Full text of DELOITTE CORPORATE FINANCE LLC's X-17A-5 filed 2024-03-20 (period 2020-05-31). Broker-dealer annual report from SEC EDGAR — readable, searchable, and available as markdown for AI agents.
{0}------------------------------------------------ ## **DELOITTE CORPORATE FINANCE LLC** ### **NOTES TO THE STATEMENT OF FINANCIAL CONDITION AS OF MAY 31, 2020** ## **1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** **Organization-Deloitte** Corporate Finance LLC (the "Company"), a securities broker-dealer providing corporate finance advisory services to Fortune 1000 companies and large middle-market companies, both publicly and privately held, was organized as a limited liability company by Deloitte Corporate Finance Holding LLC (sole member and parent company). The Company received its articles of organization from the State of Delaware in January 2001 . The Company is registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA). **Basis of Presentation-The** statement of financial condition is presented in accordance with accounting principles generally accepted in the United States of America. **Revenue Recognition-The** Company recognizes revenue from contracts with customers including advisory services on mergers and acquisitions (M&A) and other advisory services. Revenue for M&A advisory arrangements are generally recognized at the point in time that performance under the engagement is completed which is typically the closing date of the transaction or when the contract is cancelled. Other advisory services are generally recognized over time as the customer receives the benefits. **Deferred Costs/Revenue-The** Company defers direct internal costs that enhance its ability to satisfy future performance obligations up to the amount of the corresponding non-refundable retainer fees. The Company recognizes these costs and reimbursable expenses once the performance obligation is satisfied. The Company may receive non-refundable retainer fees in advance of providing financial advisory services to its clients and reimbursable expenses during the engagement. The company recognizes these retainers and reimbursable expenses once the performance obligation is satisfied. **Cash and Cash Equivalents-The** Company considers all highly liquid investments with original maturities of 90 days or less to be cash equivalents. Cash and cash equivalents primarily consist of cash. **Accounts Receivable-Accounts** receivable, net of allowance of doubtful accounts, includes amounts, billed and unbilled, from clients in connection with financial advisory services rendered, including related reimbursable ou…Read the full text as markdown