US GAAP for investment funds

• Investment managers
• Administrative staff responsible for accounting
• Actors servicing departments dealing with investment funds that need to report as per US GAAP

In spite of a general trend towards harmonisation of accounting standards across the globe, US GAAP for investment funds still differs in important aspects from IFRS and, more specifically, from Lux GAAP.

This course covers the financial reporting requirements, disclosures and related authoritative sources for investment companies under US GAAP.

By the end of this training, participants will be able to:

• identify the financial reporting requirements and related authoritative sources for investment companies under US GAAP;
• list the major components of financial statements of investment companies and provide an overview of the key financial statement line items;
• identify common pitfalls in practice;
• provide an update on new relevant auditing standards.

Section I - Background on US regulations and accounting principles applicable to investment funds

Section II - Overview of financial statement components

Statement of assets and liabilities
Schedule of investments
Statement of operations
Statement of changes in partners' capital
Statement of cash flows
Financial highlights (per share performance, ratios, total return, internal rate of return)
Footnote disclosures

Section III- Master/feeder and fund of funds structures

Section IV - Consolidation

An attendance certificate will be sent to participants.

This training is coordinated by Alix Altenor, Partner at PwC Luxembourg.

• Alix Altenor is a partner at PwC Luxembourg within the Assurance Alternatives and Valuation Services practice, specialising in U.S. GAAP for funds and valuation for financial reporting. With over 15 years of experience, he focuses on reviewing valuation models and assumptions for private company equity and debt, utilising methodologies such as discounted cash flow, trading and transaction multiples, milestone analyses, and NAV. His expertise spans leveraged buyout, growth equity, venture capital, credit, and mezzanine strategies. Alix has extensive knowledge of accounting and financial reporting under U.S. GAAP, IFRS, and AIFMD, and his professional work includes portfolio company valuation, external and internal audits, serving clients in private equity, venture capital, and credit funds.