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New Technical Auditing Questions and Answers Issued for Investment Companies

The following Technical Questions and Answers guidance has been added under Section 6910, Investment Companies, by the American Institute of Certified Public Accountants:

  • Section 6910.36, Determining Whether Loan Origination Is a Substantive Activity When Assessing Whether an Entity Is an Investment Company
  • Section 6910.37, Considering the Length of Time It Will Take an Investment Company to Liquidate Its Assets and Satisfy Its Liabilities When Determining If Liquidation Is Imminent
  • Section 6910.38, Determining If Liquidation Is Imminent When the Only Investor in an Investment Company Redeems Its Interest, and the Investment Company Anticipates Selling All of Its Investments and Settling All of Its Assets and Liabilities
  • Section 6910.39, Presentation of Stub Period Information by an Investment Company
  • Section 6910.40, Applying the Financial Statement Reporting Requirements in FASB ASC 946-205-45-1 When an Investment Company Presents a Stub Period
  • Section 6910.41, Separation of Final-Period Financial Statements Between Going Concern and Liquidation Periods for Certain Investment Companies That Liquidate Over a Short Period of Time
  • Section 6910.42, Presenting Financial Highlights Under the Liquidation Basis of Accounting for an Investment Company
  • Section 6910.43, Accrued Income When Using the Liquidation Basis of Accounting

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