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Rubino & McGeehin Announces Two Shareholder Appointments
Rubino & McGeehin is pleased to announce that two Rubino & McGeehin Senior Managers, Carolyn Quill and Patrick Curtis, will be promoted to the position of Shareholder on February 1, 2012. Both Carolyn and Patrick are long time Rubino & McGeehin employees each having been with the firm 12 years. Carolyn has over 20 years of experience and provides tax services to individuals, as well as, many types of businesses and their owners. Patrick specializes in the area of government procurement and provides auditing and consulting services to government contractors and those non-profit organizations with government grants.
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Fair Value Measurements May Become More Fair for Nonpublic Companies
The Board meeting of the Financial Accounting Standards Board (FASB) on November 22, 2011 could lead to less stringent fair value measurement requirements for nonprofits and nonpublic companies in early 2012. Currently, private companies are required to disclose the basis for valuing Level 3 measurements on the fair value hierarchy, which encompass “significant unobservable inputs” as defined by FASB. The discussion deliberated by Board members was whether or not to continue to require the disclosure of these measurements, as they impose significant costs on private entities.
Proposed Changes by OMB for Grants and A-133 Audits
The U. S. Office of Management and Budget (OMB) has issued for comment an Advance Notice of Proposed Guidance titled, Reform of Federal Policies Relating to Grants and Cooperative Agreements; cost principles and Administrative requirements (including Single Audit Act) (Advance Notice).
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