The following comments and observations were compiled by the AICPA Stockbrokerage and Investment Banking Expert Panel and AICPA staff and are not authoritative positions or interpretations issued by the SEC, FINRA or their staff. The comments and observations were not transcribed by the SEC or FINRA or their staff and have not been considered or acted upon by the SEC or FINRA or their staff. Accordingly, these comments and observations do not constitute a statement of the views of the SEC, FINRA or their staff.
During January 2021 EP meeting, the EP members discussed recently compiled draft considerations when SEC-registered broker-dealers develop an accounting policy footnote related to FASB ASC Topic 326 (CECL) and the impact of FASB ASU 2019-12, Simplifying the Accounting for Income Taxes, on broker-dealer net capital.