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Journal entry — Investment company disclosures — FASB continues redeliberations

Published on: Apr 04, 2014

At its meeting today, the FASB continued redeliberating its project on disclosures investment companies should make about their investments in other investment companies. The Board ultimately decided to significantly scale back its tentative disclosure requirements (e.g., disclosure of the entity’s share of the dollar amounts of management fees and incentive fees associated with the investee fund) in response to concerns raised by constituents that the requirements would not meet the project’s objectives and would provide limited benefits to users.

Rather, the FASB chairman asked the staff to determine how best to obtain feedback on the Board’s earlier decisions that all (1) feeder funds should attach the master fund’s financial statements along with their financial statements and (2) investment companies (regulated and nonregulated) should disclose information about investments owned by an investee fund that exceeds 5 percent of the reporting investment company’s net assets. The Board decided not to require any other disclosures related to investments in another investment company.

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