Investment Companies - AICPA Audit and Accounting Guide

This guide summarizes new standards, guidance, and practices, and delivers "how-to" advice for handling audit and accounting issues common to investment companies.

Updated as of May 1, 2011, the guide includes relevant guidance contained in applicable standards and other technical sources. The guide provides background on the investment company industry as well as interpretive guidance for both new and existing rules. Topics covered include investment valuation; financial instruments; capital accounts; master-feeder funds, multi-class funds, unit investment trusts, and separate accounts of life insurance entities. Additionally, because many investment companies are subject to regulation under the Investment Company Act of 1940, rules under that act are discussed extensively. The guide offers clear and practical guidance on recent developments in areas such as risk assessment, fair value measurements, and internal controls.

The guide has been updated for the Regulated Investment Company Modernization Act of 2010. Further, the guide includes 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. All content is reviewed by industry experts and approved by the appropriate AICPA senior technical committees. A subject index has been added to the Guide for ease of use.

Updates significant to this edition include technical guidance contained in:

• Regulated Investment Company Modernization Act of 2010
• SEC Release No. IC-29132, Money Market Fund Reform
• SEC Release Nos. IA-2968, Custody of Funds or Securities of Clients by Investment Advisers, and IA-2969, Commission Guidance Regarding Independent Public Accountant Engagements Performed Pursuant to Rule 206(4)-2 Under the Investment Advisers Act of 1940
• FASB ASU No. 2010-06, Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements
• FASB ASU No. 2010-10, Consolidation (Topic 810): Amendments for Certain Investment Funds
• TIS section 6910.18, “Disclosure of an Investment in an Issuer When One or More Securities or One or More Derivative Contracts Are Held—Nonregistered Investment Partnerships” (AICPA, Technical Practice Aids)

For a topical listing of subject matter by chapter, click on the Table of Contents tab.

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