consolidated statement of financial condition - Barclays Capital

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tax returns in New York State and New York City, as wellas other state and local jurisdictions, with affiliatedcompanies. The Company has an intercompany taxsharing agreement with BGUS under which it computesand settles its current and deferred income taxreceivable/payable on a periodic basis through itsaccount receivable/payable with BGUS.The Company follows guidance under ASC 740 whichsets out a consistent framework to determine theappropriate level of tax reserves to maintain foruncertain tax positions. Under ASC 740, the Companydetermines whether it is more likely than not that anincome tax position will be sustained upon examinationby tax authorities. Sustainable income tax positions aremeasured in the Consolidated Statement of FinancialCondition at the largest amount of benefit that is morelikely than not to be realized upon ultimate settlement.Recent Accounting DevelopmentsDisclosures about the credit quality of financingreceivables and the allowance for credit lossesIn July 2010, the FASB issued Accounting StandardsUpdate (“ASU”) No. 2010-20, Disclosures about thecredit quality of financing receivables and the allowancefor credit losses. ASU No. 2010-20 addresses concernsabout the sufficiency, transparency, and robustness ofcredit risk disclosures for finance receivables and therelated allowance for credit losses. ASU No. 2010-20requires that entities disclose information atdisaggregated levels, specifically defined as “portfoliosegments” and “classes.” Among other things, theexpanded disclosures include roll-forward schedules ofthe allowance for credit losses and information regardingthe credit quality of receivables (including their aging) asof the end of a reporting period. Certain financereceivables that were modified during a reporting periodand those that were previously modified and have redefaultedrequire enhanced disclosures. For nonpublicentities, the disclosures are effective for interim andannual periods ending after December 15, 2011. Theadoption of this standard is not expected to have amaterial effect on the Company’s ConsolidatedStatement of Financial Condition.16
Accounting for Share-Based Awards – Effect ofDenominating the Exercise Price of a Share-BasedPayment Award in the Currency of the Market inwhich the Underlying Equity Security TradesIn April 2010, the FASB issued ASU No. 2010-13, Effectof Denominating the Exercise Price of a Share-BasedPayment Award in the Currency of the Market in whichthe Underlying Equity Security Trades – an update toASC 718, Compensation. This ASU clarifies that if theexercise price of a share-based payment is denominatedin the currency of a market in which a substantialportion of the entity’s equity securities trades, the awardshall not be classified as a liability if it otherwise qualifiesfor equity classification. ASU No. 2010-13 is effective forfiscal quarters beginning on or after December 15, 2010.The adoption of this standard is not expected to have amaterial effect on the Company's ConsolidatedStatement of Financial Condition as the Company’scurrent accounting is in compliance with this guidance.Accounting for Derivatives and Hedging – ScopeException Related to Embedded Credit DerivativesIn March 2010, the FASB issued ASU No. 2010–11,Derivatives and Hedging: Scope Exception Related toEmbedded Credit Derivatives. This pronouncementclarifies that the scope exception within ASC 815 –Derivatives and Hedging, related to embedded creditderivatives only applies to the transfer of credit risk inthe form of subordination of one financial instrument toanother. All other embedded derivatives would need tobe analyzed for bifurcation in accordance with ASC 815.ASU No. 2010-11 is effective for the Company’s 2010Consolidated Statement of Financial Condition. Thisstandard did not have a material effect on theCompany's Consolidated Statement of FinancialCondition.Fair value measurements and disclosures – Improvingdisclosures about fair value measurementsIn January 2010, the FASB issued ASU No. 2010-06, FairValue Measurements and Disclosures – ImprovingDisclosures about Fair Value Measurements. ASU No.2010–06 requires additional disclosures about activitythat occurred during the year related to assets classifiedwithin level 3 fair value measurements as well astransfers in and out of level 1 and level 2 fair valuemeasurements. In addition, it provides clarification toexisting guidance, specifically requiring disaggregationof assets classes within the existing ASC 820 disclosures17
Page 1 and 2: CONSOLIDATEDSTATEMENTOF FINANCIALCO
Page 3 and 4: Report of Independent AuditorsTo th
Page 5 and 6: Consolidated Statement of Financial
Page 7 and 8: 1. OrganizationBarclays Capital Inc
Page 10 and 11: Transfers of Financial AssetsIn gen
Page 12 and 13: absolute terms and relative to the
Page 14 and 15: In such cases, exchange-traded deri
Page 16 and 17: • Mortgage-backed and other asset
Page 20 and 21: and requiring expanded information
Page 22 and 23: of Financial Condition. The Company
Page 24 and 25: On March 31, 2010, the Company tran
Page 26 and 27: generally de-recognizes those secur
Page 28 and 29: 6. Receivables from and Payables to
Page 30 and 31: 10. Subordinated DebtAt December 31
Page 32 and 33: 12. Benefit PlansPension PlanThe Co
Page 34 and 35: The Company's pension assets are in
Page 36 and 37: certain conditions are met. Additio
Page 38 and 39: fully cover losses that customers m
Page 40 and 41: concerning (amongst other things) B
Page 42 and 43: $1,893 million of the maximum poten
Page 44 and 45: dealer price quotations, or alterna
Page 46: SENIOR OFFICERSJerry del MissierChi

consolidated statement of financial condition - Barclays Capital

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