The Clearing House Association submitted a comment letter to FASB and IASB on their proposals on investment companies and on FASB’s Proposal on Investment Property Entities. TCH recommends that the standard on investment companies be principles-based with the overall principle that an entity is an investment company if the nature of the entity’s activities is investing in an investment(s) for returns from capital appreciation, investment income or both. TCH also recommends that the FASB converge its standard on investment property entities with International Accounting Standards 40, Investment Property, whereby entities would have the option to carry investment properties at fair value.