[10089]
July 2, 1998
TO: ACCOUNTING/TREASURERS COMMITTEE No. 26-98
INDEPENDENT ACCOUNTANTS ADVISORY COMMITTEE No. 6-98
RE: MEETING AGENDA -- JULY 9, 1998
______________________________________________________________________________
A draft agenda for the meeting of the Accounting/Treasurers Committee and the Independent
Accountants Advisory Group on July 9, 1998 is attached. The meeting will be held at the offices of the
Investment Company Institute, 1401 H Street, N.W. in Washington. The meeting is scheduled to begin
at 10:00 a.m. in the Silver conference room which is located on the twelfth floor. Lunch will be served
and the meeting should end no later than 2:00 p.m. Please contact the undersigned if there are any
additional issues you would like to discuss at the meeting.
Gregory M. Smith
Director - Operations/
Compliance & Fund Accounting
Attachment
INVESTMENT COMPANY INSTITUTE
ACCOUNTING/TREASURERS COMMITTEE
1401 H Street, NW, Washington
July 9, 1998
AGENDA
I. Antitrust Policy & Compliance Update
II. Tax Items
1. Legislative Update
2. IRS Ruling on Compensating Balance Arrangements
3. Tax Court Case on Deductibility of Fund Start-up Costs
4. Year-End Tax Reporting
5. IRS Audits of Fund Distributors
6. Tax Aspects of Euro Conversion
III. AICPA Investment Companies Committee Activities
1. Audit Guide
a. Meeting with FASB - April 8
b. Status and Timing Going Forward
2. SOP 98-5 Reporting on the Costs of Start-up Activities
a. Legal costs associated with registration - organization or offering
b. Impact on “excess expense plan” arrangements
c. Redemption of “seed money” shares during initial 5 year period
3. May Meeting with SEC Staff
IV. Subcommittee Reports
1. Accounting Policy Subcommittee
a. European Currency Conversion Paper
Accounting/Treasurers Members No. 13-98 (June 15, 1998)
b. Current Projects Update
2. Securities Operations Subcommittee
a. Settlement Procedures During Broker Collapse in Selected Foreign Markets
b. Securities Lending White Paper
IV. Other Items
1. Year 2000 Rule Proposals
2. SEC Extension of Compliance Date for Rule 17f-5
3. Shareholder Reports - ICI Recommendations to SEC
4. Auditor Independence
5. FASB 133 Accounting for Derivative Instruments and Hedging Activities