The PCAOB found that there is a need for significant improvement in the quality of broker-dealer "audits and attestation engagements."
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FINRA reminded firms that SEC rules govern how a firm's net worth must be calculated, recorded and reported. In a Regulatory Notice, FINRA offered guidance on applying financial accounting standards to revenue recognition from contracts with customers.
SIFMA and the American Bankers Association updated their analysis of an SEC Staff Accounting Bulletin, which sets out the required accounting treatment for the holding of crypto-assets by a custodian.
SIFMA and the American Bankers Association urged the SEC to delay the effective date of a Staff Accounting Bulletin which would require firms providing custody for crypto-assets to bring those assets onto their balances sheets.
The American Institute of Certified Public Accountants' Financial Reporting Executive Committee requested feedback on proposed changes to AICPA's "Brokers and Dealers in Securities" Accounting Guide.