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FASB Guidelines, New Tariffs, and Their Impact on US Manufacturers

ARTICLE | May 14, 2025

Authored by Schlenner Wenner & Co


The Financial Accounting Standards Board (FASB) plays a crucial role in establishing financial accounting standards for public and private companies, non-profit organizations, and state and local governments in the United States. These standards are essential for maintaining transparency and consistency in financial reporting.

The introduction of new tariffs can significantly impact manufacturing companies, as they often rely on imported raw materials and components. Tariffs can increase production costs, disrupt supply chains, and pose challenges to market competitiveness.

Companies with significant import or export activity will need to adapt their accounting estimates and may need to adjust their financial models and strategies to account for these changes. To navigate this complex environment, manufacturers must stay informed, adapt swiftly, and consider the disclosure requirements set forth by FASB.

The implementation of such tariffs necessitates careful financial reporting. Audit accountants can play a pivotal role in helping companies navigate the complexities of a tariff-impacted environment. They can assist in evaluating the financial implications of new tariffs, assessing the effectiveness of mitigation strategies and ensuring the accuracy of financial statements.  Moreover, they can help companies adhere to the guidelines set by the FASB, ensuring that the financial impact of tariffs is accurately reported and disclosed.

In conclusion, the new tariffs and potential tax law changes present both challenges and opportunities for U.S. manufacturers. With careful planning and adherence to FASB guidelines, companies can mitigate risks, seize potential benefits, and continue to thrive in a rapidly changing economic landscape.

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