As companies analyze the impact of adopting the FASB's new revenue standard and the go-forward financial statement implications, they should also consider how each identified change will affect both revenue recognition for tax purposes and the accounting for income taxes. This paper highlights key areas in the tax provision that may be impacted by the standard, and provides a discussion as to the underlying tax law that may drive these impacts.
As companies prepare to adopt the new revenue standard, tax implications and opportunities should be considered at each step of the implementation process. Key actions items may include:
US Tax Accounting Market Leader, PwC US
Partner, Tax Accounting, PwC US