Retail

Changes to the Requirement for Consolidating VIEs

By Linda Marie Pearson, CPA, CFE, Principal FASB has just amended the FASB Accounting Standards Codification (ASC) related to the requirement for consolidating VIEs.  FASB issued Accounting Standards Update No. 2018-17, Consolidation (Topic 810) to communicate how the ASC was amended. Here is what you need to know about the...

Third Quarter 2018: Key Deadlines for Businesses

Third Quarter 2018

2018 Q3 Tax Calendar Here are some of the key tax-related deadlines affecting businesses and other employers for reporting second and/or third quarter filings of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us at 401-331-0500 to...

States Can Now Require Internet Retailers to Collect Sales Taxes

On-line Sales Tax

Ruling by the Supreme Court now allows states to collect sales tax from internet retailers regardless of their physical presence in that state. If you are an on-line seller, this is a ruling that will affect your business. There has been much anticipation to learn the final decision...

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...

Updated Rhode Island Sales Tax Reporting Requirements

Sales Tax Reporting Requirements

-by Cody Lange, Senior Tax Specialist Under new Rhode Island legislation, there are certain requirements for "non-collection retailers", "referrers", and "retail sale facilitators" with regards to collecting and reporting sales tax. These rules will apply to any taxpayer who in the immediately preceding calendar year had (1) over $100,000 of...

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...

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...