MORE FAIR VALUE DISCLOSURES

Norwalk, Conn. - The Financial Accounting Standards Board has beefed up the disclosure requirements for some types of fair value measurements.

Most of the 111 comment letters on the proposed Accounting Standards Update, Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements, focused on the proposed Level 3 sensitivity disclosures and their effective dates. Many of the responses, except those from financial statement users, generally did not support the proposed sensitivity disclosures and the effective dates. Some complained about the costs of modifying their information systems.

The final amendments will be effective for annual or interim reporting periods beginning after Dec. 15, 2009, except for the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis, which will be effective starting in annual periods beginning after Dec. 15, 2010.

Early adoption is permitted. The amendments do not require disclosures for earlier periods presented for comparative purposes at initial adoption. FASB expects to issue a final update by the end of 2009.

BESWICK NAMED SEC DEPUTY CHIEF ACCOUNTANT

Washington, D.C. - The Securities and Exchange Commission has appointed Paul A. Beswick as deputy chief accountant, overseeing the accounting group within the Office of the Chief Accountant.

Beswick fills the position vacated by Jim Kroeker, who several months ago was elevated to SEC chief accountant. In his new role, Beswick will be responsible for resolution of accounting issues, rulemaking projects, and oversight of private sector accounting standard-setting efforts.

Beswick has been serving as deputy chief accountant for professional practice since September 2008. He joined the SEC staff in October 2007.

Prior to joining the SEC staff, Beswick was a partner with Ernst & Young.

MOORE STEPHENS WURTH FRAZER MERGES WITH FROST

Little Rock, Ark. - Moore Stephens Wurth Frazer and Torbet said it would merge with Frost effective January 1.

Going forward, the merged entity will be known as Frazer Frost LLP and will continue to operate out of their current offices in Arkansas, California and North Carolina. After the merger, Frazer Frost will represent businesses in 47 states in the U.S. and 15 countries internationally.

The firm will be led by co-managing partners Dean Yamagata, who will be in charge of West Coast operations, and Dan Peregrin, who will run Midwest and East Coast operations.

Annual revenues are expected to be approximately $60 million and the firm will employ a total of 272 people. That would place it at roughly No. 42 on Accounting Today's Top 100 Firms list.

"We've known Frost for about 20 years through our association with Moore Stephens North America," Yamagata, who is currently managing partner at Moore Stephens Wurth Frazer and Torbet, told Accounting Today.

Brea, Calif.-based Moore Stephens Wurth Frazer and Torbet currently has three offices in California, while Frost PLLC has three offices in Arkansas and North Carolina. Both are members of the Moore Stephens North America accounting association and plan to continue their membership despite the name change.

THOMSON TO ACQUIRE SABRIX

New York - In a move designed to bolster its global transaction tax offerings, Thomson Reuters Tax & Accounting has agreed to acquire San Ramon, Calif.-based Sabrix, a provider of tax transaction software, for an undisclosed amount. The deal was expected to close this month. All 160 Sabrix employees will be transferred to Thomson Reuters.

"Sabrix offerings will be integrated with our existing local transaction tax software and services to form a total solution for corporate customers in the U.S., the U.K. and Europe," said Roy M. Martin Jr., president and chief executive of Tax & Accounting.

Back in March, Sabrix debuted Taxcast, an online interactive tool detailing sales and use tax obligations from 13,253 U.S. taxing jurisdictions. In November, the company released the fall 2009 version of its outsourced sales tax system, the Sabrix Managed Tax Service.

CORRECTION

In "Preparing for the inevitable" (Nov. 2-15, 2009), we reported that the cost of tax-preparer registration in California is $2. It is, in fact, $25.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access