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COVID-19 impacts on arrangements with customers

Hot Topic | March 2020

Potential impacts on accounting for arrangements with customers, including revenue, inventory and other related costs.

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The economic and financial markets effects of the COVID-19 outbreak may have a number of impacts on companies’ accounting for arrangements with customers. This article addresses how uncertainties in customer demand and the disruption to supply chains, manufacturing and workforce capabilities may impact companies’ revenue and inventory accounting.

Applicability

  • All companies

Relevant dates

  • Effective immediately

Report contents

  • Variable consideration
  • Customer credit risk
  • Contract modifications
  • Stand-alone selling prices
  • Inventory
  • Contract costs
  • Other customer incentives and estimates
  • Disclosures
  • Subsequent events
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Coronavirus

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Handbook: Revenue recognition

Latest edition: Our in-depth guide to the revenue standard, ASC 606.

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Financial reporting impacts of COVID-19

Guidance, updates and news covering financial reporting impacts of COVID-19

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Revenue

KPMG guides and publications relevant to FASB's revenue standard

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Brian Allen
Partner, Dept. of Professional Practice, KPMG US
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Partner, Dept. of Professional Practice, KPMG US
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Brian Allen
Partner, Dept. of Professional Practice, KPMG US
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Meredith Canady
Partner, Dept. of Professional Practice, KPMG US
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Accounting Research Online

Access our accounting research website for additional resources for your financial reporting needs.

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