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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.
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Costa Mesa Office
555 Anton Blvd.
Suite 1000
Costa Mesa, CA 92626
Office: 714-380-6565
Fax: 714-380-6566
2768 Loker Ave West
Suite 101
Carlsbad, CA 92010
Office: 760-431-5465
Fax: 760-431-5466
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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
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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 |
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SEC Toughens Rules for Reverse Merger Companies 
The Securities and Exchange Commission has approved new rules that will make it more difficult for foreign companies to go public on the three major U.S. exchanges through a reverse merger with a U.S. shell company. Under the new rules, Nasdaq, NYSE, and NYSE Amex will impose more stringent listing requirements for companies that become public through a reverse merger. Specifically, the new rules would prohibit a reverse merger company from applying to list until the company has completed a one-year "seasoning period" by trading in the U.S. over-the-counter market or on another regulated U.S. or foreign exchange following the reverse merger, and filed all required reports with the SEC, including audited financial statements.
For further information click here. |
IRS Allows Tax Break for Bonuses
The Internal Revenue Service has issued a revenue ruling permitting an employer that is using an accrual method of accounting to take a deduction in the current year for a fixed amount of bonuses payable to a group of employees, even though the employer does not know which of the employees will receive a bonus or the amount of any particular bonus until after the end of the taxable year.
For the related article click here |
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Construction, Software Industry Protests Spur Revenue-Recognition Revise
 Protests from the construction, software, and other industries pushed accounting standard-setters to issue a new revenue-recognition proposal, according to the Financial Accounting Standards Board's manager of the project. The "core principle" of the revised proposed standard is consistent with that of the 2010 exposure draft: that an entity would recognize revenue from contracts with customers when it transfers promised goods or services to the customer. The primary concern with the previous proposal is the potenital lack of guidance when the product is transferred over time, like a service. Representatives of the construction industry, in particular, were particularly concerned about losing their ability to recognize revenue on the basis of a project's completion. The new proposal clarifies that the percentage of completion concept is still intact.
See related release from the FASB, click here. |
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