Challenging times: FIN 48 and its impact on hedge funds
Questions are being raised about how the accounting profession will respond to the introduction of a new accounting rule, FIN 48, when it applies to asset managers.
Several issues look likely to impact the accounting and auditing profession in Cayman. The biggest worry, according to Noel Reilly at PricewaterhouseCoopers, is the European Union’s alternative investment fund managers (AIFM) directive and the impact it could have on offshore fund products.
The rules as they now stand have the potential to restrict the distribution of offshore products within the EU. This is a particular problem for US hedge fund managers, particularly if they are unable to
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