Broker-Dealers and Clearing Organizations, Other Receivables and Prepaid Expenses and Other Current Liabilities
|9 Months Ended|
Sep. 30, 2018
|Brokers and Dealers [Abstract]|
|Broker-Dealers and Clearing Organizations, Other Receivables and Prepaid Expenses and Other Current Liabilities||
At June 30, 2018 and September 30, 2017, National’s receivables of $11.9 million and $7.4 million, respectively, from broker-dealers and clearing organizations represent net amounts due for commissions and fees associated with National’s retail brokerage business as well as asset-based fee revenue associated with National’s Investment advisory business. National also has other receivables at June 30, 2018 and September 30, 2017 of $5.3 million and $5.2 million, respectively, which principally represent trailing commissions, tax and accounting fees and investment banking fees, net of an allowance for uncollectable accounts of $0.6 million, and $0.5 million, respectively, and are included in prepaid expenses and other current assets on the Company’s Condensed Consolidated Balance Sheet.
The entire disclosure for financial services, specifically for brokers and dealers, for the accounting period and at the balance sheet date. Disclosure may include amounts receivable from and payable to broker-dealers and clearing organizations, including securities failed to receive, deposits received for securities loaned, amounts payable to clearing organizations related to open transactions, floor brokerage payables and payables for commodities futures accounts liquidating to an equity balance on a broker-dealer's records. May also include disclosure on company's consolidation policy and a note indicating the amount of the broker-dealer's actual net capital and the amount of required net capital.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef