Overwhelmed by the pace of accounting change? Watch our video and read our power and utility year-end accounting update for a summary of key changes in US GAAP accounting effective in 2018 and beyond. We help you navigate the changes by providing insights on what power and utility companies need to know to successfully implement the new standards.
Hi, I'm Drew Cummings, a senior manager in PwC's National Office, with a focus on the power and utility industry.
Many of us spent 2017 analyzing the numerous changes to US GAAP that will have significant impacts on accounting and financial reporting in the power and utility industry.
While some of these changes are effective, such as the new revenue standard, other standards such as leasing, are still a year or more away.
As we begin the new-year, we expect many individuals may be creating resolutions for 2018.
Professionally, these may include staying on top of the significant financial statement changes that will become effective for public companies in 2018 and beyond.
Given the number and complexity of changes, this will undoubtedly be a challenge, especially given the attention required by the changes related to revenue and leasing.
To help you stay on top of the accounting standard updates that will become effective for power and utility companies in 2018 and beyond, we are pleased to publish our 2017 year-end industry accounting update.
In this year's publication we've provided a roadmap to help you navigate a number of these new standards.
We've highlighted key accounting impacts specific to the power and utility industry, including:
While at first glance, some of these changes may not seem particularly relevant for power and utility companies there are important industry implications for each standard.
Within the 2017 year-end industry accounting update, we highlight these considerations and provide useful tips to help ensure a smooth implementation journey for you and your company.
As many have learned from their implementation efforts for the new revenue standard, adopting new accounting guidance requires focus and attention from many areas across an organization, beyond accounting and finance.
We hope that the 2017 year-end industry accounting update helps you on your journey.
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