PwC comments on GASB's exposure draft on certain external investment pools

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Comment letter , PwC US Aug 31, 2015

PwC supports the GASB's criteria for determining when amortized cost can be used for certain external investment pools.

Overview

PwC submitted comments on the GASB's exposure draft, Accounting and Financial Reporting for Certain External Investment Pools. 

We are supportive of the board’s decision to remove the direct linkage between the existing standards and the Investment Company Act of 1940 Rule 2a-7 and instead develop specific criteria for determining whether it is appropriate for an investment pool to measure its investments at amortized cost. 

We believe the proposed criteria, which are primarily focused on ensuring that an external investment pool’s assets consist of high credit quality, short duration debt instruments, are consistent with the limited exception for this class of entities from reporting investments at fair value.

Contact us

Heather Horn

Heather Horn

US Strategic Thought Leader, National Professional Services Group, PwC US

David Schmid

David Schmid

International Accounting Leader, National Professional Services Group, PwC US

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