June 4, 1991
TO: ACCOUNTING/TREASURERS COMMITTEE NO. 10-91
INDEPENDENT ACCOUNTANTS ADVISORY GROUP
RE: AICPA DRAFT STATEMENTS OF POSITION (SOPs)
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Enclosed for your review and comment are the current drafts
of SOPs proposed by the AICPA Investment Companies Committee
addressing Distributions, including Returns of Capital; High
Yield Securities; and Foreign Currency Accounting. Please also
refer to the attached letter to me from Robert DeNormandie, of
Coopers & Lybrand, explaining the process which will be followed,
and the concerns for prompt action.
If you wish to comment on the drafts, please do so in
writing to Don Boteler at the Investment Company Institute who
will coordinate passing them along to the AICPA Committee.
Thanks for taking the time to participate in this important
process of developing financial reporting standards for the
industry.
Richard A. Silver
Chairman
Enclosures