The AICPA Financial Reporting Executive Committee (FinREC) has published a working draft of an illustrative note to financial statements of SEC-registered broker-dealers.
The note is related to the implementation of FASB’s new revenue recognition standard and will be included in the 2019 print edition of the AICPA Accounting Guide: Brokers and Dealers in Securities. The note also will be included in the electronic edition of the 2018 guide.
Feedback on the working draft can be sent to Irina Portnoy (Irina.Portnoy@aicpa-cima.com) by March 4.
—Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.