Retail

Change to Measuring Inventory

On July 22, 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-11, Inventory (Topic 330) which will change the measurement of inventory for any companies who do not use last-in, first-out (LIFO) or the retail inventory method. The overall purpose of this change is to...

Revenue Recognition Rules Delayed

FASB Votes to Delay Implementation of Revenue Recognition Rules At a meeting held on July 9, 2015, FASB voted to approve a one-year deferral of the effective date of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. A majority of nonpublic entities will have until annual reporting...

Your Company’s Retirement Plan – Things to Consider

As beneficial as it may be to you and your employees, sponsoring a tax-qualified retirement plan is not without its risks.  The rules can be complex and ever-changing, and the IRS and Department of Labor (DOL) will not hesitate to come down hard on plan sponsors who do not comply,...

FASB Agrees to Delay Implementation of Revenue Recognition Rules

At a meeting held on April 1, 2015, FASB verbally agreed to delay the required effective date of the new Revenue Recognition Rules. While FASB has yet to issue its proposal for the delay, all reports are stating that the original deadline of 2017 will be delayed to 2018....

Update Since FASB Issued Revenue Recognition Changes

What’s Been Happening Written by: Linda Marie Pearson, CPA, CFE Since Financial Accounting Standards Board (FASB) issued the Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, there seems to be an endless supply of questions, of which, the AICPA has begun to address. Their response has...

Pending Changes to Measuring Inventory

On July 15, 2014, FASB issued an exposure draft for a proposed accounting standards update (ASU) on "simplifying the measurement of inventory." Between now and September 30, 2014, FASB is accepting public comments regarding the pending ASU. If your company has inventory, we recommend reading the proposed change and weighing-in...

Notice to All Sales Tax Filers

Notice to All Sales Tax Filers The attached document below, generated by Rhode Island's Division of Taxation, outlines the changes made regarding RI Sales Tax, effective October 1, 2011. Please be aware of the items now subject to RI's 7% sales and use tax. Sales Tax Return Filer Notice