The Consumer Marketplace and Retailers’ Shifting Accounting Needs

As the retail landscape shifts, so too will the tax and accounting methods required to properly valuate assets. U.S. retailers in the midst of updating their accounting practices to mirror changes in business operations should consider two recommendations:

1. Question the conventional. Over the years, U.S. organizations have consistently turned to the generally accepted accounting principles (GAAP) as the commonly held standards for financial accounting. These rules offer a foundation for prepping financial statements, but have recently come into question for their ability to show companies real values.