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Revenue for chemical manufacturers

Industry Supplements | August 2017

KPMG’s insights on ASC 606 implementation. With the new revenue recognition standard’s effective date approaching, KPMG reports on the most significant industry issues.

Applicability

Applying the new revenue recognition standard

  • Chemical manufacturers

Effective dates

Mandatory effective dates and early adoption provisions:

Annual periods:

For public business entities and certain not-for-profit entities the effective date for annual periods is the fiscal years beginning after Dec. 15, 2017.

For all other entites the effective date for annual periods is the fiscal years beginning after Dec. 15, 2018.

Interim periods:

For public business entities and certain not-for-profit entities the effective date for interim periods is the fiscal years beginning after Dec. 15, 2017.

For all other entites the effective date for interim periods is the fiscal years beginning after Dec. 15, 2019.

Early adoption:

For public business entities and certain not-for-profit entities the effective date for early adoption is the fiscal years beginning after Dec. 15, 2016.

For all other entites the effective date for early adoption is the fiscal years beginning after Dec. 15, 2016.

Key impacts

  • New accounting model may affect the timing of revenue recognition
  • Volume rebates and discounts could cause revenue deferrals
  • Accounting for price changes will differ depending on their nature and the manufacturer’s pricing practices
  • Take-or-pay arrangements may require multiple arrangements to be accounted for as one contract

Report contents

  • Specific issues for chemical manufacturers
  • Expanded disclosures
  • Effective dates and transition
  • Impact on the organization

Download the document:

Revenue for chemical manufacturers

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