Investment Companies - AICPA Audit and Accounting Guide

AICPA Audit & Accounting Guides are developed and updated to provide guidance and discussions specific to current industry developments and trends. The AICPA Investment Companies Audit and Accounting Guidesummarizes 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, 2012, 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.

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 the appropriate AICPA senior committee(s).

Updates significant to this edition include technical guidance contained in: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. 2011-03, Transfers and Servicing (Topic 860): Reconsideration of Effective Control for a Repurchase Agreement; FASB ASU No. 2010-06, Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements; PCAOB Risk Assessment Standards Nos. 8 - 15; SSAE No. 16, Reporting on Controls at a Service Organization.