1 See Accounting/Treasurers Committee No. 20-96 dated May 16, 1996.
June 5, 1996
TO: ACCOUNTING/TREASURERS COMMITTEE No. 25-96
RE: SURVEY ON REVISIONS TO FINANCIAL REPORTING REQUIREMENTS
______________________________________________________________________________
As you know, the AICPA Investment Companies Committee is updating the Audit and
Accounting Guide - Audits of Investment Companies. In addition, the SEC is drafting changes to
Regulation S-X that would implement certain of the AICPA recommendations.1 The Institutes
1996 Tax & Accounting Conference will include a panel session on these proposed changes to
investment company financial reporting requirements.
The Tax & Accounting Conference Planning Committee would like to ensure that
industry reaction to the proposed changes is included in the panel session. Towards that end,
you previously received a survey dated May 3, 1996 which solicited reaction to several of the
proposed changes and requested data on certain of your funds.
If you have already completed the survey, thank you for your timely response. If you
have not yet completed the survey, an additional copy is attached. Please forward your
response to the undersigned no later than June 21 at the address below or via facsimile
(202/326-5853) or e-mail (smith@ici.com). If you are forwarding your mutual fund and CUSIP
data using a Lotus file, please format the file in WK3 format. Please also send a hard copy of the
file to the undersigned at the address below.
Please note that changes to the SECs financial reporting requirements must first be
issued for public comment and be approved by the Commission. Also, any modifications to the
Audit and Accounting Guide would be subject to the due process procedures applicable to all
new GAAP pronouncements, including clearance through the AICPA Accounting Standards
Executive Committee and the Financial Accounting Standards Board. The Institute will
distribute the SEC rule proposal and the AICPA exposure draft when they are formally issued
for public comment.
Gregory M. Smith
Director - Operations/
Compliance & Fund Accounting
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