图书简介

1 Overview of the Investment Company Industry .01-.66 Introduction .01-.16 Guide Application .02-.04 Investment Companies Defined - Scope of FASB ASC 946 .05-.16 Types of Investment Companies .17-.20 History .21-.22 Definition and Classification .23-.36 Organizations Providing Services to Investment Companies .37-.44 The Investment Adviser .38-.39 The Distributor .40-.41 The Custodian .42 The Transfer Agent .43 The Administrator .44 Regulation .45-.51 Summary of Relevant SEC Registration and Reporting Forms .47-.51 Financial Reporting to Shareholders .52-.53 Accounting Rules and Policies .54-.55 Effective Date of Transactions .56-.57 Other Rules and Regulations .58-.66 Money Market Reform .58 Other Requirements .59-.61 Jumpstart Our Business Startups Act (JOBS Act) .62-.64 Regulatory Changes for Investment Companies That Invest in Commodities .65-.66 2 Investment Accounts .01-.183 Investment Objectives and Policies .02-.03 Operations and Controls .04-.18 Recordkeeping Requirements .04-.05 Custody of Securities .06-.08 Accounting for Segregated Accounts .09-.11 Routine Investment Procedures .12-.18 Accounting .19-.183 Net Asset Value Per Share .19-.24 Basis of Recording Securities Transactions .25-.30 Valuing Investments .31-.44 Fair Value Determination When the Volume or Level of Activity Has Significantly Decreased .45-.51 Valuation Techniques .52-.60 Present Value Techniques .61-.63 The Fair Value Hierarchy .64-.69 Application of Fair Value Measurements .70-.84 Offsetting Positions in Market Risks or Counterparty Credit Risk .85-.86 Investments in Entities That Calculate Net Asset Value Per Share .87-.99 Money Market Funds .100 Determining Costs and Realized Gains and Losses .101-.109 Accounting for Investment Income .110-.128 Defaulted Debt Securities .129-.130 Accounting for Expenditures in Support of Defaulted Debt Securities .131-.135 Lending of Portfolio Securities and Secured Borrowings .136-.144 Accounting for Derivatives .145-.148 Accounting for Foreign Investments .149-.183 3 Financial Instruments .01-.81 Money Market Investments .02-.07 Repurchase Agreements .08-.09 Reverse Repurchase Agreements .10 U.S. Government Securities (Treasury Bills, Notes, and Bonds) .11-.12 Municipal Notes and Bonds .13-.16 Insured Portfolios .17 To Be Announced Securities .18-.22 When-Issued Securities .23-.24 Synthetic Floaters and Inverse Floaters .25-.28 Mortgage-Backed Securities .29-.31 Adjustable Rate Mortgages .32 Collateralized Mortgage Obligations .33 Real Estate Mortgage Investment Conduits .34 High-Yield Securities .35-.36 Payment-in-Kind Bonds .37-.38 Step Bonds .39-.40 Put and Call Options .41-.44 Warrants .45-.46 Loan Commitments .47-.48 Standby Commitments .49 Commodity and Financial Futures Contracts .50-.54 Forward Contracts .55 Forward Exchange Contracts .56-.57 Interest Rate, Currency, Credit, and Equity Swaps and Swaptions .58-.64 Centrally Cleared Swaps .65-.69 Structured Notes or Indexed Securities .70-.73 Short Positions .74-.76 Mortgage Dollar Rolls .77-.81 4 Capital Accounts .01-.56 Operations and Controls .02-.21 Distributors .02-.07 Orders to Purchase or Redeem .08-.12 Cancellation of Orders .13 Shareholder Transactions .14-.21 Accounting for Capital Share Transactions and Distributions .22-.30 Equalization .28-.30 Auditing Procedures .31-.56 Principal Audit Objectives .31 Obtaining an Understanding of the Entity and Its Environment, Including Internal Control .32-.38 Examination of Transactions and Detail Records .39-.50 Other Auditing Matters .51-.56 5 Complex Capital Structures .01-.96 Operational and Accounting Issues .02-.30 Multiple-Class Funds .02-.17 Master-Feeder Funds .18-.21 Funds of Funds .22-.25 Other Considerations for Investments in Nonpublicly Traded Investees .26-.30 Financial Statement Presentation .31-.63 Multiple-Class Funds .32-.39 Master-Feeder Funds .40-.54 Funds of Funds .55-.63 Audit Considerations .64-.96 Planning .68-.70 Control Environment .71-.74 Investment in Master Fund and Income-Gain Allocations .75-.78 Other Transactions .79 Prospectus Restrictions and Compliance .80-.83 Tax Qualifications and Compliance .84-.87 Financial Statements .88-.90 Funds of Funds .91-.92 Control Environment .93-.96 6 Taxes .01-.134 Overview .01-.02 Financial Statements and Other Matters .03-.16 Income Tax Expense .03-.12 Federal Income Tax Provisions Affecting Investment Accounts .13 Foreign Withholding Taxes .14 Financial Statement Presentation .15 Diversification of Assets .16 RICs .17-.134 General Discussion of the Taxation of RICs .17 Taxation of a RIC’s Taxable Income and Net Capital Gains .18-.24 Taxation of Shareholder Distributions .25-.43 Excess Reported Amounts .44 Qualification Tests .45-.57 Variable Contracts .58-.63 Distribution Test .64-.82 Excise Tax on Undistributed Income .83-.95 Computation of Taxable Income and Gains .96-.125 Offshore Funds .126-.130 Small Business Investment Companies .131-.134 7 Financial Statements of Investment Companies .01-.239 Comparative Financial Statements .05-.07 Consolidation .08-.17 Other Consolidation Considerations .12-.17 Reporting Financial Position .18-.110 Reporting of Fully Benefit-Responsive Investment Contracts .23-.26 Schedule of Investments .27-.46 Assets .47-.68 Liabilities .69-.81 Disclosures Related to Transfers of Financial Assets, Including Repurchase Agreements .82-.83 Fair Value Disclosures .84-.98 Fair Value Option .99-.102 Net Assets .103-.110 Statement of Operations .111-.146 Investment Income .112-.115 Expenses .116-.129 Net Investment Income .130 Net Realized Gain or Loss From Investments and Foreign Currency Transactions .131-.134 Net Increase (Decrease) in Unrealized Appreciation or Depreciation on Investments and Translation of Assets and Liabilities in Foreign Currencies .135-.136 Net Increase From Payments by Affiliates and Net Gains (Losses) Realized on the Disposal of Investments in Violation of Restrictions .137-.143 Net Realized and Unrealized Gain or Loss From Investments and Foreign Currency .144 Net Increase or Decrease in Net Assets From Operations .145 Reporting of Fully Benefit-Responsive Investment Contracts .146 Statement of Changes in Net Assets .147-.152 Subsequent Events .153-.158 Statement of Cash Flows .159-.172 Financial Highlights .173-.187 Other Disclosure Requirements .188-.205 Fully Benefit-Responsive Investment Contract Disclosures .190 Offsetting Assets and Liabilities .191-.205 Interim Financial Statements .206-.212 Auditing Considerations .209-.212 Illustrative Financial Statements of Investment Companies .213-.229 Illustrations of Calculations and Disclosures When Reporting Expense and Net Investment Income Ratios .230 Illustration of Calculation and Disclosure When Reporting the Internal Rate of Return .231 Illustration of Calculation and Disclosure When Reporting the Total Return Ratio .232 Illustration of a Condensed Schedule of Investments .233 Illustrations of Nonregistered Investment Partnerships Schedule of Investments .234 Presentation of Fully Benefit-Responsive Investment Contracts .235 Disclosure - Fair Value Measurements of Investments That Are Measured at Net Asset Value per Share (or its Equivalent) as a Practical Expedient .236 Illustration of Reporting Financial Highlights, Net Asset Value Per Share, Shares Outstanding, and Share Transactions When Investors in Unitized Nonregistered Funds Are Issued Individual Classes or Series of Shares .237 Illustrative Statement of Changes in Net Assets (Changes in Partners’ Capital) of a Nonregistered Investment Partnership That Includes a General Partner and One or More Limited Partners .238 Illustrative Disclosure for a Registered Fund Issuing Consolidated Financial Statements and Relying on CFTC Letter No. 13-51 .239 8 Other Accounts and Considerations .01-.62 Investment Advisory (Management) Fee Expense .01-.03 Expenses .04-.13 Distribution Expenses .14-.23 Organization and Offering Costs .24-.35 Unusual Income Items .36 Business Combinations .37-.48 Diversification of Assets .49-.50 Liquidation Basis of Accounting .51-.62 When to Apply the Liquidation Basis of Accounting .52-.54 Recognition and Measurement Provisions .55-.56 Presentation and Disclosure .57-.62 9 Unit Investment Trusts .01-.22 Fixed-Income and Equity UITs .05-.13 Taxes .14-.15 Illustrative Financial Statements .16-.22 10 Variable Contracts - Insurance Entities .01-.63 Separate Accounts .01-.06 History .07-.10 Product Design .11-.22 Contracts in the Payout (Annuitization) Period .23-.25 SEC Registration .26-.30 Auditing Considerations .31-.37 Taxation of Variable Contracts .38-.55 Illustrative Financial Statements .56-.63 11 General Auditing Considerations .01-.103 Chapter Overview .01-.03 General Audit Planning Considerations .04-.16 Audit Risk .04-.06 Risk Assessment Procedures .07-.12 Risk Assessment and the Design of Further Audit Procedures .13-.16 Other General Considerations for Audits of Investment Companies .17-.56 Internal Control Considerations .27-.32 Going Concern .33 Risk Assessment Procedures and Related Activities .34-.43 Auditor Conclusions .44-.49 Implications for the Auditor’s Report .50-.55 Documentation .56 Auditing Procedures for the Investment Portfolio Accounts .57-.100 Principal Audit Objectives .57 Examination of Transactions and Detail Records .58-.100 Appendix A - Auditor’s Responsibility for Other Information in Documents Containing Audited Financial Statements .101 Appendix B - Reports on Controls at Outside Service Organizations .102 Appendix C - Consideration of Fraud in a Financial Statement Audit .103 12 Independent Auditor’s Reports and Client Representations .01-.54 Introduction .01-.02 Forming an Opinion on the Financial Statements .03-.05 Reports on Financial Statements of Nonregistered Investment Companies .06-.19 Unmodified Opinion .06-.07 Modified Opinions .08-.18 Review Report on Interim Financial Information .19 Reports on Financial Statements of Registered Investment Companies .20-.28 Report for a Registered Investment Company That Includes a Summary Schedule of Investments in the Financial Statements Provided to Shareholders .27-.28 Report on Internal Control Required by the SEC Under Form N-CEN .29-.35 Report on Examinations of Securities Pursuant to Rules 17f-1 and 17f-2 Under the 1940 Act .36-.45 Report on Examinations of Securities Pursuant to Rule 206(4)-2 Under the Investment Advisers Act of 1940 .37-.45 Reports on Processing of Transactions by a Transfer Agent .46-.47 Reporting Pursuant to the Global Investment Performance Standards .48-.51 Illustrative Representation Letter - XYZ Investment Company .52-.54 Nonregistered Investment Company Written Representation .52 Registered Investment Company Written Representation .53-.54 Appendix A Overview of Statements on Quality Control Standards B Common or Collective Trusts C Venture Capital, Business Development Companies, and Small Business Investment Companies D Computation of Tax Amortization of Original Issue Discount, Market Discount, and Premium E Illustrative Financial Statement Presentation for Tax-Free Business Combinations of Investment Companies F Illustrations for Separately Calculating and Disclosing the Foreign Currency Element of Realized and Unrealized Gains and Losses G References to Technical Questions and Answers H The New Leases Standard: FASB ASC 842 I Schedule of Changes Made to the Text From the Previous Edition J Accounting for Financial Instruments K Asset Management L New Auditing Standards to Change the Auditor’s Report Glossary Index of Pronouncements and Other Technical Guidance Subject Index

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