TAILIEUCHUNG - TECHNICAL BRIEF FOR INVESTMENT FUNDS: ACCOUNTING, FINANCIAL REPORTING & REGULATORY ( VOLUME 4)

Financial sector reforms and the adoption of a more predictable currency system spurred a recovery of the financial sector in 2009. Total deposits in the banking system rose from US$500 million in 2009 to some US$ billion by December 2010. Important vulnerabilities remain6. The Banking sector is highly illiquid, with the bulk of bank lending being short term (90 days or less) with longer-term loans virtually nonexistent. Moreover, the intermediation spread is extremely high with prohibitive lending rates of as high as 30 percent and deposit rates of as low as 2 percent | Cayman Islands Assurance and Advisory Services Technical Brief for Investment Funds Accounting Financial Reporting Regulatory Volume 4 - December 2011 In this issue Introduction Recent Accounting and Financial Reporting Updates - US Generally Accepted Accounting Principles Recent Accounting and Financial Reporting Updates - International Financial Reporting Standards Regulatory Update - US - SEC - private fund registration and other requirements - summary and update Regulatory Update - US - SEC and CFTC - private fund reporting rule Form PF Regulatory Update - US - SEC - Volcker Rule - banking entities involvement with investment funds Regulatory Update - US - Foreign Account Tax Compliance Act FATCA - an update Regulatory Update - Cayman- CIMA - Rule on Regulatory Reporting Standards Regulatory Update - Cayman - CIMA - registration of master funds Legal Update - Weavering judgment - directors responsibilities Fund Liquidations - Cayman considerations Links to archive editions of the Tech Brief newsletter i-it Introduction Welcome to Volume 4 of the Technical Brief for Investment Funds Tech Brief a periodic newsletter developed by the Deloitte Cayman Investment Funds Technical Team. The major accounting standard setting bodies have put out a number of new and proposed amendments in 2011 some of which represent the culmination of projects that have been ongoing for a year or more. In this Tech Brief we summarize some of the more significant new accounting and financial reporting requirements that investment funds and their managers will have to contend with. A few of these are effective for 2011 year ends while others will be effective in future years. Lawyers and others involved in the structuring of funds should have some level of awareness of certain of the new and proposed changes to US GAAP and International Financial Reporting Standards particularly those that introduce or amend criteria for determining whether an entity is deemed to be an investment fund for

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