Dec 18, 2015
From the Financial Reporting Network
KPMG LLP recently released Alternative Investment Fund Illustrative Financial Statements, which provides example U.S. GAAP financial statements and disclosures for private investment companies. New for this edition are enhanced disclosures about a fund’s capital structure, long-term commitments, and related-party transactions; disclosures about financial statements prepared under the liquidation basis of accounting; disclosures about certain transactions accounted for as secured borrowings; and considerations for early adoption of guidance for investments that are measured using net asset value per share as a practical expedient to estimate fair value. The illustrative financial statements provide general information about applying U.S. GAAP effective as of September 30, 2015, but do not include all possible disclosures that may be required for private investment companies.
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