INTL FCStone 2005 Annual Report Download - page 64

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INTERNATIONAL ASSETS HOLDING CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements—(Continued)
September 30, 2005 and 2004
received but not yet recognized as revenue, amounting to $166,556, appear as a liability on the Consolidated
Balance Sheets as at September 30, 2005 under “Other liabilities”. Non-recoverable costs incurred in connection
with the Transactions but not yet recognized as expenses, amounting to $49,967, appear as an asset under “Other
assets” at the same date.
(13) Dividend Expense, net
Dividend expense, net was comprised of the following for the years ending September 30, 2005 and 2004:
2005 2004
Dividendincome............................................... $382,981 $ 198,352
Dividendexpense .............................................. (471,998) (598,442)
Dividendexpense,net....................................... $ (89,017) $(400,090)
(14) Receivable From and Payable to Brokers, Dealers and Clearing Organization
Amounts receivable from and payable to brokers, dealers and clearing organization at September 30, 2005
and 2004 consisted of the following:
Receivable Payable
September 30, 2005:
Open securities transactions with clearing organization, net ....... $1,699,955 $ —
Securities clearing fees and related charges payable with clearing
organization, net ....................................... 124,217
Open commodities transactions ............................. 828,309 23,853
Open foreign currency transactions .......................... 1,081,296 3,359,262
$3,609,560 $3,507,332
September 30, 2004:
Open securities transactions with clearing organization, net ....... $ — $6,314,652
Securities clearing fees and related charges payable with clearing
organization, net ....................................... 58,402
Introducing fee receivable .................................. 147,235
Open foreign currency transactions .......................... 7,552,215 2,899,803
$7,699,450 $9,272,857
Receivables and payables to brokers, dealers and clearing organization result from open trading activities
between the Company and other financial institutions including banks, securities broker-dealers, market-makers
and counter-parties. Receivables and payables to certain organizations are reported net, when a right of setoff
exists with the broker, dealer or clearing organization.
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