Community Action Plan
Who
We Are
We
are members of the Society who work in or provide services to investment
companies and their investment advisers, focusing primarily on hedge funds and
other private funds with hybrid strategies. We discuss and provide updates on
accounting, auditing, compliance, valuation, operations and selected
regulations, as well as industry best practices, as they relate to hedge funds
and their investment advisers.
What
We Do
The
Community normally holds nine monthly meeting (months excluded are August, March
and April). Meetings are typically hosted at one of the member’s offices and may
also be accessed via phone. The majority of the meetings include educational
presentations on topics of current interest which are generally eligible for one
hour of CPE free to Community members. At least one meeting is devoted to
organizational matters and planning for the annual conference described
below.
We
identify and discuss developments applicable to hedge funds and, to a lesser
extent, their investment advisers in the following areas:
Valuation
of investments and other financial assets and liabilities
New
accounting standards or guidance applicable to investment companies
Emerging
industry, accounting, auditing or financial reporting issues
SEC
regulatory developments impacting private funds or their investment
advisers
Accounting,
auditing and other considerations for emerging investments (e.g.,
cryptocurrencies, cannabis investing, etc.)
Operations
and best practices
Other
hot topics and current market trends
We
coordinate with the NYCPA to provide comments on relevant proposed accounting
and auditing standards by the FASB and AICPA, respectively, rules and
regulations of the SEC and other industry regulators and other legislative
proposals impacting hedge funds and other investment companies.
We
cosponsor with the Private Equity and Venture Capital Community an annual
Alternative Fund Conference, which is a full day FAE
program.
We
address technical questions from members of the Community. In addition, on a
volunteer basis, Community members support the NYCPA technical helpline to
address technical questions from NYCPA members for investment company related
topics.
Who
Should Join
NYCPA
members who work in or provide services to hedge funds, other private funds and
their investment advisers, or organizations providing services to such funds and
advisers, including broker dealers, mutual funds, insurance companies, fund
administrators, accounting firms, valuation firms, CFO outsourcing firms and
forensic experts. NYSSCPA members in government and academia interested in the
private fund industry should also join. Commiunity members are expected to
participate in at least three of the monthly meetings.