News from KMJ Corbin & Company

In This Issue

Consolidation Guidance

Business in Brazil

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KMJ Corbin & Company, originally founded in 1983, is one of the region's leading multidisciplinary accounting, audit and tax firms. Committed to the highest standards of professional service, KMJ sets itself apart by delivering the extensive industry specialization and technical expertise of a national firm, but the accessibility, service continuity and level of personal relationship expected from a local business. KMJ's resource network stretches locally with offices in Orange and San Diego counties, and nationally and internationally through an alliance with The International Accounting Group (TIAG), a worldwide network of independent accounting firms.

Costa Mesa Office

555 Anton Blvd.

Suite 1000

Costa Mesa, CA 92626

Office: 714-380-6565

Fax: 714-380-6566

Carlsbad Office

2768 Loker Ave West

Suite 101

Carlsbad, CA 92010

Office: 760-431-5465

Fax: 760-431-5466

Greetings!

As the financial markets persist to redefine themselves, middle market companies are in a state of instability. In an effort to assist companies and their management teams with up to date pertinent accounting issues, the partners at KMJ Corbin & Company would like to share current topics that might be of interest or benefit to you. We hope you find our communications beneficial and we look forward to your feedback and questions.

Sincerely,
Tony Price, Partner
KMJ Corbin & Company

FASB Considers Changes to Financial Reporting for Consolidations

FASB issued a Proposed Accounting Standards Update (ASU) that is intended to increase transparency and consistency of financial reporting about consolidations. The proposed amendments would affect all companies required to evaluate whether they should consolidate another entity, according to a FASB press release. But the changes are expected to most significantly impact financial reporting for businesses involved with variable-interest entities (VIEs), according to the proposal.

For further information click here.

Business Basics in Brazil

The Journal of Accountancy has recently published an article on doing business in Brazil. In addition, KMJ has recently attended a 3 day conference in Brazil related to common accounting / tax issues encountered. While the country's economy grew 7.5% in 2010, growth over the next few years are also projected to be significant due to the hosting of the 2014 World Cup and 2016 Olympic Games. If you are considering doing business in Brazil, you may find the insights from KMJ and the following Journal of Accountancy article helpful.

For the related article click here

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We are available to discuss any of the issues noted above or any other issues that you or your business are currently facing. We welcome the opportunity to assist you and your company. Please contact us with any questions or comments.

Sincerely,

The Partners of KMJ Corbin & Company