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Journal entry — FASB cancels project on disclosures about investments in other investment companies

Published on: Aug 06, 2015

Yesterday, the FASB voted to remove its project on disclosures about investments in other investment companies from its technical agenda. However, the Board agreed to use its technical corrections project to clarify the scope of the current disclosure requirements.

Under the defunct project, a feeder fund in a master-feeder arrangement that is not regulated under the Investment Company Act of 1940 (the “1940 Act”) would have been required to include the master fund’s financial statements in its financial statements. The project would have also expanded the scope of the current requirement to disclose certain information about investments held by investee funds that exceed 5 percent of the reporting fund’s net assets to include reporting investment companies that are regulated under the 1940 Act.

FASB cancels project on disclosures about investments in other investment companies Image

Correction list for hyphenation

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