This industry standard resource provides authoritative how-to accounting and auditing advice to help practitioners stay abreast of current regulatory requirements within this constantly changing industry.

This 2016 edition provides best-practices, interpretive guidance and illustrative reports on topics such as investment valuation, financial instruments, capital accounts, BDCs, master-feeder funds, multi-class funds, UITs, separate accounts of life insurance entities.

Appendices discussing the new revenue recognition and leases standards, and common or collective trusts and business development companies are included.

Key Benefits

• 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 examinations of securities and controls at a custodian pursuant to Rule 206(4)-2 of the Investment Advisers Act of 1940

Updates

• Appendices discussing the new revenue recognition and leases standards
• Appendices discussing common or collective trusts and business development companies

Who Will Benefit?

This comprehensive guide has been designed to be beneficial for a wide range of professionals, including those within the investment company industry, as well as those practicing in small, regional, and large accounting and auditing firms. The guide provides auditing considerations applicable for practitioners conducting audits of both registered and nonregistered investment companies (i.e. AICPA and PCAOB audits).