At its April 10, 2013 board meeting, the FASB decided to issue an exposure draft (“ED”) that would grant to nonpublic employee benefit plans holding private company employer equity securities an indefinite deferral to comply with the requirement to disclose quantitative information regarding the significant unobservable inputs used in determining the fair value measurement for those investments categorized within Level 3 of the fair value hierarchy, per Topic 820 paragraph 820-20-10-50-2(bbb) as amended by ASU 2011-04. Without such a deferral, the requirements of ASU 2011-04 would become effective for plans years beginning after December 15, 2011. The remaining provisions of ASU 2011-04 would be unaffected, including the qualitative disclosure requirements also included in paragraph 820-20-10-50-2(bbb). The Board plans to issue the ED by May 1, 2013, with a 30 day comment period.
Taxes and investments go hand in hand. HbK is the trusted advisor to many for their accounting needs and with that, through HBKS Wealth Advisors, we provide financial services as well. You can find out more about HBKS Wealth Advisors offerings by visiting their web site here www.hbkswealth.com.
If you want to know what a career in public accounting is like, there is nothing like a tax season internship to get initiated. HbK hired 27 interns last year to help service our clients and we are always looking to fill these future spots. See the Internship Program page for more information.