Author Description

This 2015 guide provides authoritative how-to accounting and auditing advice, including implementation guidance and illustrative financial statements and disclosures. 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. Updates include: 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; SEC Investment Management Guidance Update 2014-11, Guidance Regarding Investment Company Consolidation.