FASB created industry-focused topics. It is important to note that the industry-specific guidance in the Codification is incremental - entities must also follow the guidance in other Topics that do not conflict with the industry-specific guidance.

 

Identify how many subtopics are in the Financial Service Industry

There are six subtopics in the financial services industry. Brokers and dealers, depository and lending, insurance, investment companies, mortgage banking, and plant

 

1. Identify four subtopics within your industry that apply to the Balance Sheet. List by number and title. Explain what they mean.

 

Subtopics that apply to the Balance Sheet: 

1. 940 Financial Services - Brokers and Dealers 
2. 942 Financial Services - Depositary and Lending 
3. 944 Financial Services - Insurance 
4. 946 Financial Services - Investment Companies 

3. Based on your review Financial Services industry, identify what you think accountants in the
industry might be focused on as an area or areas (at least two) of concern.

    ******************* I need help with number three 

Answer rating: 100% (QA)

Sure I can help you with that Based on my review of the Financial Services industry I believe accountants in this industry might be focused on the fol... View the full answer