Particularităţi ale contabilităţii societăţilor de servicii de investiţii financiare

Abstract

In the last decades the extraordinay evolution of the capital markets all over the world has lead to the development of the investment firms (called S.S.I.F. in Romanian) which have as their regular business the provision of investment servicies for their clients. They execute orders and manage portofolios of securities both on behalf of investors and for own account. Dealing primarly with financial instruments such as stocks, bonds, derivatives or any other instrument admitted to trading on a regulated market, the accounting for an investment firm has special characteristics. Some of these features are studied in the paper through an example which focuses on acquisitions and sales of shares and bonds executed by the investment firm on behalf of a retail client taking into consideration the prices, the types of transactions and the characteristics of the main Romanian regulated market: Bucharest Stock Exchange. All the transactions of the exemple are recorded into the Journal-Ledger according to the accounting regulations used by the investment firms in our country: Order 75/2005 of National Securities Commission (N.S.C.) for the approval of the Accounting Regulations compliant with the 4th Directive of the European Economic Communities applicable to the entities authorized, governed and supervised by N.S.C. The paper deals with the accounting consequences of these financial transactions which have the peculiarity of not being executed on own account and it emphasises their influence on the balance-sheet prepared by the investment firms. The article also stresses the legal documents and the specific statements which are used in order to record the transactions into the Journal-Ledger.