Manufacturing & Distribution

Delayed Implementation Date for Some

The Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842) which allows for a later adoption of the revenue and lease ASU's. This option is made only to businesses...

Healthcare Summit Presented by RIMA

Healthcare Summit for Manufacturers

Rhode Island Manufacturers Association (RIMA) is hosting a Healthcare Summit on September 14, 2017 from 7:30 am to 10:00 am at the Providence Marriott on Orms Street. The Healthcare Summit will feature Dr. Marie Ganim, RI's newly appointed health insurance commissioner as well as leaders from...

AICPA Addresses Three Revenue Recognition Implementation Issues

-by Andrew de Labry, CPA In May 2014 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers. The ASU supersedes and replaces nearly...

2017 May be the Year for Manufacturing in R.I.

In January 2017, Governor Gina M. Raimondo announced her intentions of focusing on the manufacturing industry as part of her efforts to ensure that every Rhode Islander has an opportunity. Governor Raimondo’s new Rhode Island Manufacturing Initiative will be focusing on providing “manufacturing companies the tools they need to invest...

FASB Proposes to Simplify the Classification of Debt

by Linda Marie Pearson, CPA, CFE On January 10, 2017, FASB issued an exposure draft to simplify the classification of debt in a classified balance sheet (current versus noncurrent). The amendments in this proposed Update will replace the current, fact-specific guidance with “an overarching, cohesive principle” – the...

FASB Focuses on Inventory Disclosures

-by Linda Marie Pearson, CPA, CFE, Principal On January 10, 2017, FASB issued an exposure draft to change the disclosure requirements of inventory. The proposed main provisions include required disclosures for: Disaggregating inventory by component (for example, raw materials, work-in-process, finished goods, and supplies). Note: While many companies...