US GAAP for Investment Funds

Duration: 1 Day

CPD Hours: Certificates of Completion can be used for CPD/CPE purposes

Programme overview

A comprehensive, practical review of current US GAAP requirements and practices for investment fund financial reporting.

Objectives

At the end of this course participants will be able to

  • Describe the US GAAP Framework as it applies to reporting for investment funds
  • Distinguish between registered and non-registered funds
  • Outline the financial statements requirements under US GAAP
  • Explain what must be included in each financial statement
  • Describe the requirements regarding fair value measurement
  • Discuss the requirements regarding the fair value hierarchy and related disclosures
  • Outline the disclosure requirements regarding financial instruments generally and derivatives in particular
  • Explain the reporting requirements of master-feeder structures
  • Discuss current market and regulatory developments affecting US GAAP reporting

 

Participants will be required to complete individual and group exercises throughout the session.

Who should attend?

This course is geared towards financial reporting professionals responsible for the production of fund financial statements in accordance with US generally accepted accounting principles. No prior US GAAP knowledge is required but participants should be familiar with fund financial reporting generally. Also, a basic understanding of the key features of derivatives is required.

Course Content (Summary)

  • US GAAP Framework
  • Financial Accounting Standards Board (FASB)
  • Accounting Standards and Codification
  • AICPA Accounting and Audit Guide for Investment Companies
  • Securities and Exchange Commission (SEC)
  • Classification of instruments issued by a fund
  • Financial Statements
  • Components, comparatives, interims
  • Statement of assets & liabilities
  • Statement of operations
  • Statement of changes in net assets
  • Statement of cash flows
  • Schedule of investments
  • Financial highlights
  • Financial Instruments
  • Recognition & de-recognition
  • Fair value measurement
  • Fair value disclosures
  • Fair value hierarchy
  • Derivatives & hedging
  • Developments

Trainer Profile

Alan Farrell, FCCA, is the founder of Quickstep Consulting. He has over 20 years experience in the funds industry and has also lectured extensively on financial risk management and accounting topics.