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Get ready to expand your knowledge of the auditing and accounting issues significant to the broker –dealers industry. Whether you're preparing your company's financial statements or preparing for an auditing engagement, the AICPA Audit and Accounting Guide Brokers and Dealers in Securities provides you with the latest information on accounting and auditing issues and related financial statement considerations.
Have you used the FASB Accounting Standards Codification™ (ASC) to maneuver through the new structure of GAAP? You'll find the helpful guidance you're accustomed to now fully conformed to the ASC, along with a clear explanation of the ASC's significance to the profession, numerical referencing system, and Internet-based research system.
Updated with conforming changes as of August 1, 2009, the guide includes relevant guidance contained in official pronouncements issued through that date, supplemented with specific "how-to" recommendations. The following new pronouncements are to this guide and have been reflected in this edition:
You'll also want to check out the new developments related to the heavily debated fair value issue addressed in FASB Statement No. 157, Fair Value Measurements (FASB ASC 820). With all these must-have features, this guide is an essential reference for firms, small practitioners, and professionals in business and industry.
For a topical listing of subject matter by chapter, click on the Table of Contents tab.
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Preface
Purpose and Applicability
This AICPA Audit and Accounting Guide has been prepared to assist brokers and dealers (broker-dealers) in securities in preparing financial statements in conformity with generally accepted accounting principles and to assist independent accountants in reporting on financial statements (and other written management assertions) of those entities.
This guide applies to preparation and audit of financial statements of entities that are broker-dealers in securities. The activities of broker-dealers in securities are described in chapter 1. Operations of such entities are subject to the rules and regulations of the Securities and Exchange Commission (SEC) and other regulatory bodies.
Broker-dealers in securities are subject to regulation under the Securities Exchange Act of 1934. Some broker-dealers are also futures commission merchants for commodity futures and commodity option contracts subject to regulation under the Commodity Exchange Act.*
Members of the Financial Industry Regulatory Authority1 are subject to the rules of that organization, and members of securities exchanges are also subject to the rules of the exchanges of which they are members. Some of these rules, as currently in effect, are discussed in this guide. However, the rules, regulations, practices, and procedures of the securities and commodities futures industries have changed frequently and extensively in recent years. Still further changes are under consideration as this guide goes to press, and the auditor should keep abreast of these changes.
* The Commodity Practice Aid Task Force of the AICPA has updated the Audits of Futures Commission Merchants, Introducing Brokers, and Commodity Pools practice aid to reflect changes in accounting and auditing guidance and regulatory rules that occurred since the original issuance of this publication. The revised practice aid provides practitioners with nonauthoritative, practical guidance on the financial statements of futures commission merchants, introducing brokers, and commodity pools. The practice aid was released in June 2009 and is now available at www.cpa2biz.com.
1 The National Association of Securities Dealers, Inc. and New York Stock Exchange consolidated their member regulation, enforcement, and arbitration functions into a single self-regulatory organization in July 2007. This entity is named Financial Industry Regulatory Authority. For more information, go to the Web site at www.finra.org.
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