Whether you are a financial statement preparer or auditor, it is critical to understand the complexities of the specialized accounting and regulatory requirements for investment companies.
This 2015 guide provides authoritative how-to accounting and auditing advice, including implementation guidance and illustrative financial statements and disclosures.
This guide is the industry standard resource, supporting practitioners in a constantly changing industry landscape packed with continuous regulatory developments.
Key Benefits Include:
Fully updated for the new definition of an investment company within the scope of FASB ASC 946.
A new appendix discussing the new revenue recognition standard.
The latest auditing and regulatory guidance specific to investment companies.
Background on the investment company industry as well as interpretive guidance for both new and existing rules.
“Best practice” discussion provided on several new and recurring complex industry-specific issues, including: investment valuation, financial instruments, capital accounts, BDCs, master-feeder funds, multi-class funds, UITs, separate accounts of life insurance entities, and many more.
Illustrative reports on both: examinations of securities, and controls at a custodian, pursuant to Rule 206(4)-2 of the Investment Advisers Act of 1940.
FASB ASU No. 2011-04: Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs
FASB ASU No. 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting
2013-08, Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements
FASB ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures
SAS No. 128, Using the Work of Internal Auditors
SEC Investment Management Guidance Update No. 2013-07, Business Development Companies–Separate Financial Statements or Summarized Financial Information of Certain Subsidiaries
This comprehensive guide has been designed to be beneficial for a wide range professionals, including those within the investment company industry, as well as those practicing in small, regional, and large accounting and auditing firms. The guide provides auditing considerations applicable for practitioners conducting audits of both registered and nonregistered investment companies (i.e. AICPA and PCAOB audits).