This completely revised Alert will assist you in achieving a more robust understanding of the unique business, economic, and regulatory environments associated with the investment company industry. It is a valuable resource for both auditors and an entity’s internal management.
This new edition will help you understand how recently issued regulatory developments, accounting pronouncements, and auditing considerations will affect investment company accounting and reporting. It will also keep you up-to-date on emerging issues that may require consideration during 2013/14 financial reporting and related audits.
Covered topics include:
Recent SEC staff comments and observations – Get up to speed on the SEC staff’s latest industry-specific viewpoints, positions, key inspection and review findings, and priorities going forward. Specific topics covered include: Business Development Companies; the Custody Rule; adoption of ASU No. 2011-04; fair value methods, procedures and internal controls for investment portfolio securities; and much more.
Accounting and auditing trends – Understand what relevant regulatory and accounting projects are currently emerging and may require consideration in the future, such as the SEC’s proposed money market fund reforms and FASB project developments, including
Transfers and Servicing
Centrally Cleared Swap Mandate – an overview of the newly required central clearing model and related accounting and reporting considerations. This topic is part of continuing coverage of Dodd-Frank Act reforms.
This new edition incorporates recently issued and effective standards and guidance, including:
FASB ASU No. 2013-08, Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements and
FASB ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, and ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities
ASU No. 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting
Recent Dodd-Frank Act rules and regulatory developments
PCAOB Auditing Standard No. 16, Communications with Audit Committees