Following evolutions in Rules as the SEC adopts (comparatively new) FASB ASCs.

The way that our Laws and Rules work are not to much different then computer programming under C++, VB or other programming Languages. First we identify a property, introduce the principle to the Code and then we incorporate it by reference to Rule of Law. It's the exact same process to bring FASB ASC to SEC Rules this is fun to watch as FASB ASC was a great evolution in the ready portability of GAAP that is opening the way for innovation in other areas. In a soon to follow entry we will discuss this more. In the meantime we introduce to you recent SEC Rules adopting FASB ASC by rescinding and revising certain provisions of SEC SABs (Staff Accounting Bulletins) to more thoroughly incorporate FASB ASC. For your reviewing interest and in greater appreciation of FASB ASC as a monumental evolution in GAAP we are also providing you with a reference to the initial SEC Rule incorporating FASB ASC eff at 9-25-09 (an eon ago in this Economy, but not really all that long ago in the evolution of GAAP and SEC Rules).

Notes:
FASB ASC was the evolution of US GAAP from Standards to Codification in a more readily usable format, A favorable evolution in GAAP that cam from consideration of IFRS Convergence.

SEC SABs pertain to SEC Accounting, they are Staff Accounting Bulletins, the Accounting Guidelines for Accounting at the SEC as we understand it. Other Rules deal with the Regulated Entities, this Rule set is about actual Accounting work at the SEC.

We shared this out of appreciation for the evolutions in GAAP under FASB ASC and the interest of observing how GAAP becomes incorporated in US Regulation.  We hope you enjoy following with us where GAAP meets Regulatory Accounting under SEC Rules in this case and in other areas like Tax Law, Employment Law, Pensions and more to follow.

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Below please find:

SEC revises / rescinds elements of SABs to conform to GAAP eff 3/28/11.
SEC Revises and Rescinds Portions of SABs to Conform With GAAP via FASB ASC Eff 3-28-11

Original SEC Rule to incorporate FASB ASCs as a basis of Accounting eff 9/29/09.
Sec Accepts Fasb Asc Eff 9-25-09

CFR Title 17 Commodity and Securities Exchanges CH II - SECURITIES AND EXCHANGE COMMISSION, a key source on Broker-Dealer Regulatory Accounting and Reporting

CFR Title 17 - Commodity and Securities Exchanges. CH II - SECURITIES AND EXCHANGE COMMISSION (CONTINUED). PART 240 - GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934. Subpart A - Rules and Regulations Under the Securities Exchange Act of 1934. - Rules Relating to Over-The-Counter Markets..

The SEC Act 34 is the Legal home to key rules for Broker-Dealers, begining with § 240.15c1-3 Misrepresentation by brokers, dealers and municipal securities dealers as to registration. § 240.15c1-2 Fraud and misrepresentation. § 240.15c2–1 Hypothecation of customers’securities. § 240.15c3–1 Net capital requirements for brokers or dealers. § 240.15c3-2Customers' free credit balances.§ 240.15c3-3 Customer protection—reserves and custody of securities. and other important SEC Rules for Broker-Dealers.

We are here to assist you on Broker-Dealer Accounting, Regulatory Accounting, Reporting, Net Capital Analysis and Consulting, Trade and Settlement Date Accounting, Subordinated Equity, FINOP/ FOCUS Reporting and more. Where you need assistance on SEC Reporting or analysis of SEC Reporting we are interested in supporting you for Business Consulting or other needs. We have prior Business experience supporting Broker-Dealers in key roles on the Controllership end, and in managing FINRA and NYSE Audit Responses and would be happy to assist your firm. Where we are able to do so. We are also interested in supporting your FINOP / Series 27 work - but would require current sponsorship.

We are adept at applying SEC Rules in Part 240 to Broker-Dealer Accounting and Reporting Operations. We support your needs by connecting Accounting and Regulatory SEC Reporting with its Legal Basis in SEC Rules under CFR Title 17 and more. Call on dcarsoncpa.com when you require assistance, we Focus on Accounting, Tax, Regulatory and other related research for the best interests of your Compliance on GAAP / IFRS, Taxes, SEC Rules and more to assist you on your comprehensive needs for Accounting, Operations, Reporting and Compliance in Financial Services.

Securities and Exchange Commission Acts 1933, 1934 + 1940s Investment Acts - We are here to Assist on related Accounting, Compliance and Reporting needs.

US CFR (Executive Branch Rules) Title 17 Commodity and  Securities Exchange Ch. II Part 210 - Form and Content of and Requirements for FINANCIAL STATEMENTS, SECURITIES ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934, PUBLIC UTILITY HOLDING COMPANY ACT OF 1935, INVESTMENT COMPANY ACT OF 1940, INVESTMENT ADVISERS ACT OF 1940, and ENERGY POLICY AND CONSERVATION ACT OF 1975.  Is a key source for SEC Regulatory Reporting Accounting Rules dealing with Qualifications of Accountants, Audits, Financial Statements and Elements thereof. We are most interested at this point in Elements of this section of Executive Branch Rules for their specific application to Accountants and to the Financial Services Industry.  We are for the time present focused on SEC Acts 1933, 1934 and the Investment Acts 1940 for their relevancy to our experience in Financial Services work and areas of forward interest.

The SEC Acts of 1933 + 1934 deal with initial issuance and subsequent sales of Securities in Financial Markets and Related Requirements - a substantial core of Market Related Accounting, Reporting and other related requirements for Financial Services Accountants covering IPOs, Capital Makets in Equity and Debt Securities, Broker-Dealers and more. We will go in depth with all we see in so far as it pertains to CPAs or Related Services. With prior Hands on Experience in the role providing FINOP / Net Capital Rule Focus Reporting under 15c3-1 and a ready status to include 15c3-3.

The SEC Acts of 1940 pertaining to Investment Companies and Investment Advisers are key considerations for Asset Management Firms and Research / Advisory Firms. As a CPA Practise with a close connection to the Asset Management Industry through experience and expertise, it makes sense to spend some time in this specific area.

We connect with core Accounting Rules under FASB US GAAP Accounting Standards Codifications in this case focusing on Industry Topic 940 - Financial Services - Broker-Dealers and  Industry Standards Topic 946 - Financial Services Investment Companies. In the Case of Broker-Dealers we must consider GAAP, the SEC Laws and FINRA Rules to be comprehensive. For Investment Management Firms the Same in GAAP, SEC Laws and FINRA rules. Registration requirements for Investment Advisors (while currently under review at Law) being covered at the Federal or State Level depending on Assets and introducing the next level of regulation required to be observed at the State Level.

Why not limit the consideration of this at the Doors of  US GAAP?, it is not possible to limit this analysis at the Doors of US GAAP because Laws and Rules play a large part in Financial Services Businesses and to truly be effective means to understand this and be aware of this. Yes we are limited to the role of Public Accounting or Consulting that is driven by Accounting and Reporting - but the objective is to be comprehensively tuned in to the many Laws and Rules that pertain to Financial Services and other Businesses to best support them, in Accounting, In Tax, In Regulation and Operations and in so doing we reach our greatest value added capacity when you combine this awareness with Accounting Skills, Research Expertise and in our specific pathway for relative continuing education on one of the key Industries we support the Asset Management Industry.

We are a CPA Service and Business Consulting Solution with specific area expertise with Broker-Dealers and Asset Management Firms and experience that includes prior work from the Controllers End interfacing with NYSE Coordination, FINRA and the SEC - work specifically focused on Regulatory Reporting, Accounting and Financials. For this very reason we can be a strong selection for Businesses with related needs. Stay tuned with us here in our blog and we will continue to expand on the related theme, but at this point you are sufficiently aware that we are here for you on related service needs.

Banks and Banking Financial Recordkeeping in Federal and State Statutes

Banks and Banking find their Place in USC Title 12 - Banks and Banking as CPAs our key role can be seen in Ch 21 Financial Recordkeeping. The Title is broad and mentions ownership records and procedures and it goes on to outline Civil and Criminal Penalties and key requirements like : § 1952. Reports on ownership and control and
§ 1953. Recordkeeping and procedures clearly key areas for involvement of Accountants in Banking. Bank Regulation occurs at both the Federal and State Levels so we will build this section out with extensions for some states in the near future. For now suffice to say that we have Commercial and Investment banking experience that stretches into Asset Liability Management to a degree and awareness of Bank Reserve Accounting and other key elements. We are here to assist you on CPA Services for Banks in NY, CT and other states as able to do so based on reciprocity or as Consultants. Call on http://www.dcarsoncpa.com/ your source for CPA Services and Regulatory Accounting and other specialized Business Consulting needs.