The AICPA accounting standards executive committee (AcSEC) issued two statements of position (SOPs).

* The AICPA accounting standards executive committee (AcSEC) issued two statements of position (SOPs) in December:

* SOP 03-4, Reporting Financial Highlights and Schedule of Investments by Nonregistered Investment Partnerships: An Amendment to the Audit and Accounting Guide Audits of Investment Companies and AICPA Statement of Position 95-2, Financial Reporting by Nonpublic Investment Partnerships (product no. 014939JA), www.aicpa.org/members/ div/acctstd/projects/nonregistered.asp.

* SOP 03-5, Financial Highlights of Separate Accounts: An Amendment to the Audit and Accounting Guide Audits of Investment Companies (product no. 014940JA), www.aicpa. org/members/div/acctstd/projects/separate.asp. The statement provides guidance on financial reporting by separate accounts of insurance enterprises.

Both SOPs are effective for annual financial statements issued for fiscal years ending after December 15, 2003, and for interim financial statements issued after initial application. The provisions that require certain nonregistered investment partnerships to compute and disclose internal rate of return, however, would be effective for annual financial statements issued for fiscal years beginning after December 15, 2003, with early application encouraged.

Copies of the statements are available from the AICPA online at www.cpa2biz.com or by phone at 888-777-7077.