Supplemental Statement of Income Filing Guide
This file contains comprehensive instructions for completing the Supplemental Statement of Income (SSOI) required for FINRA members. It outlines steps to accurately report revenue and expenses consistent with GAAP. Ensure compliance by following the detailed instructions provided.
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How do I fill this out?
To fill out the Supplemental Statement of Income, start by reviewing the related sections of the FOCUS Report. Ensure all revenue and expenses are reported according to GAAP. Use the specific line references for accurate reporting aligned with the instructions.
How to fill out the Supplemental Statement of Income Filing Guide?
1
Review the FOCUS Report to understand the required data.
2
Report all revenue and expenses in accordance with GAAP.
3
Use the correct line references when entering data.
4
Ensure compliance with reporting thresholds.
5
Double-check all entries for accuracy before submission.
Who needs the Supplemental Statement of Income Filing Guide?
1
FINRA members need this file to report their financial results accurately.
2
Accountants require it for compliance and financial reporting.
3
Management teams use it to assess firm performance.
4
Compliance officers ensure adherence to regulatory requirements.
5
Financial analysts analyze the data for investment decisions.
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What are the instructions for submitting this form?
To submit the SSOI, complete all required fields and ensure accuracy in reporting. You can send the completed form via email to submissions@finra.org, fax it to (301) 249-2001, or submit online through the FINRA submission portal. For physical submission, mail to FINRA, 1735 K Street, NW, Washington, DC 20006. Ensure timely submission to avoid penalties.
What are the important dates for this form in 2024 and 2025?
Filing deadlines for the SSOI occur 20 business days after each calendar quarter's end. Key dates for 2024 include April 30, July 30, and October 30. For 2025, anticipate similar deadlines following each quarterly reporting period.
What is the purpose of this form?
The Supplemental Statement of Income serves as an essential tool for FINRA members to report their earnings accurately. This document ensures transparency in financial data and compliance with regulatory requirements. By providing detailed insights into revenue and expenses, the SSOI helps maintain the integrity of the financial reporting process.
Tell me about this form and its components and fields line-by-line.
- 1. Total Revenue: The total revenue reported for the quarter.
- 2. Commissions: Revenue generated from commissions across various services.
- 3. Expenses: All expenses incurred during the reporting period.
What happens if I fail to submit this form?
Failure to submit the SSOI can result in penalties or increased scrutiny from FINRA. Firms may face operational setbacks due to incomplete financial data reporting.
- Regulatory Penalties: Late submissions may incur fines or other penalties.
- Operational Delays: Incomplete or late filings can cause disruptions in business operations.
- Compliance Issues: Non-compliance may lead to further regulatory investigations.
How do I know when to use this form?
- 1. Quarterly reporting: Used to report income and expenses every quarter.
- 2. Compliance audits: Necessary for meeting compliance audits conducted by regulatory bodies.
- 3. Financial assessment: Helps in evaluating the financial health of the firm.
Frequently Asked Question
What is the Supplemental Statement of Income?
The Supplemental Statement of Income (SSOI) provides detailed financial data for FINRA members.
Who needs to file the SSOI?
All FINRA members are required to file the SSOI along with the FOCUS report.
How do I edit the SSOI PDF?
Use the editing tools in PrintFriendly to modify your SSOI PDF as needed.
Can I share the edited SSOI?
Yes, you can easily share your edited SSOI through a shareable link.
What happens if I miss the filing deadline?
Late submissions may lead to penalties or regulatory scrutiny.
Are there specific sections I need to focus on?
Yes, pay particular attention to revenue and expense reporting sections.
Is assistance available for filling out the form?
Yes, detailed instructions are included to guide users through the process.
What is the purpose of the SSOI?
Its purpose is to ensure accurate reporting of financial performance.
Can I print the SSOI after editing?
Yes, you can print the document directly from PrintFriendly.
How do I submit the completed SSOI?
Follow the submission instructions provided in the document for proper filing.
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