United States

KPMG Comments on FASB Proposal to Provide Disclosures about Investments in Other Investment Companies

Feb 23, 2015
From the Financial Reporting View

KPMG LLP recently commented on the proposed FASB ASU, Disclosures about Investments in Other Investment Companies, which would change the disclosure requirements for investment companies that invest in other investment companies. The proposed ASU would require all feeder funds (regulated and nonregulated) in a master-feeder arrangement to provide the financial statements of their master fund along with their own financial statements, and would require all investment companies (regulated and nonregulated) to disclose information about investments held by an investee fund that exceed 5% of the reporting investment company’s net assets. KPMG supports the proposed ASU as it would provide consistency and transparency by aligning certain disclosure and presentation requirements for investment companies that are regulated under the Investment Company Act of 1940 and those that are not regulated under the 1940 Act. KPMG also provided suggestions for enhancing the proposal.

Read KPMG Comment Letter

Read Proposed FASB ASU