Statements of Position

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Description

This proposed statement of position (SOP) would amend the Audit and Accounting Guide Audits of Investment Companies (the Guide) to provide guidance on financial reporting by investment partnerships for disclosures of investments, income, and partners' capital. It would require: 1. Including a list of investments in securities, as illustrated in the guide for management investment companies, with financial statements prepared in accordance with generally accepted accounting principles (GAAP). 2. Presenting a statement of operations in the format illustrated in the Guide. 3. Accounting for performance fees in accordance with partnership agreements and disclosing the amounts of and how such fees are computed.

Publication Date

1993

Relational Format

Book

Keywords

Mutual funds -- Auditing -- Standards -- United States; Mutual funds -- United States -- Accounting; Small business investment companies -- United States -- Accounting; Hedge funds -- United States -- Accounting; Partnership -- United States -- Accounting

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.

Proposed statement of position : Financial reporting for investment partnerships : proposed amendment to AICPA audit and accounting guide Audits of investment companies ;Financial reporting for investment partnerships : proposed amendment to AICPA audit and accounting guide Audits of investment companies; Exposure draft (American Institute of Certified Public Accountants), 1993, Sept. 15

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