Manufacturing

New Lease Accounting Standard – Impact on Manufacturers

The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-15, Leases (Topic 842) in 2016.  This purpose of this ASU is to increase transparency and comparability among entities by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The following organizations need to adopt […]

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How Manufacturers Can Prevent Cyberattacks

Malicious hackers target all types of businesses. But manufacturers that rely on automation, robotics and connected networks are especially vulnerable to cyberattacks. Here’s what you can do to protect your manufacturing business. Know your risks It’s only natural that manufacturers fear data breaches — and unfortunately hackers often can use that fear to cripple organizations […]

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How Research and Development Tax Credits Offset Small Business Payroll Taxes

The research and development tax credit was created in 1981 to encourage the development of new products, processes and computer software in the United States. Prior to the 2015 Protecting Americans from Tax Hikes (“PATH act”), the R&D credit could be used only to offset Federal Income Tax. There was no dollar limit on the […]

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New Proposal for Classification of Balance Sheet Debt

Debt and the classification of debt on classified balance sheets has been scrutinized and analyzed over the years and is currently based on rules based guidance provided by Accounting Standards Codification (ASC) Topic 470, Debt. The Financial Accounting Standards Board (FASB) is proposing to replace the old rules based guidance that does not cover all […]

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Four Steps Towards a Smoother Audit

A financial statement audit can be a significant time burden on the finance/accounting department for any organization. There is often a large time commitment needed from getting ready for the auditors, gathering information requested during the audit, answering questions, etc. However, there are ways to make the audit go smoother. The following are four ways […]

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