Our new Accounting Brief, Update on potential tariff refunds, describes developments related to potential tariff refunds subsequent to the U.S. Supreme Court’s (Supreme Court) February 20, 2026, decision in Learning Resources, Inc. v. Trump (Learning Resources). In that ruling, the Supreme Court determined that tariffs imposed pursuant to the International Emergency Economic Powers Act (IEEPA) were unlawful and remanded proceedings to the lower courts. On March 3, 2026, we updated and expanded our Accounting Brief, Financial reporting implications of tariffs, to provide additional accounting and disclosure considerations related to the Learning Resources decision and potential tariff refunds.
On March 4, 2026, the U.S. Court of International Trade (CIT) issued an order directing U.S. Customs and Border Protection (CBP) to process certain customs entries without regard to IEEPA duties. This new Accounting Brief outlines the CIT's recent actions and CBP’s responses, describes continued uncertainties related to potential IEEPA tariff refunds, and provides illustrative examples regarding the potential processing of IEEPA tariff refunds. This new Accounting Brief should be considered in conjunction with our Accounting Brief, Financial reporting implications of tariffs, as the issues discussed in that paper continue to be relevant to the accounting and financial reporting for IEEPA tariff refunds.
