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Brokers and Dealers in Securities - Accounting Guide
This guide offers up-to-date industry-specific guidance on revenue recognition implementation issues for brokers and dealers in securities.

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The industry-specific guidance you need.

Who Will Benefit?

  • It is critical to understand the complexities of the specialized accounting and regulatory requirements needed for the broker-dealer industry. This comprehensive guide has been designed to be beneficial for a wide range of professionals within the broker-dealer industry.

Key Features

  • Coverage of regulatory updates from key industry regulators (SEC, CFTC, and FINRA).
  • Examples of financial statements, disclosures, and supplementary schedules.
  • Discussion and interpretive guidance associated with industry specific financial reporting and regulatory compliance.

How and when should securities brokers and dealers implement the new revenue recognition standard FASB ASC 606, Revenue from Contracts with Customers? Addressing this question in detail, this 2018 edition contains revenue recognition implementation issues, applying FASB ASC 606 and related interpretations from the FASB/IASB Joint Transition Resource Group for Revenue Recognition (TRG). Specifically, the following revenue streams are addressed:

  • Commission income
  • Recognition on Trade Date
  • Underwriting revenues
  • Soft dollars
  • Investment banking M&A advisory fees
  • Selling and distribution fee revenue

Other related topics include: Scope; Costs associated with investment banking advisory services; and, Principal versus agent: Costs associated with underwriting. In addition, this guide includes interpretations from the TRG which may be relevant for management of asset management entities in applying FASB ASC 606. Specifically, the following revenue streams are addressed:

  • Management fee revenue
  • Excluding performance fee revenue
  • Incentive or performance fee revenue
  • Excluding incentive-based capital allocations.

This guide also includes content from a recent AICPA Q&A which addresses the question, "Is a broker, dealer, or future commission merchant considered a public business entity?" This determination is important when implementing new accounting pronouncements, such as FASB ASC 606, on the appropriate effective date. Other updates to this edition are to conform the content to current accounting standards and regulatory requirements.

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American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

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