Accounting Guide
John Wiley & Sons Inc (Verlag)
978-1-948306-66-9 (ISBN)
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SEC Release No. 34-86073, Amendment to Single Issuer Exemption for Broker-Dealers;
ASU No. 2018-09, Codification Improvements; and,
SEC Release Nos. 33-10532; 34-83875; IC-33203, Disclosure Update and Simplification.
In addition, this edition features a new example disclosure note for revenue from contracts with customers, which has been added to the guide's illustrative financial statements and footnote disclosures.
The American Institute of CPAs (AICPA) is the world's largest member association representing the CPA profession, with more than 429,000 members in the United States and worldwide, 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 its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the procession.
1 The Securities Industry .01-.144
Broker-Dealers .04-.25
Discount Brokers .08
Investment Bankers .09-.14
Government Securities Dealers .15
Designated Market Maker .16
Clearing Brokers .17
Carrying Brokers .18
Prime Brokers .19
Swap Dealers .20-.21
Introducing Brokers .22
Brokers’ Brokers .23
Bank-Owned Brokers (Section 4k4(e) and Section 20 Brokers) .24
Independent Broker-Dealers .25
The Financial Markets .26-.48
Exchange Market .29-.34
OTC Market .35-.39
Third Market .40
Alternative Trading Venues .41-.48
Clearing Organizations and Depositories .49-.55
Transfer Agents .56-.59
Regulatory Overview .60-.63
Business Activities .64-.144
Brokerage .64-.72
Firm Trading .73-.109
Investment Banking .110-.117
Financing .118-.130
Other Activities .131-.144
2 Broker-Dealer Functions, Books, and Records .01-.176
Introduction .01-.18
Overview .01-.03
Original Entry Journals .04-.06
General Ledger .07
Stock Record .08-.12
Regulatory Recordkeeping Requirements .13-.15
Trade Date and Settlement Date .16-.18
Trade Execution .19-.60
Customer Trades .19-.48
Proprietary Trades .49-.60
Clearance and Settlement .61-.90
Overview .61-.65
Comparison .66-.70
Settlement .71-.87
Bookkeeping .88-.90
Specialized Clearance Activities .91-.118
Mortgage-Backed Securities .91-.95
Government Securities .96-.98
Repos and Reverse Repos .99-.100
Derivative Securities .101-.103
Commodity Futures and Options on Futures .104-.108
Forward Transactions .109
Municipal Securities .110-.111
International Securities .112
Options on Securities .113-.118
Reconciliation and Balancing .119-.122
Custody .123-.134
Possession or Control .124-.128
Securities Transfer .129-.134
Dividends, Interest, and Reorganization .135-.148
Dividends and Interest .135-.143
Reorganization .144-.148
Collateralized Financing .149-.163
Stock Loan and Stock Borrow .149-.153
Bank Loan Financing .154-.157
Reverse Repos and Repos .158-.163
Regulatory Considerations .164-.171
Tax Information Reporting for Certain Customer Transactions .172-.175
Illustrative Stock Record Entries .176
3 Regulatory Considerations .01-.188
Applicable Rules .05-.10
Interpretations of Rules .09-.10
Explanation of Significant SEC Financial Responsibility Rules .11-.125
SEC Rule 15c3-3, "Customer Protection—Reserves and Custody of Securities" .11-.40
SEC Rule 15c3-1, "Net Capital Requirements for Brokers or Dealers" .41-.60
SEC Rule 15c3-1(e), "Notice Provisions Relating to the Limitations on the Withdrawal of Equity Capital" .61-.65
SEC Rule 17a-13, "Quarterly Security Counts to Be Made by Certain Exchange Members, Brokers, and Dealers" .66-.70
SEC Rule 17a-3, "Records to Be Made by Certain Exchange Members, Brokers, and Dealers" .71
SEC Rule 17a-4, "Records to Be Preserved by Certain Exchange Members, Brokers, and Dealers" .72
Regulation T and Maintenance Margin .73-.79
Account Statement Rule(s) .80-.81
SEC Rules and CFTC Regulations Governing Customer Margin for Transactions in Security Futures .82
SEC Rules 17h-1T and 17h-2T .83-.86
SEC Rule 17Ad-17, "Lost Securityholders and Unresponsive Payees" .87-.92
SEC Rule 17Ad-22, "Clearing Agency Standards" .93-.94
SEC Rule 17-248—Subpart C, "Regulation S-ID: Identity Theft Red Flags" .95
SEC Rule 506 of Regulation D and SEC Rule 144A .96-.97
SEC Rule 15c3-5, "Risk Management Controls for Brokers or Dealers with Market Access" .98-.101
SEC Rule 17a-5, "Reports to Be Made by Certain Brokers and Dealers" .102-.122
Anti-money Laundering Regulations .123-.125
Reporting Requirements .126-.151
Consolidation of Subsidiaries .132-.134
Form Custody .135
Other Periodic Reporting .136
The Annual Audited Financial Report .137-.151
Filings Concurrent With the Annual Audited Financial Report .152-.161
Compliance or Exemption Report Required by SEC Rule 17a-5 .152-.154
Report to State Regulatory Agencies .155
Financial Statements to Be Furnished to Customers of Securities Broker-Dealers .156-.161
Other Reports .162-.171
Reports on Securities Investor Protection Corporation Assessment .162-.164
Reports on Agreed-Upon Procedures for Distributions .165
PCAOB Accounting Support Fee .166-.171
Additional Requirements for Registered Investment Advisers .172-.180
Rules Applicable to Broker-Dealers in Commodities and U.S. Government Securities .181-.183
Commodities Brokers .182
Government Securities Broker-Dealers .183
OTC Derivatives Dealers .184-.185
Swap Dealers and Swaps Marketplace Participants .186
Annual Compliance Certification .187-.188
4 Internal Control .01-.69
Introduction .01-.06
The Control Environment .07-.09
Risk Assessment .10-.18
Control Activities .19-.22
Information and Communication .23-.29
Information and Communication Control Activities .26-.29
Monitoring Activities .30-.35
Broker-Dealer Control and Monitoring Activities .36-.61
Sales and Compliance .40-.43
Clearance .44-.45
Securities Settlement .46-.47
Custody .48-.49
Dividends, Interest, and Reorganization .50-.51
To-Be-Announced Securities .52
Principal Transactions .53-.55
OTC Derivative Transactions .56
Commissions .57
Collateralized Financings .58-.60
Period End Financial Reporting .61
SEC Requirements for Management’s Report on Internal Control Over Financial Reporting for Issuers .62-.69
Annual Reporting Requirements for Issuers .66
Quarterly Reporting Requirements for Issuers .67-.69
5 Accounting Standards .01-.127
Accounting Model .02-.40
Definition of Fair Value .06-.08
Application of Fair Value Measurement to Liabilities and Instruments Classified in a Reporting Entity’s Shareholders’ Equity .09-.11
Valuation Techniques .12-.14
Inputs to Valuation Techniques .15-.16
Application to Financial Assets and Financial Liabilities With Offsetting Positions in Market Risks or Counterparty Credit Risk .17-.19
Inputs Based on Bid and Ask Prices .20
Present Value Techniques .21-.24
The Fair Value Hierarchy .25-.28
Fair Value Measurements of Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) .29-.32
Fair Value Determination When the Volume or Level of Activity Has Significantly Decreased .33-.37
Fair Value Option .38-.40
Additional Fair Value Considerations .41-.54
Financial Instruments Listed on a Recognized Exchange .41-.45
Financial Instruments Not Listed on a Recognized Exchange but Having a Readily Available Market Price .46-.48
Financial Instruments Not Having a Readily Available Market Price .49-.54
Trade-Date Versus Settlement-Date Accounting .55-.68
Proprietary and Principal Transactions .58-.65
Agency Transactions .66-.68
Statement of Financial Condition Considerations .69-.112
Due From, and Due to, Other Broker-Dealers and Clearing Entities .69-.70
Transfers of Financial Assets .71-.85
Exchange Memberships Owned or Contributed .86
Suspense Accounts .87
Derivatives .88-.97
Conditional Transactions .98
Leveraged Buyouts and Bridge Loans .99
Asset Securitizations .100-.103
Variable Interest Entities .104
Soft-Dollar Arrangements .105-.109
Mandatorily Redeemable Instruments .110-.112
Statement of Income or Loss Considerations .113-.124
Underwriting Revenues and Expenses .113-.117
Distribution Costs .118-.119
Interest, Dividends, and Rebates .120-.123
Costs Associated With Exit or Disposal Activities .124
Revenue Recognition: Application of FASB ASC 606 .125-.127
Brokers, Dealers, and Futures Commission Merchants and the Definition of a Public Business Entity .125-.127
6 Financial Statement Presentation and Classification .01-.169
Introduction .01-.12
Financial Statements .13-.31
Statement of Financial Condition .13-.15
Statements of Income, Comprehensive Income or Operations .16-.20
Statement of Cash Flows .21-.22
Statement of Changes in Ownership Equity .23-.24
Statement of Changes in Subordinated Borrowings .25
Consolidation of Subsidiaries .26-.28
Going Concern .29-.31
Supplementary Schedules .32-.39
Computation of Net Capital Pursuant to SEC Rule 15c3-1 .34
Computations for Determination of Reserve Requirements Pursuant to SEC Rule 15c3-3 .35-.36
Information Relating to Possession or Control Requirements Under SEC Rule 15c3-3 .37-.38
Schedules of Segregation Requirements and Funds in Segregation for Customers’ Trading Pursuant to the Commodity Exchange Act .39
Statement of Financial Condition Account Descriptions .40-.97
Cash and Securities Segregated Under Federal and Other Regulations .41
Memberships in Exchanges .42-.46
Securities Sold Under Agreements to Repurchase and Securities Purchased Under Agreements to Resell .47-.53
Securities Borrowed and Securities Loaned .54-.60
Securities Received as Collateral and Obligation to Return Securities Received as Collateral .61-.63
Receivables From and Payables to Broker-Dealers, Clearing Organizations, and Others .64-.72
Receivables From and Payables to Customers .73-.76
Deferred Dealer Concessions .77
Securities Owned and Securities Sold, Not Yet Purchased .78-.85
Other Borrowed Funds .86-.88
Subordinated Borrowings .89-.93
Commitments and Guarantees .94-.96
Equity .97
Statement of Income or Operations Account Descriptions .98-.126
Commission Income and Related Expense .99-.103
Interest Income and Interest Expense .104-.105
Dividend Income and Dividend Expense .106
Principal Transactions (Trading Gains and Losses) .107
Investment Banking Fees and Expenses .108-.113
Asset Management and Investment Advisory Income .114-.115
Distribution Fees .116-.117
Floor Brokerage, Exchange Fee, and Clearance Expenses .118-.120
Occupancy and Equipment Expenses .121
Employee Compensation and Benefits Expenses .122-.124
Technology and Communications Expense .125
Management and Allocated Corporate Overhead Expense .126
Disclosures .127-.165
Fair Value Disclosures .127-.130
Disclosures Related to Transfers of Financial Assets Accounted for as Sales .131-.132
Disclosures Related to Transfers of Financial Assets Accounted for as Secured Borrowings .133
Disclosures of Certain Significant Risks and Uncertainties and Contingencies .134-.144
Derivative Instruments Disclosures .145-.148
Guarantee Disclosures .149-.150
Related Party Disclosures .151-.156
Subsequent Events Disclosures .157-.159
Balance Sheet Offsetting Disclosures .160-.165
Financial Statements and Schedules .166-.169
Appendix
A Information Sources
B Illustrative Example of Compliance Report Required by SEC Rule 17a-5
C Illustrative Example of Exemption Report Required by SEC Rule 17a-5
D The New Leases Standard: FASB ASC 842
E Accounting for Financial Instruments
F Schedule of Changes Made to the Text From the Previous Edition
Glossary
Index of Pronouncements and Other Technical Guidance
Subject Index
| Erscheinungsdatum | 13.12.2019 |
|---|---|
| Reihe/Serie | AICPA |
| Verlagsort | New York |
| Sprache | englisch |
| Maße | 150 x 226 mm |
| Gewicht | 544 g |
| Themenwelt | Wirtschaft ► Betriebswirtschaft / Management ► Rechnungswesen / Bilanzen |
| ISBN-10 | 1-948306-66-2 / 1948306662 |
| ISBN-13 | 978-1-948306-66-9 / 9781948306669 |
| Zustand | Neuware |
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