Tariff Refunds, AI Top Trends on Accounting Advisers’ Watchlist

Applying accounting rules to a largely uncertain US tariff refund process poses a challenge for companies preparing financial reports, Thermo Fisher Scientific Inc.'s accounting leader told a standard-setter Tuesday.

Joe Holmes, vice president and chief accounting officer at the biotechnology research company, said that businesses have been discussing whether to pursue a refund following the Supreme Court’s February ruling striking down a set of Trump administration tariffs. Companies have been assessing how and when to measure a receivable, or money owed, if they were to pursue a refund, Holmes added.

Holmes was among advisers to the Financial ...