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Accounting Guide


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Table of Contents

Chapter 1 The Securities Industry 01-142 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 26-46 Exchange Market 29-34 OTC Market 35-39 Third Market 40 Alternative Trading Venues 41-46 Clearing Organizations and Depositories 47-53 Transfer Agents 54-57 Regulatory Overview 58-61 Business Activities 62-142 Brokerage 62-70 Firm Trading 71-107 Investment Banking 108-115 Financing 116-128 Other Activities 129-142 Chapter 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 Chapter 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 US 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 Chapter 4 Internal Control 01-70 Introduction 01-06 The Control Environment 07-09 Risk Assessment for Financial Reporting Purposes 10-19 Control Activities 20-23 Information and Communication 24-30 Information and Communication Control Activities 27-30 Monitoring Activities 31-36 Broker-Dealer Control and Monitoring Activities 37-62 Sales and Compliance 41-44 Clearance 45-46 Securities Settlement 47-48 Custody 49-50 Dividends, Interest, and Reorganization 51-52 To-Be-Announced Securities 53 Principal Transactions 54-56 OTC Derivative Transactions 57 Commissions 58 Collateralized Financings 59-61 Period End Financial Reporting 62 SEC Requirements for Management's Report on Internal Control Over Financial Reporting for Issuers 63-70 Annual Reporting Requirements for Issuers 67 Quarterly Reporting Requirements for Issuers 68-70 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: Implementation 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 Statement of 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 54-61 Securities Received as Collateral and Obligation to Return Securities Received as Collateral 62-64 Receivables From and Payables to Broker-Dealers, Clearing Organizations, and Others 65-73 Receivables From and Payables to Customers 74-77 Deferred Dealer Concessions 78 Securities Owned and Securities Sold, Not Yet Purchased 79-86 Other Borrowed Funds 87-89 Subordinated Borrowings 90-94 Commitments and Guarantees 95-96 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 Overview of Statements on Quality Control Standards E The New Revenue Recognition Standard: FASB ASC 606 F The New Leases Standard: FASB ASC 842 G Accounting for Financial Instruments H Schedule of Changes Made to the Text From the Previous Edition Glossary Index of Pronouncements and Other Technical Guidance Subject Index

About the Author

Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting profession nationally and globally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession's technical and ethical standards. The AICPA's founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.

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