AICPA Seeks Feedback On Proposed Updates To Broker-Dealer Accounting Guide – Accounting and Audit – United States – Mondaq News Alerts

The American Institute of Certified Public Accountants
(“AICPA”) requested feedback on proposed changes to
AICPA’s “Brokers and Dealers in Securities”
Accounting Guide. The proposed changes concern the implementation
of the Financial Accounting Standards Board Accounting Standards
Codification Topic 326 (“Financial Instruments – Credit
Losses”).

The proposed changes include, among other things, a new section
on “Current Expected Credit Losses (CECL)” under “Significant Accounting Policies” in the notes to
consolidated financial statements (Chapter 6), and “new
considerations for SEC-registered broker-dealers as they develop an
accounting policy footnote related to FASB ASC Topic 326 (Chapter
5).”

AICPA’s Financial Reporting Executive Committee asked
interested parties to provide informal feedback by July 17,
2021.

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