Investment companies 2019 / AICPA.

Format:

Book

Contributor:

American Institute of Certified Public Accountants.

Series:

American Institute of Certified Public Accountants. Audit and accounting guide.

AICPA Audit and Accounting Guide

Language:

English

Subjects (All):

Mutual funds.

Small business investment companies.

Financial statements.

Physical Description:

1 online resource (766 pages).

Place of Publication:

[Place of publication not identified] : Wiley, [2019]

Summary:

Whether you are a financial statement preparer or auditor, it is critical to understand the complexities of the specialized accounting and regulatory requirements for investment companies. Your industry standard resource, this 2019 edition supports practitioners in a constantly changing industry landscape. Packed with continuous regulatory developments, this guide covers: Authoritative how-to accounting and auditing advice, including implementation guidance and illustrative financial statements and disclosures; Details on the changes to illustrated financial statements and disclosures resulting from guidance that was recently-issued or became recently effective (for example, SEC's release, "Disclosure Update and Simplification"); 2019 updates include:References to appropriate AICPA Technical Questions and Answers that address when to apply the liquidation basis of accounting and appendices discussing the new standard for financial instruments, common or collective trusts and business development companies. Finally, this guide features a schedule of changes which identifies where to find updated content and the associated reasons for the changes.

Contents:

Overview of the Investment Company Industry Introduction Guide Application Investment Companies Defined - Scope of FASB ASC 946 Types of Investment Companies History Definition and Classification Organizations Providing Services to Investment Companies The Investment Adviser The Distributor The Custodian The Transfer Agent The Administrator Regulation Summary of Relevant SEC Registration and Reporting Forms Financial Reporting to Shareholders Accounting Rules and Policies Effective Date of Transactions Other Rules and Regulations Money Market Reform Other Requirements Jumpstart Our Business Startups Act (JOBS Act) Regulatory Changes for Investment Companies That Invest in Commodities Investment Accounts Investment Objectives and Policies Operations and Controls Recordkeeping Requirements Custody of Securities Accounting for Segregated Accounts Routine Investment Procedures Accounting Net Asset Value Per Share Basis of Recording Securities Transactions Valuing Investments Fair Value Determination When the Volume or Level of Activity Has Significantly Decreased Valuation Techniques Present Value Techniques The Fair Value Hierarchy Application of Fair Value Measurements Offsetting Positions in Market Risks or Counterparty Credit Risk Investments in Entities That Calculate Net Asset Value Per Share Money Market Funds Determining Costs and Realized Gains and Losses Accounting for Investment Income Defaulted Debt Securities Accounting for Expenditures in Support of Defaulted Debt Securities Lending of Portfolio Securities and Secured Borrowings Accounting for Derivatives Accounting for Foreign Investments Financial Instruments Money Market Investments Repurchase Agreements Reverse Repurchase Agreements U.S. Government Securities (Treasury Bills, Notes, and Bonds) Municipal Notes and Bonds Insured Portfolios To Be Announced Securities When-Issued Securities Synthetic Floaters and Inverse Floaters Mortgage-Backed Securities Adjustable Rate Mortgages Collateralized Mortgage Obligations Real Estate Mortgage Investment Conduits High-Yield Securities Payment-in-Kind Bonds Step Bonds Put and Call Options Warrants Loan Commitments Standby Commitments Commodity and Financial Futures Contracts Forward Contracts Forward Exchange Contracts Interest Rate, Currency, Credit, and Equity Swaps and Swaptions Centrally Cleared Swaps Structured Notes or Indexed Securities Short Positions Mortgage Dollar Rolls Capital Accounts Operations and Controls Distributors Orders to Purchase or Redeem Cancellation of Orders Shareholder Transactions Accounting for Capital Share Transactions and Distributions Equalization Auditing Procedures Principal Audit Objectives Obtaining an Understanding of the Entity and Its Environment, Including Internal Control Examination of Transactions and Detail Records Other Auditing Matters Complex Capital Structures Operational and Accounting Issues Multiple-Class Funds Master-Feeder Funds Funds of Funds Other Considerations for Investments in Nonpublicly Traded Investees Financial Statement Presentation Multiple-Class Funds Master-Feeder Funds Funds of Funds Audit Considerations Planning Control Environment Investment in Master Fund and Income-Gain Allocations Other Transactions Prospectus Restrictions and Compliance Tax Qualifications and Compliance Financial Statements Funds of Funds Control Environment Taxes Overview Financial Statements and Other Matters Income Tax Expense Federal Income Tax Provisions Affecting Investment Accounts Foreign Withholding Taxes Financial Statement Presentation Diversification of Assets RICs General Discussion of the Taxation of RICs Taxation of a RIC's Taxable Income and Net Capital Gains Taxation of Shareholder Distributions Excess Reported Amounts Qualification Tests Variable Contracts Distribution Test Excise Tax on Undistributed Income Computation of Taxable Income and Gains Offshore Funds Small Business Investment Companies Financial Statements of Investment Companies Comparative Financial Statements Consolidation Other Consolidation Considerations Reporting Financial Position Reporting of Fully Benefit-Responsive Investment Contracts Schedule of Investments Assets Liabilities Disclosures Related to Transfers of Financial Assets, Including Repurchase Agreements Fair Value Disclosures Fair Value Option Net Assets Statement of Operations Investment Income Expenses Net Investment Income Net Realized Gain or Loss From Investments and Foreign Currency Transactions Net Increase (Decrease) in Unrealized Appreciation or Depreciation Net Increase From Payments by Affiliates and Net Gains (Losses) Realized on the Disposal of Investments in Violation of Restrictions Net Realized and Unrealized Gain or Loss From Investments and Foreign Currency Net Increase or Decrease in Net Assets From Operations Statement of Changes in Net Assets Subsequent Events Statement of Cash Flows Financial Highlights Other Disclosure Requirements Fully Benefit-Responsive Investment Contract Disclosures Offsetting Assets and Liabilities Interim Financial Statements Auditing Considerations Illustrative Financial Statements of Investment Companies Illustrations of Calculations and Disclosures When Reporting Expense and Net Investment Income Ratios Illustration of Calculation and Disclosure When Reporting Net Investment Income

Notes:

Includes index.

Includes bibliographical references (pages) and index.

Description based on print version record.

ISBN:

1-948306-81-6

1-119-68039-5

1-119-68038-7