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Changes to Manufacturing Lease Accounting

Katz,Sapper&Miller

Most manufacturers, wholesalers, and distributors lease operating facilities or equipment, whether from a third party or a related party.

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Revenue Recognition Changes Are Here. Is Your Manufacturing Company Ready?

Katz,Sapper&Miller

In recent years, the Financial Accounting Standards Board (FASB) received feedback that revenue recognition guidance was fragmented at best, confusing at worst. This is significant considering revenue is the key measurement used to determine a manufacturing company’s performance.

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FASB Seeks Public Comment on Proposal to Improve Disclosures around Income Statement Expenses

CPA Practice

The Financial Accounting Standards Board ( FASB ) has published a proposed Accounting Standards Update (ASU) intended to provide investors with more decision-useful information about a public business entity’s expenses. Stakeholders are encouraged to review and provide comment on the proposal by October 30, 2023.

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Current Expected Credit Losses (CECL) From ASU 2016-13

Withum

The new guidance issued in Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-13 is effective for fiscal years beginning after December 31, 2022 for these companies.

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How to Plan for Global Tax Minimization

Cherry Bekaert

Expanding business operations globally allows companies access to new markets, more efficient manufacturing options, new technologies, a larger workforce and new sources of inventory. Example : Company A manufactures smartphones in Ireland. At the same time, global expansion increases the level and complexity of taxation.

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Carbon Accounting Frequently Asked Questions (FAQs)

Cherry Bekaert

Yes, the Greenhouse Gas Protocol is the global carbon emissions accounting standard. The standard provides methodology for Corporate Accounting and Reporting (the most common), Project Accounting and Product Accounting.

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Green tax and ESG tax credits: What accountants need to know?

ThomsonReuters

the IRS uses Form 6627 to calculate the environmental tax on: petroleum, ozone-depleting chemicals (ODCs), imported products that used ODCs as materials in the manufacture or production of the product, the floor stocks tax on ODCs, taxable chemicals and the applicable rates, and taxable imported chemicals substances and the applicable rates.

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