Investment Companies - Audit and Accounting Guide
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Description
This 2014 edition is updated with latest auditing and regulatory guidance and authoritative advice for investment companies.
Key Benefits:
• Fully updated for the new definition of an investment company within the scope of FASB ASC 946.
• Expanded application guidance and illustrative disclosures related to balance sheet offsetting under FASB ASU No. 2011-11 and ASU No. 2013-01.
• New appendix that identifies the PCAOB standards that correspond with the Clarified Auditing Standards.
• Newly added overview of centrally cleared swaps.
• Background on the investment company industry and interpretive guidance for new and existing rules.
• "Best practice" discussion on complex issues, including: investment valuation, financial instruments, capital accounts, BDCs, master-feeder funds, multi-class funds, UITs and many more.
• Illustrative reports for examinations of securities, and controls at a custodian, pursuant to Rule 206(4)-2 of the Investment Advisers Act of 1940.
Updates:
• FASB ASU No. 2011-11: Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
• FASB ASU No. 2013-01: Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities
• FASB ASU No. 2013-07: Presentation of Financial Services (Topic 205): Liquidation Basis of Accounting
• FASB ASU No. 2013-07: Financial Services-Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements
• FASB ASU No. 2013-11: Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force)
Key Benefits:
• Fully updated for the new definition of an investment company within the scope of FASB ASC 946.
• Expanded application guidance and illustrative disclosures related to balance sheet offsetting under FASB ASU No. 2011-11 and ASU No. 2013-01.
• New appendix that identifies the PCAOB standards that correspond with the Clarified Auditing Standards.
• Newly added overview of centrally cleared swaps.
• Background on the investment company industry and interpretive guidance for new and existing rules.
• "Best practice" discussion on complex issues, including: investment valuation, financial instruments, capital accounts, BDCs, master-feeder funds, multi-class funds, UITs and many more.
• Illustrative reports for examinations of securities, and controls at a custodian, pursuant to Rule 206(4)-2 of the Investment Advisers Act of 1940.
Updates:
• FASB ASU No. 2011-11: Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
• FASB ASU No. 2013-01: Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities
• FASB ASU No. 2013-07: Presentation of Financial Services (Topic 205): Liquidation Basis of Accounting
• FASB ASU No. 2013-07: Financial Services-Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements
• FASB ASU No. 2013-11: Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force)
