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Wiley GAAP 2008 by Colorado Steven M. Bragg Englewood, Ralph Nach American Express Tax and Business Inc., Barry J. Epstein

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Investment Companies: Perspective and Issues

An investment company pools shareholders' funds to provide shareholders with professional investment management. Investment companies' activities include selling capital shares to the public, investing the proceeds in securities, and distributing net income and net realized gains to its shareholders.

The AAG, Audits of Investment Companies, discusses those aspects of accounting and auditing unique to investment companies, and will provide new guidance on accounting for offering costs, amortization of premium or discount on bonds, liabilities for excess expense plans, reporting complex capital structures, payments by affiliates, and financial statement presentation and disclosures for investment companies and nonpublic investment partnerships.

Table . 25-1: Sources of GAAP
FSPFASSOP
EITF 85‐24‐1102, 12693‐1, 93‐2, 93‐4, 95‐2, 95‐3, 01‐1

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