Disclosure


TThe SEC changed—and proposed further modifications to—its mutual fund rules and forms ( www.sec.gov/news/press/2004-16.htm ). In one action, to improve funds’ disclosure of costs, investments and performance, the commission amended provisions pertaining to shareholder reports and quarterly portfolio disclosures. These new requirements will apply to reporting periods ending on or after June 18, 2004. The commission also proposed two amendments. One would require funds’ directors to disclose in detail the costs and benefits of each investment advisory contract they approve. Another would ban mutual funds’ use of brokerage commissions (which are fund assets) to finance the promotion or sale of fund shares—a practice that can increase fund expenses and reduce investment returns. Comments are due April 26.

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The technology assessment engagement

Are you working with the best technology? Do you know how to help your clients determine if their technology stack measures up? In this free report, J. Carlton Collins, CPA, explains how to answer those questions via a technology assessment engagement.

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