AcSEC EDs focus on investment entity financial reporting. (Highlights).

The AICPA Accounting Standards Executive Committee (AcSEC) issued two exposure draft statements of position (SOP) in July. One, Financial Highlights of Separate Accounts: An Amendment to the Audit and Accounting Guide--Audits of Investment Companies, provides guidance on reporting financial highlights by separate accounts of insurance enterprises. The other is titled Reporting Financial Highlights and Schedule of Investments by Nonregistered Investment Partnerships: An Amendment to the Audit and Accounting Guide--Audits of Investment Companies and SOP 95-2, Financial Reporting by Nonpublic Investment Partnerships. Comments on both, which are available at www.aicpa.org/members/div/acctstd/edo/index.htm, are due September 15.