We monitor the FASB closely for our business clients.
San Francisco, CA (PRWEB) May 01, 2013
Safe Harbor LLP, a top San Francisco CPA Firm, and G&J Seiberlich & Co LLP, a top Napa CPA Firm, are proud to announce their latest informative alert on new FASB changes to fair value measurement and disclosures. With recent moves by the FASB (Financial Accounting Standards Board), businesses and their accounting firms need to move rapidly to bring reporting standards into compliance especially on fair value measurement and disclosures.
“We monitor the FASB closely for our business clients,” explained Chun Wong, Managing Partner at Safe Harbor LLP. “Recent changes by the FASB will have a large impact on businesses, especially those that rely on fair value measurement and disclosure requirements in terms of their dealings with other companies or regulatory agencies. We work closely with G&J Seiberlich & Co LLP to help Bay Area clients sort out these FASB accounting changes for affected businesses.”
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FASB Issues New Standards for Fair Value Measurement and Disclosures
In conjunction with the International Accounting Standards Board (IASB), the Financial Accounting Standards Board (FASB) on May 12 issued new standards for public and private companies on fair value (FV) measurement and disclosures. Most companies will see little change in how they measure fair value, but they may need to make more extensive disclosures about the processes and assumptions behind those measurements.
The new requirements — found in Accounting Standards Update (ASU) 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs — don’t extend the use of FV accounting but provide direction on how it should be applied when already required or permitted.
IRS Circular 230 Notice
The Internal Revenue Service requires Safe Harbor LLP to inform the reader that any tax advice contained in this correspondence cannot be used for the purpose of avoiding penalties under the Internal Revenue Code or for promoting, marketing or recommending to another party any transaction or matter addressed.
About G & J Seiberlich & Co LLP CPAs - a Professional CPA Firm in Napa, CA
G & J Seiberlich & Co LLP is the oldest full-service CPA firm in the North Bay and the first to specialize in many of the industries that make the region unique. Gordon Seiberlich came to the Napa Valley in 1949, determined to put his national accounting experience to work by establishing a full-service firm in a place that was scarcely more than a spot on a map.
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About Safe Harbor LLP – a Professional CPA Firm in San Francisco
Safe Harbor LLP is a CPA firm that specializes in accounting and tax services for individuals and businesses throughout the San Francisco Bay Area and greater California. Safe Harbor CPAs helps both individuals and businesses with tax preparation, IRS audit defense, and audited financial statements. The firm prides itself on friendly yet professional service and utilizes state-of-the-art Internet technology to provide quality customer service.
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