[11810]
April 13, 2000
TO: ACCOUNTING/TREASURERS COMMITTEE No. 15-00
TAX COMMITTEE No. 17-00
RE: DRAFT PAPER ON ACCOUNTING AND REPORTING FOR FUND-OF-FUNDS
______________________________________________________________________________
Enclosed is a draft copy of a paper addressing accounting and reporting issues for fund-of-funds
prepared by the Institute’s Accounting Policy Subcommittee. The draft paper, in question and answer
form, addresses: financial statement presentation, disclosures regarding investments in underlying funds,
portfolio turnover rates, expense ratios, NAV calculation, tax and dividend considerations, and other
issues.
If you have any comments on the draft paper, please forward them to the undersigned (fax:
202/326-8314, e-mail: smith@ici.org) by May 26. The Accounting Policy Subcommittee will address
comments received on the draft paper. Absent substantive comments or concerns, the paper will be
issued in final form to the industry in June.
Gregory M. Smith
Director – Operations/
Compliance & Fund Accounting
Enclosure