Investment Companies, 2019

Chapter 7 Financial Statements of Investment Companies

Gray shaded text in this chapter reflects guidance issued but not yet effective as of the date of this guide, July 1, 2019, but becoming effective on or prior to December 31, 2019, exclusive of any option to early adopt ahead of the mandatory effective date. Unless otherwise indicated, all unshaded text reflects guidance that was already effective as of the date of this guide.

7.01 FASB Accounting Standards Codification (ASC) 946-205-45-1 states the following:¹

The overall objective of financial statements, including financial highlights, of investment companies is to present net assets, results of operations, changes in net assets, and financial highlights resulting from investment activities and, if applicable, capital share transactions. In reporting to shareholders, investment companies and investment companies registered with the SEC shall present financial statements and financial highlights as follows.

Nonregistered Investment Companies	Registered Investment Companies
A statement of assets and liabilities with a schedule of investments or a statement of net assets, which includes a schedule of investments therein, as of the close of the latest period. At a minimum, a condensed schedule of investments (as discussed in paragraphs 946-210-50-4 through 50-10) should be provided for each statement of assets and liabilities.	A statement of assets and liabilities with a schedule of investments or statement of ...