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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.
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Content refers to 2008 edition
Purpose and Applicability
This AICPA Audit and Accounting Guide has been prepared to assist investment companies in preparing financial statements in conformity with generally accepted accounting principles (GAAP) and to assist independent auditors1 in auditing and reporting on those financial statements.
This guide describes operating conditions and auditing procedures unique to the investment company industry and illustrates form and content of investment company financial statements and related disclosures. Chapter 1 discusses the kinds of companies considered to be investment companies to which the provisions of this guide apply.
Because many investment companies are subject to regulation under the Investment Company Act of 1940, rules under that act are discussed extensively in this guide. However, the rules, regulations, practices, and procedures of the investment company industry have changed frequently and extensively in recent years. The independent auditor should keep abreast of those changes as they occur.
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.
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