Expert Panel - Investment Companies 


About the Expert Panel

The Investment Companies Expert Panel serves the needs of AICPA members on financial and business reporting and audit and attest matters. The expert panel protects the public interest by bringing together knowledgeable parties in the investment companies industry to deliberate and come to agreement on key investment companies issues.

Expert Panel Projects

October 2016 Investment Companies Technical Questions and Answers
August
17, 2015, comment letter on the Securities and Exchange Commission‟s (SEC or Commission) proposed rules Investment Company Reporting Modernization (IC proposal) and Amendments to Form ADV and Investment Advisers Act Rules (IA proposal) - See more at: http://edit.aicpa.org/advocacy/financialreporting/pages/finrecpositions.aspx#sthash.8TSILRZp.dpuf
August 17, 2015, comment letter on the Securities and Exchange Commission‟s (SEC or Commission) proposed rules Investment Company Reporting Modernization (IC proposal) and Amendments to Form ADV and Investment Advisers Act Rules (IA proposal) - See more at: http://edit.aicpa.org/advocacy/financialreporting/pages/finrecpositions.aspx#sthash.8TSILRZp.dpuf


August 17, 2015, comment letter on the Securities and Exchange Commission‟s (SEC or Commission) proposed rules Investment Company Reporting Modernization (IC proposal) and Amendments to Form ADV and Investment Advisers Act Rules (IA proposal)

February 23, 2015, comment letter on the Proposed Accounting Standards Update, Financial Services—Investment Companies (Topic 946): Disclosures about Investments in Other Investment Companies

To support practitioners who are issuing reports for periods ending on or after December 15, 2012, the AICPA Investment Companies Expert Panel has produced an illustrative auditor’s report on the financial statements of a nonregistered investment company. The illustrative report reflects revisions required by the ASB Clarity Project.

Reporting considerations associated with the Federal Housing Finance Agency decision to permit the "sweep" of Fannie Mae's and Freddie Mac's earnings to the Treasury.

Industry News and Resources

The SEC Office of Compliance Inspections and Examinations announced its 2016 examination priorities for investment advisers and investment companies, broker-dealers, and transfer agents.

On July 23, 2014, the SEC issued final rules that will require the use of a floating net asset value (NAV) for institutional prime money market funds. These rules also allow boards to impose liquidity fees and implement redemption gates for all non-government money market funds during periods of stress. Under normal circumstances, money market funds with floating NAV will continue to be designated as “cash equivalents” under these rules. For more information, please visit http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370542347679.

The SEC recently conducted a national seminar for investment companies and investment advisers, as part of its compliance outreach program. This seminar, geared towards Chief Compliance Officers (CCOs) and other senior management at these firms, covered program priorities for 2014, topics of interest for private fund advisers and registered investment companies, valuation, and the role of the CCO. For more information, click here.

FASB Accounting Standards Update No. 2013-08 changes the approach for assessment of investment company status, clarifies investment company’s characteristics, and provides guidance for determining whether an entity is an investment company under U.S. GAAP.

Additional Guidance Available


Past Meeting Highlights

2016

July 19, 2016

May 17, 2016

March 8, 2016

January 19, 2016

2015 and Prior

2011-2015 Archived Meeting Highlights

2003-2010 Archived Meeting Highlights

Members of the Expert Panel

Brent Oswald, Chair, KPMG LLP

Mike Barkman, Ernst & Young LLP

Elizabeth C. Bayston, MFS Investment Management

Craig Brown, Fidelity

James W. Giangrasso, Needham Investment Management LLC

Quintin I. Kevin, Adams Street Partners LLC

Chris May, PricewaterhouseCoopers LLP

Peggy McCaffrey, Cohen and Company

Nir Messafi, Fortress Investment Group

Brian H. Oswald, Prospect Capital Corp.

Ari Samuel, EisnerAmper LLP

John Stomper, Grant Thornton

Dale Thompson, BDO USA, LLP

Maryna Tully, Deloitte & Touche LLP

Learn more about the Expert Panel members via their biographies.


Staff Contact

Irina Portnoy, Senior Technical Manager


Expert Panel Recommended Guidance

Publications

CPE and Conferences




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