Statements of Position

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Description

This proposed statement of position (SOP) provides guidance on financial reporting, by investment companies, for distributions to shareholders, including returns of capital. Although the proposed SOP recognizes that financial statements of investment companies are prepared on the basis of generally accepted accounting principles (GAAP), it recommends that, to avoid shareholder confusion, the term tax return of capital be used to report portions of shareholders' distributions that are in excess of tax-basis current and accumulated earnings and profits.

ISBN

ed92-02-10t

Publication Date

1991

Relational Format

Book

Keywords

Mutual funds -- United States -- Accounting; Disclosure in accounting -- United States; Financial statements -- United States; Capital distributions

Disciplines

Accounting | Taxation

Comments

Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants; Exposure draft (American Institute of Certified Public Accountants), 1992, Feb. 10

Proposed statement of position : determination, disclosure, and financial statement presentation of income, capital gain, and return of capital distributions by investment companies : proposed amendment to AICPA audit and accounting guide, Audits of investment companies;Determination, disclosure, and financial statement presentation of income, capital gain, and return of capital distributions by investment companies : proposed amendment to AICPA audit and accounting guide, Audits of investment companies

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