Accounting for Shifts in Retail Supply Chain Practices

The demand among consumers for more speed in the availability and delivery of goods shows no signs of declining, so supply chain leaders are having to engineer new methods to keep up. Dean Sonderegger writes about how these new methods will also require evolved accounting practices to keep up with it all. It will be tricky but necessary to track expenses and asset lifecycles reliably. The Generally Accepted Accounting Principles (GAAP) structure may not be enough to mind the gap (eh?) in isolation, since it fails to account for assets that appreciate over time. New regulations introduced by the IRS “make proper fixed asset reporting critical from a compliance perspective, leaving firms across industries scrambling over how to transition their accounting systems and internal procedures.” You can read about these ideas in their full depth here: http://independentretailer.com/2014/11/10/accounting-for-shifts-in-retail-supply-chain-practices/

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