Rothstein Kass has released its updated financial statement manual for alternative investment funds such as hedge funds and hybrid funds.
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The updated “Alternative Investment Fund Pro Forma – Financial Statements Reference Manual” for 2012 provides a guidebook for completing financial statements for hedge and hybrid funds, fund of funds and master-feeder structures. Updated to reflect the latest industry developments, this year’s edition includes sample financial statements for domestic funds, offshore funds, master funds, domestic feeder funds and offshore feeder fund structures.
“Throughout the past year, alternative investment professionals have faced ongoing volatility, a number of industry-wide developments and growing economic uncertainty both in the U.S. and worldwide,” said Vince Calcagno, principal-in-charge of Rothstein Kass’s Beverly Hills office, in a statement. “While fund managers are still experiencing continued positive trends in institutional investing, their time has never been more splintered. And on top of it all, fund managers are also faced with mounting regulations that are adding extra layers to an already complex financial reporting process.”
The reference manual includes sample templates for the statement of financial condition, statement of operations, statement of changes in partners’ capital, statement of cash flows and the condensed schedule of investments. Drawing on Rothstein Kass’s expertise in the alternative investment sector, the manual also includes an extensive “notes to financial statements” section for every fund. This section includes a variety of reference information and explanations on the nature of operations and summary of significant accounting policies, fair value measurements, investments in private investment companies, amounts due from/to brokers, derivative contracts, securities purchased under agreements to resell and securities sold under agreements to repurchase, securities lending agreements, securities sold short, concentration of credit risk, partners’ capital, related party transactions, administrative fee, financial highlights and subsequent events.