Need to change charter amd articles of incorporation raised this week. Is apple a manufacturer or bank, broker or dealer in securities? any company that trades $150B in securities w/o reporting trading loss or gain figures is lfar ess than transparent. A $150B question mark is very big for a company making $40B.
a. Paragraph 8, as amended:
Banks, brokers and dealers in securities, and other enterprises may carry securities and other assets in a trading account.3 Cash receipts and cash payments resulting from purchases and sales of securities classified as trading
securities as discussed in FASB Statement No. 115, Accounting for Certainnvestments in Debt and Equity Securities, shall be classified pursuant to Statement 95 (as amended) based on the nature and purpose for which the
securities were acquired as operating cash flows. Cash receipts and cash payments resulting from purchases and sales of other securities and other assets shall be classified as operating cash flows if those assets are acquired
specifically for resale and are carried at market value in a trading account. Cash flows from purchases, sales, and maturities of available-for-sale securities shall be classified as cash flows from investing activities and
reported gross in the statement of cash flows.