FASB standard lays out definition of investment company

06/8/2013 | JournalofAccountancy.com

The Financial Accounting Standards Board has issued a standard that outlines eight characteristics a company must have if it is to be treated as an investment company in terms of financial reporting. The standard also lists items an investment company must disclose. "This standard clarifies the characteristics of an investment company and provides comprehensive implementation guidance," FASB Chairwoman Leslie Seidman said.

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