United States

New Revenue Recognition Standard: Potential Tax Implications

 The clock is ticking to transition.*
It’s time for Tax to address these changes.





*Based on the FASB decision, public organizations should apply the new revenue standard to annual reporting periods beginning after December 15, 2017. Nonpublic organizations should apply the new revenue standard to annual reporting periods beginning after December 15, 2018.

Where do your accounting change implementation efforts stand?

The new revenue recognition and leasing standards pose operational and financial challenges for many companies. Since the implementation efforts for both sets of rules overlap, many companies are currently tackling how to best implement both standards with the highest level of efficiency and the least amount of disruption.

KPMG recently surveyed over 140 companies – more than three-quarters of which are public – representing a wide range of industries to gauge where they stand in the compliance process.  Read about the results of KPMG's Accounting Change Survey.

As the clock ticks down to adopt the new standard, tax professionals should consider forward-looking steps today to enable core operations to address these changes. 

Areas of tax that may be impacted by changes to the new financial accounting standards:

Beyond Tax... Our Integrated Revenue Recognition Support

Discover how KPMG’s wide-ranging capabilities help companies tackle all of the challenges of revenue recognition.
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KPMG Insights on Revenue Recognition

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Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates.
The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.
The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.