United States

New Revenue Recognition Standard: Potential Tax Implications

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


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*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. 

Click here to learn how KPMG professionals may be able to assist your business in adjusting to the new revenue recognition standard.

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KPMG's 2017 Accounting Change Survey

We recently polled companies representing all major industries to gauge where they stand in their efforts to comply with the new standard.

Click here to view the survey.

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KPMG's Revenue Recognition webpage

Stay up-to-date with the latest developments in the revenue recognition standard by visiting our dedicated webpage.

Click here to tour our revenue recognition website.

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

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Webcast

Tax Implications of the New Financial Accounting Revenue Recognition Standard

Listen to our webcast, where KPMG professionals detail an overview and background of the new revenue standards, provide a big picture review of the tax impacts of adopting it, and some specific tax considerations associated with changes in revenue recognition. Click here to launch the webcast.

 

 

 

Insights

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Revenue standard portends potential tax changes

How might the new revenue recognition standard affect the calculation and financial reporting for a company's income taxes and other types of taxes?

Click here to read about the key impacts.

 

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Accounting for revenue is changing

Learn about the significant changes to revenue recognition for financial accounting, and how these changes may affect standards related to federal, state, and local tax, as well as indirect and forex tax.

Click here to learn more.

 

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Implementing the revenue recognition standard

How can advance planning provide businesses with the opportunity to spread the work of implementing the new revenue recognition standard over a longer period of time, as well as providing time for dual-reporting capability prior to the effective date?

Click here to find out.

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Revenue recognition standard: potential tax implications

Learn about some of the potential tax consequences that entities should consider when evaluating the potential implications of adopting the new revenue recognition standard.

Click here to discover more.

 

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Contact us

Contact Greg Bocchino
Greg Bocchino

Partner, National Leader, Tax Accounting Services, KPMG LLP
Email      View Bio

Contact Eric Lucas
Eric Lucas

Principal, Income Tax and Accounting Group, Washington National Tax, KPMG LLP
Email      View Bio


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.