0
0
Ready to fast track your knowledge of the auditing and accounting issues significant to the investment companies industry? Whether you're preparing your company's financial statements or preparing for an auditing engagement in the investment companies industry, this Audit and Accounting Guide provides you with the latest information on accounting and auditing issues affecting the investment companies industry and related financial statement considerations.
Have you used the FASB Accounting Standards Codification™ (ASC) to maneuver through the new structure of GAAP? You'll find the helpful guidance you're accustomed to now fully conformed to the ASC, along with a clear explanation of the ASC's significance to the profession, numerical referencing system, and Internet-based research system.
Updated with conforming changes as of May 1, 2009, the guide includes relevant guidance contained in official pronouncements issued through that date, supplemented with specific "how-to" recommendations, in addition to regulatory investment company specific guidance. The following new pieces of guidance are particularly significant to this guide and have been reflected in this edition:
You'll also want to check out the updated illustrative financial statements and the new developments related to the heavily debated fair value issue addressed in FASB Statement No. 157, Fair Value Measurements. With all these must-have features, this guide is an essential reference for firms, small practitioners, and professionals in business and industry.
For a topical listing of subject matter by chapter, click on the Table of Contents tab.
012629
Introduction
This guide has been written with the assumption that readers are proficient in accounting and auditing in general but not necessarily familiar with the investment company industry. Accordingly, the guide includes extensive investment company industry background and explanatory material.
Chapter 1 provides background information and terminology that is intended to help the reader better understand the industry.
Chapters 2-4 and chapter 8 focus on the major financial statement components that have unique accounting and auditing requirements for investment companies.
Chapter 5 focuses on unique accounting, operational, and auditing aspects of complex capital structures of investment companies, including multiple-class funds, master-feeder funds, and funds of funds. Illustrative financial statements are presented for multiple-class funds, master funds, feeder funds, and funds of funds.
Chapter 6 focuses on 2 distinct aspects of taxes for investment companies: financial statements and other matters, and taxation of regulated investment companies.
Chapter 7 focuses on financial statement presentation and disclosure requirements of investment companies. Additional disclosures required by the Securities and Exchange Commission (SEC) for registered investment companies and GAAP disclosure requirements are identified. Illustrative financial statements of a typical open-end management investment company are presented.
Chapter 9 provides background information and unique matters related to unit investment trusts. This chapter also contains illustrative financial statements for these entities.
Chapter 10 provides background, product design, operational, and regulatory information related to separate accounts of life insurance companies. This chapter also describes auditing considerations and contains illustrative financial statements for these entities.
Chapter 11 discusses reports on audited financial statements of investment companies, reports on internal control required by the SEC, reports on processing of transactions by transfer agents, reports on examinations of investment performance statistics, and other reports unique to the investment company industry. Numerous report examples are included in this chapter.
Chapter 12 provides basis for conclusions for accounting guidance. A glossary of terms and several appendixes have been included to provide the reader with additional sources of information regarding the investment company industry. The appendixes are:
| • | Appendix A, "Venture Capital and Small Business Investment Companies" |
| • | Appendix B, "Computation of Tax Amortization of Original Issue Discount, Market Discount, and Premium" |
| • | Appendix C, "Internal Revenue Code Worksheets" |
| • | Appendix D, "Worksheet for Diversified Management Investment Companies (as defined in section 5(b)(1) of the Investment Company Act of 1940)" |
| • | Appendix E, "Illustrative Financial Statement Presentation for Tax-Free Business Combinations of Investment Companies" |
| • | Appendix F, "Illustrations for Separately Calculating and Disclosing the Foreign Currency Element of Realized and Unrealized Gains and Losses" |
| • | Appendix G, "References to AICPA Technical Practice Aids" |
| • | Appendix H, "Major Existing Differences Between AICPA Standards and PCAOB Standards" |
| • | Appendix I, "Schedule of Changes Made to Text From the Previous Edition" |
012629
Customer Service
Customer Service
Customer Service
Back to Browsing Products
