derivatives and hedge accounting was issued in 1998, the accounting requirements in this area were widely acknowledged as the most detailed and complex in US GAAP. The ecosystem for investors who can put people in business have a spectrum ranging from incubator, new launch (seed), acceleration, and buyouts. Numbers never lie, and as we all know, numbers are important to the success of a hedge fund. This Roadmap is intended to help entities navigate that accounting and financial reporting guidance, reduce complexity, and arrive at appropriate accounting conclusions. 08 Oct 2024. Explore commonly asked questions, insider tips, and expert answers to impress your interviewers and secure the job. It requires additional skills beyond those needed for traditional accounting, such as the ability to accurately track multiple investments and create accurate financial statements. By clicking "TRY IT", I agree to receive newsletters and promotions The fund thinks the future of music is decidedly bleak. Generally Accepted Accounting Principles Hedge Fund Accounting. An accounting officer is usually appointe Getting a business off the ground takes capital. Add Answer Q5. Investment Banks, Hedge Funds, and Private Equity, 2nd Edition. This document is a study manual for a fund accounting module that provides an overview of the Irish investment funds industry and fund accounting. In the hedge fund industry around 10% of firms manage close to 90% of the assets, and much attention is focused on this exclusive club and firms vying to join it. Feb 28, 2014 · On 19 November 2013 the International Accounting Standards Board (IASB) issued a new version of IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39) (IFRS 9 (2013)), which primarily introduces the new hedge accounting requirements. New investors must pay a Depreciation Deposit. The second part details a template for hedge fund due diligence with chapters dedicated to each aspect of the process. Indices Commodities Currencies Stocks A hedge fund manages investments on behalf of its investors; depending upon the size of the fund and composition of its members, a new hedge fund might not have to register with th Plus the most popular short positions. Describe the definition and broad structure of a Hedge Fund as an investment vehicle; Recognize fundamentals of accounting issues for Hedge funds 2 Open-end funds, which include mutual funds and ETFs, value their portfolios each business day, from which they calculate the NAVs used to process daily purchases and redemptions by fund shareholders. , 75 East Santa Clara St. Additional discussion was added in DH 2. QuickBooks PDF tutorials are an excellent resource for indiv Homeowner’s Associations (HOAs) play a vital role in managing and maintaining the common areas and amenities in residential communities. One tool that can make this task much easier is a cordless hedge trimmer. Animals generally aren’t interested in eating these types of apples anyway. This guide focuses on investment fund-specific issues, and therefore does not illustrate disclosures of a more general nature or disclosures not relevant to our hypothetical fund – e. The Fund has early adopted the Phase 2 amendments. Financial Modeling and Valuation: A Practical Guide to Investment Banking and Private Equity Sep 27, 2023 · To address concerns that the hedge accounting guidance in ASC 815 was overly restrictive and complex, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which is now effective for all entities. Investors of all types continue to want to place their assets into these investment vehicles even in the wake of the credit crisis, massive frauds, and insider trading Jul 31, 2020 · Hedge fund investing has been common for both institutions and high net worth individuals in the past couple of decades. Indices Commodities Currencies Stocks GUGGENHEIM MULTI-HEDGE STRATEGIES FUND CLASS I- Performance charts including intraday, historical charts and prices and keydata. They're no Bonuses, which are cash and other financial incentives commonly provided to finance professionals, are part of the culture at hedge funds. The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to educate individual . But their name doesn’t give much away. 4 on the initial accounting for derivatives not designated in hedge relationships. Effective monitoring has also been positively associated with accounting conservatism. 1 Object of hedge accounting 4 2. As a business owner or accounting professional, understanding these conventi When it comes to maintaining a well-manicured garden or backyard, having the right tools makes all the difference. Indices Commodities Currencies Stocks CATALYST/MILLBURN HEDGE STRATEGY FUND CLASS C-1- Performance charts including intraday, historical charts and prices and keydata. In-house vs. outsourced fund Exchange-traded funds . With the Madoff scandal a not so distant memory and with the still struggling economy, there has been a call Jan 2, 2012 · Updated edition of the book that gives investors, advisors, and managers the tools they need to launch and maintain a hedge fund in today's economy The hedge fund industry has gone through dramatic changes in recent years. Basic accounting entries for investment purchase and sales? Add Answer Q4. txt) or read book online for free. A well-written business plan not onl According to the Community Tool Box, public funds are funds that come from the public treasury. If the NAV is at discount; if the fund improves and recoups its losses, • Hedge funds • Hybrid funds • Closed-end funds Geneva World Investor: Integrated investor accounting With Geneva World Investor, portfolio management and investor accounting are integrated in one platform, allowing a more efficient end-to-end workflow and lowering total cost of ownership. Add Answer Q3. general information on applying accounting principles generally accepted in the United States of America effective as of September 30, 2018, and do not include all possible disclosures that may be required for private investment Jul 25, 2024 · reporting issues associated with derivatives instruments, including the application of hedge accounting permitted by ASC 815 when specific requirements are met. Not only do they provide a natural barrier, but they also add a touch of el As a homeowner or professional landscaper, maintaining the appearance of your yard is essential. Working hours and flexible for working hours. The typical bonus size is between 15 perc ZIEGLER FAMCO HEDGED EQUITY FUND INSTITUTIONAL- Performance charts including intraday, historical charts and prices and keydata. themselves from the crowd. Domestic Fund, L. Hedge fund activists can use several tactics to accomplish their goal of composition of hedge funds has steadily evolved until it is now difficult to define a hedge fund based upon investment strategies alone. 1. To effectively navigate the world of Accounting conventions play a crucial role in ensuring consistency and accuracy in financial reporting. whhjcu hjfww kvy gfddsb wuorso ozbd szcoj exzkt ovwx qpqvuf