News, Resources and Updates

AICPA: Working Draft – Accounting and Valuation Guide: Valuation of Portfolio Company Investments of VC and PE Funds

In mid-May, the AICPA issued a working draft of an "Accounting and Valuation Guide: Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies". The Guide, developed by the AICPA PE/VC Task Force, provides guidance and illustrations for preparers of financial statements, auditors and valuation specialists.

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FASB Simplifies the Disclosures Related to Fair Value Measurement in ASU 2018-13: Implications for Private Funds

The Financial Accounting Standards Board continues on its path to improve the effectiveness and simplify the disclosure requirements in the notes to financial statements as part of its disclosure framework project. In August 2018, FASB released an Accounting Standards Update that has relevant implications for investment companies that report using U.S. generally accepted accounting principles (U.S. GAAP).

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IPEV Guidelines: Exposure Draft of 2018 edition

The International Private Equity and Venture Capital Valuation Guidelines Board (“the IPEV Board”) has recently published draft amendments to the International Private Equity and Venture Capital Valuation Guidelines for consultation. The Valuation Guidelines were last updated in 2015 and this year’s update reflects the continued experience of industry practitioners applying IFRS 13 and ASC Topic 820 (US GAAP) as well as incorporating other valuation guidance such as that reflected in the working draft of the American Institute of Certified Public Accountants Private Equity and Venture Capital Valuations Guide.

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CFA Institute: Exposure Draft of the 2020 Global Investment Performance Standards – Valuation Updates

On August 31, 2018, the CFA Institute released an Exposure Draft of the 2020 Global Investment Performance Standards. For firms that claim GIPS compliance, all “private market investments” that are included in the firm’s discretionary assets under management will be required to have an external valuation, valuation review or be subject to a financial statement audit at least once every 12 months.

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