Brokers and Dealers in Securities - Accounting Guide
Understand the complex, specialized accounting and regulatory environment of the broker-dealer industry. Learn about and apply the latest regulations and accounting guidance applicable to broker-dealers.
Format
Subscription
Availability
1 year
Product Number
WBRXX12
This guide is also available in a print edition.
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Everything you need to understand the broker-dealer industry
Loaded with accounting guidance and regulatory developments, this guide delivers the support you need to comply with numerous broker-dealer requirements.
More specifically, it provides:
- Background information on the securities industry, including broker-dealer participants, markets, the regulatory framework and emerging trends
- An introduction to broker-dealer functions, books and records
- An overview of COSO’s internal control framework, discussion of industry-specific risk assessment considerations and examples of typical broker-dealer internal controls
- Accounting guidance under FASB ASC 940, Financial Services — Brokers and Dealers; FASB ASC 606, Revenue from Contracts with Customers; FASB ASC 326, Financial Instruments — Credit Losses, and other applicable literature
- Reporting and disclosure guidance under GAAP and Regulation S-X, including illustrative financial statements and disclosures
- Coverage of applicable regulations and recent updates from regulatory bodies such as the SEC, FINRA and CFTC
- Illustrative sample compliance report and sample exemption reports required by SEC Rule 17a-5
New for 2024
The 2024 edition includes updated discussion of several topics, including:
- Digital assets, including accounting for the safeguarding of crypto assets
- Shortened securities transaction settlement cycles under new SEC rules
- Recently effective electronic recordkeeping and financial responsibility requirements under SEC rules
- Other recent SEC releases and FINRA rule amendments
- Fractional shares and fully paid securities lending
- Controls and monitoring activities, including broker-dealer information systems and application controls
Other updates to this edition are to conform the content to current accounting standards and regulatory requirements.
Key Topics
- Background on the securities industry and the functions performed by broker-dealers
- Interpretive guidance associated with industry-specific financial reporting and regulatory compliance
- Regulatory updates from key industry regulators (SEC, FINRA and CFTC)
- Broker-dealer risks and controls
- Sample compliance report and exemption reports required by SEC Rule 17a-5
- Comprehensive examples of financial statements, disclosures and supplementary schedules
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