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. This 2018 guide provides authoritative how-to accounting and auditing advice, including implementation guidance and illustrative financial statements and disclosures.

This guide is the industry standard resource, supporting practitioners in a constantly changing industry landscape packed with continuous regulatory developments.

• 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, masterfeeder 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.

• References to appropriate AICPA Technical Questions and Answers that address when to apply the liquidation basis of accounting.
• Appendices discussing the new standards for financial instruments, leases and revenue recognition.
• Appendices discussing common or collective trusts and business decelopment companies.

This comprehensive guide has been designed to be beneficial for a wide range 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).

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