Discussions with the NFA regarding accounting requirements and concessions in light of the MF Global debacle. Even though these may change, this is what is recommended up to this point.
- Receivables from MFG are to remain non-current for net capital
- Broker commissions remain a liability, a reduction of net capital
- As long as both parties are in agreement, the MFG broker commissions due can be added back in for the net capital computation.
Information provided courtesy of Michael Coglianese CPA, P.C.
www.cogcapa.com
