Greg Bocchino
Partner, National Leader, Accounting Methods & Credit Services, KPMG US
+1 212-872-6876
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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.
Related content
The intersection of new Sec. 451 and revenue recognition
In a byline article for Tax Adviser, KPMG’s James Atkinson says the law known as the Tax Cuts and Jobs Act (TCJA), fundamentally changed how accrual-method taxpayers determine when to recognize income for federal tax purposes. Although it has received little attention compared with other elements of the TCJA, the amendments to Sec. 451 potentially affect a broader cross section of taxpayers than almost any other change made by the TCJA.
Impact of the new revenue standard on transfer pricing
As companies transition to the new standard, they should also consider how the new standard may affect transfer pricing policies and documentation. This article discusses potential impacts of the new revenue recognition standard on transfer pricing and recommendations for dealing with those effects.
