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 2017 examination priorities for investment advisers and investment companies, broker-dealers, transfer agents, clearing agencies, private fund advisers, national securities exchanges, and municipal advisors.

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.

Additional Guidance Available


Past Meeting Highlights

2017

March 2017 (Pending)

January 17, 2017

2016 and Prior

2011-2016 Archived Meeting Highlights

2003-2010 Archived Meeting Highlights

Members of the Expert Panel

Mike Barkman, Chair, Ernst & Young LLP

Elizabeth C. Bayston, MFS Investment Management

Craig Brown, Fidelity

Rajan Chari, Deloitte & Touche LLP

Quintin I. Kevin, Adams Street Partners LLC

Chris May, PricewaterhouseCoopers LLP

Peggy McCaffrey, Cohen and Company

Nir Messafi, Fortress Investment Group

Brent Oswald, KPMG LLP

Brian H. Oswald, Prospect Capital Corp.

Ari Samuel, EisnerAmper LLP

Jason Andrew Sibley, RSM US LLP

Robert Sidoti, Guggenheim Partners

John Stomper, Grant Thornton

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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