FASB Update for Investment Funds

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Author: Christopher L. Wallace, CPA | Business Assurance & Advisory Services Partner

The Financial Accounting Standards Board (FASB) has had recent discussions regarding financial statement footnote disclosures for investment funds.  FASB is focused on the risks associated with hedge funds and private equity funds that invest in other investment companies. The board plans to release by early 2014 a proposal requiring these investment companies to include information in their financial statement footnotes about their ownership stake, expenses, fees, and their share of income and loss in other investment companies.

About the Author

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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