United States

Accounting for Income Taxes

 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.

Accounting for Income Taxes

Accurately accounting for income taxes through the transition to the new revenue recognition standard can be a challenge. The changes could result in new or different temporary differences and there may also be tax effects of the transition adjustment or changes to temporary differences for investments in foreign operations.

KPMG can help clients understand what adopting the new standard may mean for accounting for income taxes, supporting changes in systems, and processes and assistance with implementing robust controls.

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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.