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Proposal to Simplify Inventory Accounting
Posted by Kristen Shepley on Fri, Aug 29, 2014 @ 09:19 AM

The financial accounting Standards Board (FASB) has been working on a Simplification Initiative. The goal of this initiative is to identify areas of US Generally Accepted Accounting Principles (GAAP) where cost and complexity can be reduced while maintaining or improving the usefulness of information provided in the financial statements. As part of the Simplification Initiative the FASB has proposed a change to the accounting for inventory.

Lower of Cost or Market

Existing GAAP requires that inventory be measured at the lower of cost or market. The measurement of market begins with the cost to replace the inventory. However, in order to use replacement cost as the market measurement of inventory the replacement cost must be between two constraining variables. Replacement cost must not be greater than the estimated selling price in the ordinary course of business, less the reasonably predictable costs of completion, disposal and transportation, known as net realizable value (NRV). In addition, the replacement cost must not be less than NRV less a normal profit.

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Topics: accounting, FASB, accounting inventory

Patrick Signs Massachusetts Economic Development Bill
Posted by Tarra Curran on Tue, Aug 26, 2014 @ 09:29 AM

On August 13, 2014 Massachusetts Governor Deval Patrick signed a $77.8 million economic development bill focused on investments in education, innovation and infrastructure. The new law expands the research and development tax credit, creates multiple initiatives to accelerate job growth and promotes the economic revitalization of the Commonwealth’s Gateway Cities through a $15 million shot in the arm for the Gateway Cities Transformative Development Fund. 

In announcing the passage of H.4377, An Act To Promote Economic Growth in the Commonwealth, Patrick said, “In important ways, this legislation improves existing tools and provides a few new ones to continue our strong job growth, and I thank the Legislature for being so responsive. At the same time, we have unfinished business, so I am filing further legislation today to give innovators and municipalities all the tools they need to grow jobs and opportunity.”

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Topics: Tarra Curran, Massachusetts, Economic Development Bill, alert

2014 Massachusetts Life Sciences Tax Incentive Program Now Open
Posted by Michael Corrente on Tue, Aug 12, 2014 @ 09:19 AM

The Massachusetts Life Sciences Center has announced that it is now accepting applications for the 2014 Life Sciences Tax Incentive Program from companies engaged in life sciences research and development, commercialization and manufacturing in Massachusetts. The Program, which is part of the state’s Life Sciences Initiative, is authorized to award up to $25 million in tax incentives each year. The primary goal of the program is to incentivize life sciences companies to create new sustained jobs in Massachusetts.

The deadline for applications to be submitted is October 23, 2014 by noon. The Life Sciences Center is hosting information sessions to provide more information and answer any questions from July to October. CBIZ Tofias is co-hosting one of these sessions with law firm Cooley LLP on September 23 from 8:30 – 10:00am at 500 Boylston Street in Back Bay.  We encourage you to attend this session with us – to register, click on the following link:  http://info.cbiztofias.com/boston-pe/MA-life-sciences-tax-information-session

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Topics: Michael Corrente, life sciences, 2014 Massachusetts Life Sciences Tax Incentive Pro, Mark Kebadjian

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