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Updates To Disclosure Requirements For Fair Value Measurements: What You Need To Know Relevant To Registered Investment Companies

Posted by admin on Nov 6, 2018 12:18:53 PM

In August 2018, the Financial Accounting Standards Board (FASB) finalized changes to fair value measurement disclosure requirements that had been under debate for several years as part of the disclosure framework project.

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From Stradley Ronon- To RIC or Not to RIC… An Analysis of Tax Issues When Converting to a Regulated Investment Company

Posted by admin on Apr 11, 2016 4:00:00 PM

From time to time, we receive resources from industry colleagues that we believe would be of value to our clients and industry friends.

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Determining When a Statement of Cash Flows is Required for an Investment Company

Posted by admin on Aug 18, 2014 4:47:00 PM

Generally speaking, investment companies are exempt from presenting a statement of cash flows in their semi-annual and annual reports, provided they meet three conditions.

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Can Funds Use Equalization Debits and In-Kind Redemptions Together For Tax Efficiency?

Posted by admin on Aug 5, 2014 4:26:00 PM

In order to achieve tax efficiency and maintain the single layer of taxation concept of Subchapter M, regulated investment companies (RICs) use various techniques. Two common techniques in the industry are equalization debits and the use of redemptions in-kind instead of cash redemptions. ETFs tend to use in-kind redemptions more than non-ETF groups.

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Shortening the U.S. Trade Settlement Cycle

Posted by admin on Jun 17, 2014 3:27:00 PM

In a recent report published by the Depository Trust & Clearing Corporation (DTCC) in April of 2014, a recommendation was made to shorten the U.S. Trade settlement cycle for equities, municipal and corporate bonds and unit investment trusts from trade date plus three days (T+3) to trade date plus two days (T+2).

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Don't Let SADs Get You Down

Posted by admin on Jun 3, 2014 12:06:00 PM

One of the more potentially divisive items included in the Auditor’s Report to the Audit Committee is the Summary of Audit Differences (SADs). At times, it seems that SADs are perceived as a black mark on an otherwise clean audit report, which is most likely due to a misunderstanding of what a SAD represents.

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Are We Any Closer to IFRS Adoption?

Posted by admin on May 15, 2014 11:03:00 AM

The buzz surrounding International Financial Reporting Standards (IFRS) adoption in the United States, once a hot topic, has waned significantly in the past few years.

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How to Account for Commission Recapture Program Rebates

Posted by admin on Apr 29, 2014 3:02:08 PM

Commission recapture occurs when a fund enters into an agreement with an institutional broker to rebate a portion of trading commissions directly to a fund. How does commission recapture work?

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Treatment of Organization and Offering Costs For New Open-End Funds

Posted by admin on Apr 15, 2014 6:42:01 PM

Through our interaction with various clients, it has become clear there is much uncertainty with respect to the identification and treatment of organization and offering costs as they relate to a newly established open-ended mutual fund. In hopes of providing clarification on this matter, we have illustrated the accounting treatment of both types of costs in several different scenarios through which they may apply.

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What You Need To Know About Proposed Changes to the Auditors' Reporting Model

Posted by admin on Oct 11, 2013 3:06:44 PM

Late this summer, the Public Company Accounting Oversight Board (PCAOB) released for public comment drastic changes to the auditors’ reporting model. These changes would be accomplished through two new auditing standards. The first proposed auditing standard- The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion- establishes requirements regarding the content of the auditor’s written report. The second proposed auditing standard- The Auditor’s Responsibilities Regarding Other Information in Certain Documents Containing Audited Financial Statements and the Related Auditor’s Report- establishes requirements regarding the auditor’s responsibilities with respect to information, other than the audited financial statements and the related auditor’s report, in a company’s annual report that is filed with the SEC under the Securities Exchange Act of 1934 and contains that company’s audited financial statements and the related auditor’s report.

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