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

    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 2015 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

    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

    January 20, 2015

    2014 and Prior

    2003-2010 Archived Meeting Highlights

    2011-2014 Archived Meeting Highlights

    Members of the Expert Panel

    Brent Oswald, Chair, KPMG LLP

    Mike Barkman, Ernst & Young LLP

    Elizabeth C. Bayston, MFS Investment Management

    James W. Giangrasso, Needham Investment Management LLC

    Robert Kaufman, Kaufman, Rossin & Co, P.A.

    Quintin I. Kevin, Adams Street Partners LLC

    Richard Konzmann, Arlington Asset Investment Corp.

    Chris May, PricewaterhouseCoopers LLP

    Peggy McCaffrey, Cohen Fund Audit Services, Ltd.

    Megan Miller, BlackRock

    Stephen Sadoski, Fidelity

    Ari Samuel, EisnerAmper LLP

    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


    CPE and Conferences

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