Fund accounting

Roles that need it

• Fund Accountant
• Fund Reporting Analyst
• Private Fund Administrator
• Depositary Oversight Analyst
• External Audit (Financial Services)

Skills it belongs to

• Net asset value calculation
• Accounting fundamentals (double entry)
• Period-end close and reconciliations

Related concepts

• NAV (Net asset value)Net asset value (NAV) is the value of a fund's assets minus its liabilities. NAV per share, or per unit, is the NAV of a share class divided by the number of shares in issue, and it is the price at which investors subscribe to and redeem from an open-ended fund.
• AccrualAn accrual records income or an expense in the period it is earned or incurred, even if the cash moves later. In fund accounting, daily accruals of interest income, management fees and other expenses keep the net asset value fair for investors who deal on any given day.
• ReconciliationReconciliation is the regular comparison of two sets of records that should agree, such as a firm's securities positions and the custodian's statement, cash ledgers and bank statements, or trade details with a counterparty, followed by investigation of differences (breaks). It is a key control in operations and finance.
• Accrued interestAccrued interest is the coupon interest earned on a bond since the last coupon date that the buyer pays to the seller on settlement. Bonds are quoted at the clean price; the dirty price paid equals clean price plus accrued interest, calculated with the bond's day count convention.
• Share class hedgingShare class hedging is the use of currency forwards, at the level of one share class, to reduce the effect of exchange rate moves between the fund's base currency and the class currency. Gains, losses and costs of the hedge are attributed only to that class, and ESMA expects no leakage to other classes.

Sources

• Directive 2009/65/EC (UCITS Directive), EUR-Lex (external site) accessed 31 Oct 2026
• Conceptual Framework for Financial Reporting, IFRS Foundation (external site) accessed 31 Oct 2026

Updated 31 Oct 2026.