A recent article written by Scott Miller, Partner and Leader of the National Petroleum Practice, “What the New Section 199(A) Proposed Regulations May Mean For You,” was featured in the winter 2019 edition of MPA Marketer Magazine. To view the full article, click here.
According to a new Standard & Poor’s report, there are two key indicators that will tell you what kind of shape the manufacturing industry is in. The first is the Institute for Supply Management’s Purchasing Manager’s Index and the second is the Federal Reserve’s Capacity Utilization Index for motor vehicles and parts.
What comes to mind when you think of companies like Apple, Patagonia, and Ferrari? Success. Vision. Passion. Purpose. Most likely, it’s a combination of all these answers. These companies have a reputation for not only being highly successful, they are also known for their strategic forward-looking vision, passion for what they do, and clear purpose. These companies transcend manufacturing; they have nurtured cultures that focus both on business and the additional impact they can have on the world. How do they accomplish this, and what does this have to do with manufacturing?
To enhance transparency and comparability of financial statements and minimize off-balance sheet items, the Financial Accounting Standards Board (FASB) issued its long-awaited new accounting requirements for leases (“ASC 842”) in early 2016. There are elements of the new accounting requirements for leases that could impact almost all entities to some extent, although lessees will likely see the most significant changes.