2025 Investment Companies — Audit and Accounting Guide

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Understand the complexities

Whether you are a financial statement preparer for investment companies or an auditor of them, it is critical to understand the complexities of the accounting and regulatory requirements for this specialized industry.

Packed with comprehensive guidance and the most recent regulatory developments, this guide provides:

• Extensive industry background information
• Accounting and authoritative auditing advice
• Comprehensive examples of financial statements, disclosures, and required schedules
• Illustrative auditor reports and client representations
• Regulatory guidance applicable to investment companies
• Best practice discussion on several new and recurring complex industry-specific issues, including investment valuation, financial instruments, financial reporting to shareholders, capital accounts, crypto assets, business development companies, tax matters for regulated investment companies, master-feeder funds, multiple-class funds, funds of funds, unit investment trusts, separate accounts of life insurance entities, and more

Updates for 2025 include:

• Recently issued SEC regulations and FASB accounting guidance, including recent Accounting Standards Updates on crypto assets, income tax disclosures, and segment reporting.
• Revisions that provide a further understanding of a wide variety of accounting, reporting, and compliance topics
• Additional references to AICPA Technical Questions and Answers that address various relevant topics

Key Topics

• Background on the investment company industry
• The latest auditing and regulatory guidance specific to investment companies
• Interpretive guidance
• Best practices
• Financial statements of investment companies under GAAP and SEC regulations
• Illustrative independent auditor’s reports

Who Will Benefit

• Preparers in the investment company industry
• Practitioners in small, regional, and large firms that conduct audits of both registered and nonregistered investment companies (i.e., AICPA and PCAOB audits)