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All Professional Development Program content
- Current developments for mutual funds
- Current developments for real estate funds
- Current developments for Real Estate Investment Trusts (REITs)
- Hot topics in financial reporting for mutual funds
- Hot topics in financial reporting for private equity and hedge funds
- IFRS vs. US GAAP for investment funds
- PricewaterhouseCoopers' ninth annual alternative investments seminar
- Private equity funds advanced issues
- SEC regulatory update
- Bridge loans with warrants (July, 2009)
- Key findings of the Korpacz Real Estate Investor SurveyTM (June, 2009)
- Trends in investment performance (June, 2009)
- International tax (May 2009)
- Distressed debt in private equity (March, 2009)
- Sustainable cost management (February, 2009)
- Fund of funds valuation (February, 2009)
- Investment company financial reporting considerations resulting from the current market environment (December, 2008)
- New FASB disclosure standards related to derivatives: FASB Statement No. 161 & FASB Staff Position 133-1 and 45-4 (October, 2008)
- Valuation issues impacting investment management entities (September, 2008)
- IFRS and investment funds: The wave of the future? (August, 2008)
- Regulatory compliance and privacy issues for investment managers: April 22, 2009
- Valuation issues for complex securities: April 21, 2009
- Information security: March 31, 2009
- Tax hot topics: February 24, 2009
- Sustainable cost management: February 11, 2009
- Risk management: December 10, 2008
- Basic tax concepts
- FAS 157 for alternatives
- Financial statement presentation and disclosure for alternatives
- Hedge funds
- IFRS vs. US GAAP for investment companies
- Introduction to alternative investment management products and structures
- Investment adviser compliance
- Overview of investment companies
- Private equity funds
- SEC implications of hedge fund registration
- Swaps
- Securities modules
Level: Overview
Length: Approximately 3 1/2 hours; Timing varies by location - please refer to schedule; Registration and networking begins 1/2 hour prior to class time
CPE: Approximately 3 1/2 Credits
Prerequisites: None
Delivery Method: Group
Advanced Preparation: None
Who should attend: Investment management industry accounting, operations and administrative personnel; staff of custodians, transfer agents and other servicing organizations and professional staff of law firms advising investment companies.
Benefits: Participants will be introduced to the most recent developments relating to current industry trends.
Content: Discuss the most recent industry trends; Discuss regulatory highlights and matters and the impact to mutual funds; Describe recently issued or proposed accounting developments and pronouncements as it relates to mutual funds; Discuss recently issued and evolving tax developments
Length: Approximately 3 1/2 hours; Timing varies by location - please refer to schedule; Registration and networking begins 1/2 hour prior to class time
CPE: Approximately 3 1/2 Credits
Prerequisites: None
Delivery Method: Group
Advanced Preparation: None
Who should attend: Investment management industry accounting, operations and administrative personnel; staff of custodians, transfer agents and other servicing organizations and professional staff of law firms advising investment companies.
Benefits: Participants will be introduced to the most recent developments relating to current industry trends.
Content: Discuss the most recent industry trends; Discuss regulatory highlights and matters and the impact to mutual funds; Describe recently issued or proposed accounting developments and pronouncements as it relates to mutual funds; Discuss recently issued and evolving tax developments
Level: Overview
Length: Approximately 3 1/2 hours; 9:00 a.m.–12:30 p.m.; Registration and networking begins 1/2 hour prior to class time
CPE: Approximately 3 1/2 Credits
Prerequisites: None
Delivery Method: Group
Advanced Preparation: None
Who should attend: Real estate industry accounting, tax, operations and administrative personnel and professional staff of law firms advising real estate companies.
Benefits: Participants will be introduced to the most recent developments relating to current industry trends, accounting and tax developments.
Content: Discuss the most recent industry trends; Describe recently issued or proposed accounting developments and pronouncements as it relates to real estate funds; Discuss recently issued and evolving tax developments
Length: Approximately 3 1/2 hours; 9:00 a.m.–12:30 p.m.; Registration and networking begins 1/2 hour prior to class time
CPE: Approximately 3 1/2 Credits
Prerequisites: None
Delivery Method: Group
Advanced Preparation: None
Who should attend: Real estate industry accounting, tax, operations and administrative personnel and professional staff of law firms advising real estate companies.
Benefits: Participants will be introduced to the most recent developments relating to current industry trends, accounting and tax developments.
Content: Discuss the most recent industry trends; Describe recently issued or proposed accounting developments and pronouncements as it relates to real estate funds; Discuss recently issued and evolving tax developments
Level: Overview
Length: Approximately 3 1/2 hours; 9:00 a.m.–12:30 p.m.; Registration and networking begins 1/2 hour prior to class time
CPE: Approximately 3 1/2 Credits
Prerequisites: None
Delivery Method: Group
Advanced Preparation: None
Who should attend: Real estate industry accounting, tax, operations and administrative personnel and professional staff of law firms advising real estate companies.
Benefits: Participants will be introduced to the most recent developments relating to current industry trends, accounting and tax developments.
Content: Discuss the most recent industry trends; Describe recently issued or proposed accounting developments and pronouncements as it relates to REITs; Discuss recently issued and evolving tax developments
Length: Approximately 3 1/2 hours; 9:00 a.m.–12:30 p.m.; Registration and networking begins 1/2 hour prior to class time
CPE: Approximately 3 1/2 Credits
Prerequisites: None
Delivery Method: Group
Advanced Preparation: None
Who should attend: Real estate industry accounting, tax, operations and administrative personnel and professional staff of law firms advising real estate companies.
Benefits: Participants will be introduced to the most recent developments relating to current industry trends, accounting and tax developments.
Content: Discuss the most recent industry trends; Describe recently issued or proposed accounting developments and pronouncements as it relates to REITs; Discuss recently issued and evolving tax developments
Level: Intermediate
Length: Approximately 8 hours; 9:00 a.m.–5:00 p.m.; Registration and networking begins 1/2 hour prior to class time
CPE: Approximately 8 Credits
Prerequisites: Participants should have a fundamental understanding of the financial statement components for an alternative investment entity.
Delivery Method: Group
Advanced Preparation: None
Who should attend: Investment management industry accounting, operations, tax and administrative personnel with supervisory responsibilities.
Benefits: In this interactive course, participants will get an understanding of the key elements of a set of financial statements of an Alternative Investment Fund and the different formats used (depending on the structure of the entity). This course will help participants gain more experience with a set of financial statements as a whole.
Content: Discussion of the key elements of a set of financial statements for an alternative (i.e., non-registered) investment entity, the different types of structures of Alternative Investment Funds including:
Overview of Financial Statements Types—In this discussion participants will be introduced to the different types of forms and structures for whichAlternative Investment Companies are typically organized, which includes: Limited Partnership/LLC, Offshore Companies, Master/Feeder and Fund of Funds
Overview of Financial Statement Components—In this discussion, participants will review a set of financial statements of an Alternative Investment Company including the Balance Sheet, the Condensed Schedule of Investments, the Statement of Operations, the Statement of Changes, the Cash Flow Statement, the Financial Highlights and the Footnotes
Case Study— In this discussion, participants will review the calculation of certain financial statement items including netting and presentation of due to/from brokers, financial highlights, condensing the schedule of investments and related risk disclosures
Length: Approximately 8 hours; 9:00 a.m.–5:00 p.m.; Registration and networking begins 1/2 hour prior to class time
CPE: Approximately 8 Credits
Prerequisites: Participants should have a fundamental understanding of the financial statement components for an alternative investment entity.
Delivery Method: Group
Advanced Preparation: None
Who should attend: Investment management industry accounting, operations, tax and administrative personnel with supervisory responsibilities.
Benefits: In this interactive course, participants will get an understanding of the key elements of a set of financial statements of an Alternative Investment Fund and the different formats used (depending on the structure of the entity). This course will help participants gain more experience with a set of financial statements as a whole.
Content: Discussion of the key elements of a set of financial statements for an alternative (i.e., non-registered) investment entity, the different types of structures of Alternative Investment Funds including:
Overview of Financial Statements Types—In this discussion participants will be introduced to the different types of forms and structures for whichAlternative Investment Companies are typically organized, which includes: Limited Partnership/LLC, Offshore Companies, Master/Feeder and Fund of Funds
Overview of Financial Statement Components—In this discussion, participants will review a set of financial statements of an Alternative Investment Company including the Balance Sheet, the Condensed Schedule of Investments, the Statement of Operations, the Statement of Changes, the Cash Flow Statement, the Financial Highlights and the Footnotes
Case Study— In this discussion, participants will review the calculation of certain financial statement items including netting and presentation of due to/from brokers, financial highlights, condensing the schedule of investments and related risk disclosures
Level: Intermediate
Length: Approximately 4 hours; Timing varies by location; please refer to schedule; Registration and networking begins 1/2 hour prior to class timeCPE: Approximately 4 Credits
Prerequisites: Participants should have a fundamental knowledge of financial reporting requirements for mutual funds and an understanding of U.S. GAAP.
Delivery Method: Group
Advanced Preparation: None
Who should attend: CFO’s, controllers, administrators and other personnel responsible for accounting, tax and reporting for mutual funds.
Benefits: In this interactive course, participants will gain an understanding of the financial reporting requirements and disclosures under U.S. GAAP, for the topics listed under course content as they relate to mutual funds. Note the course will provide only an overview of U.S. GAAP for these topics and, as such, the participants should have an understanding of U.S. GAAP.
Content: The financial reporting requirements. Including the impact to the financial statements, schedule of investments, and footnote disclosures for the following pronouncements as it relates to mutual funds:
FIN 48—sample disclosures for tax policy footnote and tax accrual
FSP FAS 133-1 and FIN 45-4—additional disclosures by sellers of credit derivatives, current status of the payment/performance risk of guarantee
FIN 39-1 netting arrangements
SOP 94-6—exposures and concentrations of risks
Covenant disclosures for NAV triggers—ISDA agreements, debt financing—Reg. S-X Rule 408(c) and FAS 161
FAS 161, Disclosures about Derivative Instruments and Hedging Activities—review sample disclosures of derivative instruments and related gains and losses in tabular format
Length: Approximately 4 hours; Timing varies by location; please refer to schedule; Registration and networking begins 1/2 hour prior to class timeCPE: Approximately 4 Credits
Prerequisites: Participants should have a fundamental knowledge of financial reporting requirements for mutual funds and an understanding of U.S. GAAP.
Delivery Method: Group
Advanced Preparation: None
Who should attend: CFO’s, controllers, administrators and other personnel responsible for accounting, tax and reporting for mutual funds.
Benefits: In this interactive course, participants will gain an understanding of the financial reporting requirements and disclosures under U.S. GAAP, for the topics listed under course content as they relate to mutual funds. Note the course will provide only an overview of U.S. GAAP for these topics and, as such, the participants should have an understanding of U.S. GAAP.
Content: The financial reporting requirements. Including the impact to the financial statements, schedule of investments, and footnote disclosures for the following pronouncements as it relates to mutual funds:
FIN 48—sample disclosures for tax policy footnote and tax accrual
FSP FAS 133-1 and FIN 45-4—additional disclosures by sellers of credit derivatives, current status of the payment/performance risk of guarantee
FIN 39-1 netting arrangements
SOP 94-6—exposures and concentrations of risks
Covenant disclosures for NAV triggers—ISDA agreements, debt financing—Reg. S-X Rule 408(c) and FAS 161
FAS 161, Disclosures about Derivative Instruments and Hedging Activities—review sample disclosures of derivative instruments and related gains and losses in tabular format
Level: Intermediate
Length: Approximately 4 hours; Timing varies by location; please refer to schedule; Registration and networking begins 1/2 hour prior to class time
CPE: Approximately 4 Credits
Prerequisites: Participants should have a fundamental knowledge of financial reporting requirements for private equity and hedge funds and an understanding of U.S. GAAP.
Delivery Method: Group
Advanced Preparation: None
Who should attend: CFO’s, controllers, administrators and other personnel responsible for accounting, tax and reporting for alternative investment funds.
Benefits: In this interactive course, participants will gain an understanding of the financial reporting requirements and disclosures under U.S. GAAP, for the topics listed under course content as they relate to private equity and hedge funds. Note: the course will provide only an overview of U.S. GAAP for these topics and, as such, participants should have an understanding of U.S. GAAP.
Content: The financial reporting requirements for the following pronouncements as it relates to private equity and hedge funds:
FIN 48—sample disclosures for tax policy footnote and tax accrual
FSP FAS 133-1 and FIN 45-4—additional disclosures by sellers of credit derivatives, current status of the payment/performance risk of guarantee
FIN 39-1 netting arrangements
Technical Practice Aid (TPA) TIS 6910.29 “Allocation of Unrealized Gain (Loss), Recognition of Carried Interest, and Clawback Obligations” SOP 94-6—exposures and concentrations of risks
Covenant disclosures for NAV triggers—ISDA agreements and debt financing
Mini master fund accounting and disclosure—consolidation vs. master feeder fund presentation
Liquidations and wind-down of funds—liquidation basis of accounting; accounting and disclosure differences for funds winding down
Length: Approximately 4 hours; Timing varies by location; please refer to schedule; Registration and networking begins 1/2 hour prior to class time
CPE: Approximately 4 Credits
Prerequisites: Participants should have a fundamental knowledge of financial reporting requirements for private equity and hedge funds and an understanding of U.S. GAAP.
Delivery Method: Group
Advanced Preparation: None
Who should attend: CFO’s, controllers, administrators and other personnel responsible for accounting, tax and reporting for alternative investment funds.
Benefits: In this interactive course, participants will gain an understanding of the financial reporting requirements and disclosures under U.S. GAAP, for the topics listed under course content as they relate to private equity and hedge funds. Note: the course will provide only an overview of U.S. GAAP for these topics and, as such, participants should have an understanding of U.S. GAAP.
Content: The financial reporting requirements for the following pronouncements as it relates to private equity and hedge funds:
FIN 48—sample disclosures for tax policy footnote and tax accrual
FSP FAS 133-1 and FIN 45-4—additional disclosures by sellers of credit derivatives, current status of the payment/performance risk of guarantee
FIN 39-1 netting arrangements
Technical Practice Aid (TPA) TIS 6910.29 “Allocation of Unrealized Gain (Loss), Recognition of Carried Interest, and Clawback Obligations” SOP 94-6—exposures and concentrations of risks
Covenant disclosures for NAV triggers—ISDA agreements and debt financing
Mini master fund accounting and disclosure—consolidation vs. master feeder fund presentation
Liquidations and wind-down of funds—liquidation basis of accounting; accounting and disclosure differences for funds winding down
Level: Basic
Length: Approximately 4 hours; Timing varies by location; please refer to schedule; Registration and networking begins 1/2 hour prior to class time
CPE: Approximately 4 Credits
Prerequisites: None
Delivery Method: Group
Advanced Preparation: None
Who should attend: CFO’s, controllers, administrators and other personnel responsible for accounting, tax and reporting for alternative and registered funds.
Benefits: The seminar provides participants with the tools and knowledge to understand and discuss technical aspects of IFRS as well as a clear picture and understanding of what the transition challenges will be to adopt IFRS for the first time. Participants will learn many of the key differences between IFRS and U.S. GAAP as well as better understand the IFRS framework and principles.
Content: This seminar focuses on the technical aspects of IFRS as well as many of the key differences between IFRS and U.S. GAAP.
Length: Approximately 4 hours; Timing varies by location; please refer to schedule; Registration and networking begins 1/2 hour prior to class time
CPE: Approximately 4 Credits
Prerequisites: None
Delivery Method: Group
Advanced Preparation: None
Who should attend: CFO’s, controllers, administrators and other personnel responsible for accounting, tax and reporting for alternative and registered funds.
Benefits: The seminar provides participants with the tools and knowledge to understand and discuss technical aspects of IFRS as well as a clear picture and understanding of what the transition challenges will be to adopt IFRS for the first time. Participants will learn many of the key differences between IFRS and U.S. GAAP as well as better understand the IFRS framework and principles.
Content: This seminar focuses on the technical aspects of IFRS as well as many of the key differences between IFRS and U.S. GAAP.
- Participants will discuss the status of IFRS in the United States today as well as how far it has evolved around the world, as well as some of the key changes that face management in making the transition to IFRS
- Participants will discuss the key changes to presenting financial statements under IFRS; contrasting and comparing to those under U.S. GAAP by walking through a sample set of IFRS financial statements
- Participants will examine the accounting differences between IFRS and U.S. GAAP most relevant to the IM industry and an introduction to the IFRS accounting model (where significantly different than U.S. GAAP) through analyzing real-life practical examples
- Participants will also examine the regulatory environment
Level: Overview
Length: Approximately 3 1/2 hours; Timing varies by location; please refer to schedule; Registration and networking begins 1/2 hour prior to class time
CPE: Approximately 2–3 Credits
Prerequisites: None
Delivery Method: Group
Advanced Preparation: None
Who should attend: Personnel responsible for the accounting, tax, and reporting for alternative investment funds of all kinds, including investment partnerships, hedge and offshore funds, private equity funds, venture capital funds, commodity pools, and fund-of-funds, both domestic and offshore.
Benefits: We will provide an update on the latest accounting, tax, and regulatory issues/developments impacting alternative investment funds, including an industry perspective of these developments.
Content: In this discussion, participants will review the anticipated industry trends for 2010; In this session, participants will discuss potential financial reporting and accounting developments as it relates to alternative products; In this discussion, participants will identify potential international and U.S. tax developments
Length: Approximately 3 1/2 hours; Timing varies by location; please refer to schedule; Registration and networking begins 1/2 hour prior to class time
CPE: Approximately 2–3 Credits
Prerequisites: None
Delivery Method: Group
Advanced Preparation: None
Who should attend: Personnel responsible for the accounting, tax, and reporting for alternative investment funds of all kinds, including investment partnerships, hedge and offshore funds, private equity funds, venture capital funds, commodity pools, and fund-of-funds, both domestic and offshore.
Benefits: We will provide an update on the latest accounting, tax, and regulatory issues/developments impacting alternative investment funds, including an industry perspective of these developments.
Content: In this discussion, participants will review the anticipated industry trends for 2010; In this session, participants will discuss potential financial reporting and accounting developments as it relates to alternative products; In this discussion, participants will identify potential international and U.S. tax developments
Level: Advanced
Length: Approximately 4 hours; Timing varies by location; please refer to schedule; Registration and networking begins 1/2 hour prior to class time
CPE: Approximately 4 Credits
Prerequisites: Participants should have a fundamental understanding of private equity funds and operations.
Delivery Method: Group
Advanced Preparation: None
Who should attend: Personnel responsible for structuring, accounting, tax, and reporting for private equity funds.
Benefits: Participants will gain an understanding of the advanced private equity fund issues including federal and international tax issues and FIN 48, special purpose vehicles (SPVs), complex capital structures, management fee structures and allocations, and financial reporting issues.
Content: Fund Structures and Trends— A discussion of various funds structures and the current trends with focus on how the various structures impact different investor bases, including the associated FIN 48 issues and the use of AIV vehicles
Investment Trends— A discussion around the structuring of investments, including the use of SPV and blocker vehicles and the associated international and state and local tax issues that impact the investment structure
Carry Allocations and Management Fee Structures—A discussion of general partner carry allocations as well as management fee structures from a tax and book perspective including cashless contribution, management fee offset, management fee conversion to carried interest, budgeted management fees, management fee deferrals and management fee waivers vs. reductions, overrides and allocations and how recent or proposed tax legislation will impact this in the future
Valuing Private Equity Investments in accordance with FAS 157 a year later—a discussion of implementation issues for private equity funds and private equity fund of funds, including the impact of tax in connection with the valuation of investments
Length: Approximately 4 hours; Timing varies by location; please refer to schedule; Registration and networking begins 1/2 hour prior to class time
CPE: Approximately 4 Credits
Prerequisites: Participants should have a fundamental understanding of private equity funds and operations.
Delivery Method: Group
Advanced Preparation: None
Who should attend: Personnel responsible for structuring, accounting, tax, and reporting for private equity funds.
Benefits: Participants will gain an understanding of the advanced private equity fund issues including federal and international tax issues and FIN 48, special purpose vehicles (SPVs), complex capital structures, management fee structures and allocations, and financial reporting issues.
Content: Fund Structures and Trends— A discussion of various funds structures and the current trends with focus on how the various structures impact different investor bases, including the associated FIN 48 issues and the use of AIV vehicles
Investment Trends— A discussion around the structuring of investments, including the use of SPV and blocker vehicles and the associated international and state and local tax issues that impact the investment structure
Carry Allocations and Management Fee Structures—A discussion of general partner carry allocations as well as management fee structures from a tax and book perspective including cashless contribution, management fee offset, management fee conversion to carried interest, budgeted management fees, management fee deferrals and management fee waivers vs. reductions, overrides and allocations and how recent or proposed tax legislation will impact this in the future
Valuing Private Equity Investments in accordance with FAS 157 a year later—a discussion of implementation issues for private equity funds and private equity fund of funds, including the impact of tax in connection with the valuation of investments
Level: Intermediate
Length: Approximately 4 hours; 1:00 p.m.– 5:00 p.m.; Registration and networking begins 1/2 hour prior to class time
CPE: Approximately 4 Credits
Prerequisites: Participants should have a fundamental knowledge of SEC regulatory requirements for investment companies and investment advisors.
Delivery Method: Group
Advanced Preparation: None
Who should attend: Investment management industry Chief Compliance Officers, compliance/risk management personnel, general counsel, legal staff, outside counsel that advise investment management companies and legal staff.
Benefits: Participants will gain an in-depth understanding of recent initiatives by the SEC in their regulation of the investment management industry. The course will also provide participants with an opportunity to exchange ideas and approaches to common areas of concern to all firms.Content: In this seminar participants will review, examine and discuss:
U.S. and Global Regulatory Reforms Affecting Investment Management—detailed overview on government and regulatory actions-to-date on reforming the regulation and oversight of financial services, including SEC reforms and proposals affecting the IM industry
Post-Examination Action, Findings and Statistics—brief discussion of the most common deficiencies found during a routine examination and how to avoid common mistakes in responding to the deficiency letter
SEC Focus and Priorities Under Chairman Schapiro—a look at the SEC’s new leadership direction and messages sent during the first year
Custody Controls—investment advisor custody topics in the wake of recent Ponzi schemes
Due Diligence—an explanation of the regulatory emphasis on the fiduciary duty of top-level managers-of-managers or fund-of-funds in the wake of recent Ponzi schemes
Enhanced Assurance Services—the use of control objectives in policies and testing of key compliance/governance controls (SOP 07-02). Review of key control objectives for areas of recent SEC interest such as Securities Lending or Soft Dollar and how to integrate the control objectives into your annual testing
Length: Approximately 4 hours; 1:00 p.m.– 5:00 p.m.; Registration and networking begins 1/2 hour prior to class time
CPE: Approximately 4 Credits
Prerequisites: Participants should have a fundamental knowledge of SEC regulatory requirements for investment companies and investment advisors.
Delivery Method: Group
Advanced Preparation: None
Who should attend: Investment management industry Chief Compliance Officers, compliance/risk management personnel, general counsel, legal staff, outside counsel that advise investment management companies and legal staff.
Benefits: Participants will gain an in-depth understanding of recent initiatives by the SEC in their regulation of the investment management industry. The course will also provide participants with an opportunity to exchange ideas and approaches to common areas of concern to all firms.Content: In this seminar participants will review, examine and discuss:
U.S. and Global Regulatory Reforms Affecting Investment Management—detailed overview on government and regulatory actions-to-date on reforming the regulation and oversight of financial services, including SEC reforms and proposals affecting the IM industry
Post-Examination Action, Findings and Statistics—brief discussion of the most common deficiencies found during a routine examination and how to avoid common mistakes in responding to the deficiency letter
SEC Focus and Priorities Under Chairman Schapiro—a look at the SEC’s new leadership direction and messages sent during the first year
Custody Controls—investment advisor custody topics in the wake of recent Ponzi schemes
Due Diligence—an explanation of the regulatory emphasis on the fiduciary duty of top-level managers-of-managers or fund-of-funds in the wake of recent Ponzi schemes
Enhanced Assurance Services—the use of control objectives in policies and testing of key compliance/governance controls (SOP 07-02). Review of key control objectives for areas of recent SEC interest such as Securities Lending or Soft Dollar and how to integrate the control objectives into your annual testing
