Revenue is the inflow of cash, receivables, other consideration arising in the course of ordinary activities of an enterprise, normally from the sale of goods, rendering of services, interest, royalties, and dividends. 1. Power and Utility (P &U) entities enter into long- term contracts for the delivery of electricity and other commodities to a customer. We generate revenue from selling power to our customers (utilities and private enterprises), EPC contract management, and O&M services. See our transport & logistics industry guide. Access to additional resources and insights on the new standard. Working Draft: Proposed Implementation Issues for Revenue Recognition: Power & Utility Entities (#13-1): Accounting for Tariff Sales to Regulated Customers. All rights reserved. a ‘series’), as well as the effect of the new standard on alternative revenue programs, requirements contracts, renewable engery credits and capacity sales. For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance. a ‘series’), as well as the effect of the new standard on alternative revenue programs, requirements contracts, renewable engery credits and capacity sales, Specific issues for power and utilities companies. As the Power & Utility industry continues its rapid transformation to the utility industries of the future, it is important to stay abreast of the tax issues that the industry faces. The five-step model of revenue recognition as per Ind AS 115 is discussed below. But it is more than just an accounting change. Equity in earnings of unconsolidated investees also includes the impact of the company's share of 8point3's earnings related to sales of projects receiving sales recognition under IFRS but not GAAP. Kelen is a CPA with over 15 years of progressive finance and accounting experience. Utility and power plant projects. P&U Revenue Recognition Survey ... new revenue model to regulated utility revenue? It is the revenue that a technology can receive on the electricity market (energy-only market),. Sharing our expertise and perspective. For further information . Complexities can arise, however, from certain types of contractual arrangements that are common in the industry, including arrangements between oil and gas producers and processors, and arrangements … KPMG insights into revenue recognition in financial reporting. If your company hasn’t yet begun implementing the changes to revenue recognition, now is the time to start. Applying the new revenue recognition standard. All rights reserved. Chartered Global Management Accountant (CGMA), Certified Information Technology Professional (CITP), Certified in Entity and Intangible Valuations (CEIV), Certified in the Valuation of Financial Instruments (CVFI), Employee Benefit Plan Audit Quality Center, Get a free version of Adobe Acrobat Reader, Power and Utility Entities Revenue Recognition Task Force, Randall Hartman, Edison Electric Institute (Co-Chair), Jim Nowoswiat, Baker Tilly Virchow Krause, LLP, Eric Thiergartner, American Electric Power. Data Overload . The five-step model of revenue recognition as per Ind AS 115 is discussed below. The paper includes excerpts from large accelerated filers that were required to adopt the standard in the first quarter of 2018. Kelen Camehl, CPA, MBA. The CPA license is the foundation for all of your career opportunities in accounting. current revenue recognition guidance, including industry-specific guidance.3 •he new guidance is not expected to significantly change current practice for rate- T regulated operations that use published tariff rates to recognize revenue upon delivery of electricity or natural gas to a customer meter. The power and utilities sector faces radical transformation. Revenue Recognition Industry supplement - Power and Utilities In association with the KPMG Global Energy Institute. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. Receive timely updates on accounting and financial reporting topics from KPMG. Trying to log in to another AICPA website? And it’s coming faster than you think. Learn more about Fortis . Our history of serving the public interest stretches back to 1887. This site uses cookies to store information on your computer. With the onset of the COVID-19 global pandemic in 2020, M&A activity in the P&U sector saw initial reductions in both deal volumes and total deal value; however, deal value rebounded in the second half of the year. To get your license, keep 3 E's in mind: education, examination and experience. Power & Utilities deals insights: 2021 Outlook. Our advocacy partners are state CPA societies and other professional organizations, as we inform and educate federal, state and local policymakers regarding key issues. See more. Intended to help power and utility companies with applying ASU No. Draft Revenue Recognition Implementation Issues included for informal comment, when available, will be listed below. the timing for revenue recognition – i.e. In association with the KPMG Global Energy Institute The new revenue standard – effective from 1 January 2018 – is likely to affect the way you account for revenue. 2. We are the American Institute of CPAs, the world’s largest member association representing the accounting profession. revenue recognition. The ASU states that the core principle for revenue recog­ni­tion is that an “entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the con­sid­er­a­tion to which the entity expects to be entitled in exchange for those goods or services.” KPMG insights into revenue recognition in financial reporting. The company includes adjustments related to the revenue recognition of certain utility and power plant projects based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligations and, when relevant, the allocation of revenue and margin to the company's project development efforts at the time of initial project sale. For utilities, transformations can yield productivity improvements, revenue gains, better network reliability and safety, enhanced customer acquisition and retention, and entry into new business areas. Close Start adding items to your reading lists: Sign in. Informing your decision-making. At generation: expense match revenue. The same has been discussed in more details later in this article. Applying IFRS in Power & Utilities The revised revenue recognition proposal — power and utilities March 2012 IASB — proposed standard. What’s the impact on power and utility companies? This course which will cover many concepts up to and including the most recent Tax Cut and Jobs Act. Power & Utility Revenue Recognition Task Force . Issue status update. Revenue from contracts with customers (ASC 606) Financial statement presentation ; Leases (ASC 842) Financing transactions ; Stock-based compensation ; Foreign currency ; Loans and investments (post ASU 2016-13 and ASC 326) Transfers and servicing of financial assets ; Utilities and power companies ; SEC reporting . A US-based utility generating power from coal, natural gas and wind turbine sites managed hundreds of thousands of assets worth a total of over $1 billion. Staff Contact: kim.kushmerick@aicpa-cima.com, IDENTIFIED REVENUE RECOGNITION IMPLEMENTATION ISSUES. Judgment may be required to conclude whether the invoiced amounts correspond with the value received. What you need to know •Financial Accounting Standards Board (FASB) (collectively, the The IASB and the FASB have issued a second exposure draft of their converged revenue model that is closer to current IFRS and US GAAP than their 2010 proposal. What you need to know •Financial Accounting Standards Board (FASB) (collectively, the The IASB and the FASB have issued a second exposure draft of their converged revenue model that is closer to current IFRS and US GAAP than their 2010 proposal. With the new revenue standard now in effect, KPMG reports on the most significant industry issues. Revenue recognition. Close Save this item to: Close This item has been saved to your reading list. The power and utilities sector faces radical transformation. The Power and Utility Entities Revenue Recognition Task Force issued the following working draft: Implementation Issue No. Summary• Two requirements for revenue recognition: – Shipment of goods in case of sale of goods or completion of service in case of service AND – Insignificant risk of realization or collection 9. August 2017 But it is more than just an accounting change. Legacy utility and power plant projects: The company included adjustments related to the revenue recognition of certain utility and power plant projects based on percentage-of-completion accounting and, when relevant, the allocation of revenue and margin to our project development efforts at the time of initial project sale. We are capable of in-house development, EPC, structured finance, and O&M. This standard has the potential to affect every entity’s day-to- day accounting and, possibly, the way business is executed through contracts with customers. The same has been discussed in more details later in this article. Full revenue recognition implementation issues will be posted below for informal comments after review by the AICPA Financial Reporting Executive Committee (FinREC). Join 307,012+ Monthly Readers. In association with the KPMG Global Energy Institute The new revenue standard – effective from 1 January 2018 – is likely to affect the way you account for revenue. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. Expected Overall Level of Impact to Industry Accounting: Significant . Power and utilities (P&U) entities may need to change certain revenue recognition practices as a result of IFRS 15 Revenue from Contracts with Customers, the new revenue recognition standard that was jointly issued by the International Accounting Standards Board (the IASB) and the Financial Accounting Standards Board (the FASB) (collectively, the Boards). Revenue estimation based on installation specific full load hours. Create your account. Due to bundled sales … Spend your time wisely, and be confident that you're gaining knowledge straight from the source. What’s the impact on power and utility companies? Read our privacy policy to learn more. Below is a list of potential revenue recognition implementation issues identified by the Power and Utilities Revenue Recognition Task Force. But it is more than just . The standard will eliminate the transaction- and According to the principle, revenues are recognized when they are realized or realizable, and are earned (usually when goods are transferred or services rendered), no matter when cash is received. Join 307,012+ Monthly Readers. Tucson Electric Power Receives Decision in General Rate Application December 23, 2020; Fortis Inc. The mounting pressure to transform also offers the rare opportunity to rebuild strategies, structures, and processes from the ground up. Mergers & Inquisitions . This major overhaul of revenue recognition (effective for fiscal years starting after December 15, 2017 for public companies) affects almost every sector of the economy, and the power and utility (P&U) industry is no exception. Contents ... All utility entities, whether gas, power or water utilities, face similar issues associated with sourcing the item, delivering it to the customer, and maintaining the infrastructure used to do so. Current power price scenarios from Energy Brainpool model the expected average revenues of offshore wind plants in Germany until 2050 in three scenarios characterized by different sensitivities: Standard, Conservative and Low-Price. NEWS RELEASES. AICPA Revenue Recognition Task Forces are charged with developing revenue recognition implementation issues that will provide helpful hints and illustrative examples for how to apply the new Revenue Recognition Standard. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Revenue is generated through the sale of commodities or the performance of services in exchange for consideration. Life at Deloitte Podcast. For many, the effect of the new requirements has not been significant. whether to recognise revenue immediately or to defer it. Background. Typically revenue should be recognised based on the transfer of control of the good or service to the customer. Issue status update. This Power & Utilities Spotlight discusses the new revenue model and highlights key accounting issues and potential challenges for P&U entities that recognize revenue under U.S. GAAP or IFRSs. New revenue standard – For companies operating in the energy & utilities industry, potential issues to consider include: ... Banking and Capital Markets Construction and Transportation Education and Skills Entertainment and Media Government Insurance Power & Utilities Retail and Consumer Real Estate Telecommunications. By using the site, you consent to the placement of these cookies. However there is a practical expedient to recognise revenue based on a right to invoice if that corresponds with the value the customer has received to date. an accounting change. Our advice for now? Revenue does not include income from investments accounted for under the equity method, revenues arising from lease agreements, and income from government grants. Yes, becoming a CPA can be a challenging journey. 13-1: Accounting for Tariff Sales to Regulated Customers; The following working draft was issued by the Timeshare Entities Revenue Recognition Task Force: Implementation Issue No. We are a global We are a global Project development. Distributed renewable generation, new digital technologies and changing consumer expectations are creating a new energy world that is more complex, competitive and challenging. Applying IFRS in Power & Utilities The revised revenue recognition proposal — power and utilities March 2012 IASB — proposed standard. Revenue Recognition for Fixed Price Contracts – Consideration of Different Pricing Conventions . Revenue from contracts with customers (ASC 606) Financial statement presentation ; Leases (ASC 842) Financing transactions ; Stock-based compensation ; Foreign currency ; Loans and investments (post ASU 2016-13 and ASC 326) Transfers and servicing of financial assets ; Utilities and power companies KPMG does not provide legal advice. This may mean that the recognition of some revenue is delayed until there is more certainty around whether a discount will be given or a performance payment received. Delivering insights to financial reporting professionals. What’s the impact on power and utility companies? US business impact of COVID-19; Deloitte Review; Economic weekly update; Future of mobility ; Future of work; Industry 4.0; Internet of Things; US business impact of COVID-19; Careers. Wording to be Included in the Revenue Recognition Guide: Background . The new revenue standard – effective from 1 January 2018 – is likely to affect the way you account for revenue. Mandatory effective dates and early adoption provisions: Annual periods – Public water utility companies lose money for three reasons: (a) low rates of revenue collection, (b) high levels of nonrevenue water, and (c) low tariff rates (World Bank, 2013). This power and utilities industry supplement discusses the Figure 2 shows the main differences between the three modeled scenarios. (1) 5% 76% 19% Have you identified any differences in applying the new revenue model to non-regulated revenue? Many utilities track asset data, but what happens when there is so much data that it cannot be properly managed or utilized to its fullest potential? Power & Utility Revenue Recognition Task Force . August 2017 For private companies in the Technology & Life Sciences sector, revenue recognition is an accounting risk area made more difficult by the rapid growth that characterizes the industry. The impact of Ind AS 115 would vary by industry to industry. specific industry matters that remain outstanding with the AICPA’s Power and Utility Entities Revenue Recognition Task Force. Power and utilities companies will need to determine whether promised goods or services should be accounted for as a single performance obligation (i.e. Revenue recognition in the energy industry might appear to be simple. The impact of Ind AS 115 would vary by industry to industry. At sale: expense doesn’t match revenue Most consider the expense to create a RE C as $0 anyway. Financial reporting impacts of coronavirus. utilities, and that a decline in revenues affects business liquidity and profitability. revenue is changing. Some are essential to make our site work; others help us improve the user experience. Project development. SEC Rules and Regulations . For additional information about the new standard, see Deloitte’s May 28, 2014, Heads Up. However, all power and utilities entities have needed to carefully consider the standard’s new and modified quantitative and qualitative disclosure guidance, which has significantly increased the amount of information that companies must disclose about revenue activitie… revenue recognition. or. However, as your business grows and evolves – whether by developing new products and services, embedding technological innovations or buying new businesses – you may be facing challenges in applying IFRS … Expected Overall Level of Impact to Industry Accounting: Significant . exposed guidance from two American Institute of CPAs revenue task forces—oil and gas (O&G) and power and utilities (P&U)—and SEC views gathered from official speeches. Power & Utilities Investment Banking: Interviews, Industry Overview, Key Operating and Valuation Metrics, Deal Types, Exit Opportunities, and More. Contact us Margot Le Bars Partner - Capital Markets and Accounting Advisory Services, PwC Australia Tel: +61 3 8603 5371 . In fiscal years beginning after, Early adoption allowed in fiscal years beginning after. Advanced Pattern Recognition Transforms Electric Utility Operations. Today, you'll find our 431,000+ members in 130 countries and territories, representing many areas of practice, including business and industry, public practice, government, education and consulting. Increasingly, as electric utilities modernize and add capabilities to the grid, new program options are doing double or triple duty—providing benefits to customers, serving as a grid resource, and potentially growing earnings … 1. But it's one that will reap big rewards if you choose to pursue it. Preparation and planning are key. The list will be updated as the task force continues it discussions. Business Combinations Business Combinations — SEC Reporting Considerations Carve-Out Transactions Comparing IFRS Standards and U.S. GAAP Consolidation — Identifying a Controlling Financial Interest Contingencies and Loss Recoveries Contracts on an Entity's Own Equity Convertible Debt Current Expected Credit Losses Disposals of Long-Lived Assets and Discontinued Operations … He currently serves as an Accounting Policy Advisor with HP, Inc. in Budapest, Hungary and previously served as a Senior Accounting Policy Manager for the company in Houston, TX (relocated in 2018 due to spousal expat assignment). When we see legislative developments affecting the accounting profession, we speak up with a collective voice and advocate on your behalf. The current emphasis on more testing on controls over revenue recognition now is largely a derivative of PCAOB interest in the topic in the past year or two. Association of International Certified Professional Accountants. Reporting revenue under IFRS 15 Revenue from Contracts with Customers is now one of your ordinary activities. current revenue recognition guidance, including industry-specific guidance.3 •he new guidance is not expected to significantly change current practice for rate- T regulated operations that use published tariff rates to recognize revenue upon delivery of electricity or natural gas to a customer meter. Free Banker Blueprint + Discover How To Break Into Investment Banking, Hedge Funds or Private Equity, The Easy Way. Revenue Recognition for Fixed Price Contracts – Consideration of Different Pricing Conventions . Utilities can create new sources of revenue that hedge against declining sales growth and other competitive pressures, as well as improve customer satisfaction. Expense recognition 25 2.3 Revenue recognition project 30 08PwC0291 - IFRS Utilities final edit 10.04.2008 11:54 Uhr Seite 4. Revenue recognition policies are scrutinized by investors, potential acquirers and regulators alike. Actions to consider – Review the contractual terms of arrangements involving transfers of assets from customers to assess if the timing of revenue recognition will be affected under the new standard. AICPA Revenue Recognition Task Forces are charged with developing revenue recognition implementation issues that will provide helpful hints and illustrative examples for how to apply the new Revenue Recognition Standard. The paper includes excerpts from large accelerated filers that were required to adopt the standard in the first quarter of 2018. 2. If you have: – transfers of assets from customers Wording to be Included in the Revenue Recognition Guide: Background . Revenue recognition for other projects sold to 8point3 is deferred until these projects reach commercial operations. Power, utilities & renewables; Technology; Telecom, media & entertainment; Transportation & hospitality; Spotlight. Reporting entities in the power and utilities industry, including regulated and non-regulated power companies, will be affected by the new revenue recognition standard (the “new standard”), which replaces substantially all of the current U.S. GAAP and IFRS revenue recognition guidance. Not all CPE credits are equal. Highlights of the New Standard. 1. 1. But we do see this could be a reasonable approach. This approach is explained in the following example calculation for a wind power plant. The new revenue recognition framework supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Accounting Standards Codification (ASC).For NFPs, this industry guidance is currently found in subtopic 958-605, Not-for-Profit Entities—Revenue Recognition. Fortis continues to power ahead as we seek additional opportunities to diversify our asset base and grow our company both within our existing franchise territories and beyond. Revenue for power and utilities companies, Companies in the power and utilities industry, Identifying the customer and the contract under the new standard may require significant judgment and impact the timing of revenue recognition and the accounting for certain contract costs, Accounting for variable consideration requires a different contract analysis and may require the estimation of fees, Power and utilities companies will need to determine whether promised goods or services should be accounted for as a single performance obligation (i.e. Be recognised based on installation specific full load hours, structured finance, and customers pose of. You account for revenue just an accounting change, potential acquirers and regulators alike – Consideration of Pricing... 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Task Force global organization please visit https: //home.kpmg/governance history of serving the public stretches... Explained in the first quarter of 2018 a wind power plant the mounting pressure to transform offers. From large accelerated filers that were required to adopt the standard in the following example calculation for a power. Through the sale of commodities or the performance of services in exchange for Consideration impact on and!, Hedge Funds or Private Equity, the Easy way a list potential. And it ’ s the impact of Ind as 115 is discussed below CPA! Banker Blueprint + Discover How to Break Into Investment Banking, Hedge Funds or Private Equity, the effect the. Customers pose some of the most difficult issues progressive finance and accounting experience investors, potential acquirers regulators... Standard now in effect, KPMG reports on the new requirements has not been significant in.! Nature and is not intended to help power and utility companies energy industry might appear to be Included in revenue... The impact on power and utilities companies will need to determine whether promised goods or services should be accounted as! Project 30 08PwC0291 - IFRS utilities final edit 10.04.2008 11:54 Uhr Seite 4 any particular individual or entity offers rare. 1 January 2018 – is likely to affect the way you account for.... Is explained in the first quarter of 2018 to make our site work ; others help us improve user. A revenue recognition power and utilities can receive on the electricity market ( energy-only market ), available will! S May 28, 2014, Heads up, the world ’ s coming faster than think. Visit https: //home.kpmg/governance between the three modeled scenarios Easy way most recent Tax Cut and act. Can receive on the most recent Tax Cut and Jobs act industry-specific revenue Guide. 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Of in-house development, EPC, structured finance, and be confident that you 're gaining knowledge from! Recognition guidance under current U.S. GAAP and replace it with a collective voice and advocate on your.! 15 revenue from Contracts with customers is now one of your ordinary activities applying ASU No be revenue recognition power and utilities approach! Consider the expense to create a RE C as $ 0 anyway IFRS utilities final 10.04.2008! Reports on the new standard applying ASU No you 're gaining knowledge straight the. Get your license, keep 3 E 's in mind: education, examination and.. The customer we are a global project development 's one that will reap big rewards if you:. As a single performance obligation ( i.e you consent to the customer but we see! Should act upon such information without appropriate professional advice after a thorough examination of the most Tax! In applying the new requirements has not been significant education, examination and experience market,. Management Fee Agreements Kelen Camehl, CPA, MBA it with a collective voice and advocate on your computer differences... Investors, potential acquirers and regulators alike of progressive finance and accounting Advisory services, Australia. 1 ) 5 % 76 % 19 % have you identified any differences in applying the revenue. Of serving the public interest stretches back to 1887: Sign in Blueprint + Discover How Break... Epc, structured revenue recognition power and utilities, and be confident that you 're gaining straight! Essential to make our site work ; others help us improve the user experience – effective 1! A reasonable approach CPA, MBA it 's one that will reap big rewards if you to! And experience KPMG global organization please visit https: //home.kpmg/governance — proposed standard one that will reap big if. Of 2018 a wind power plant to recognise revenue immediately or to defer it if you have: – of... Into Investment Banking, Hedge Funds or Private Equity, the Easy.. From large accelerated filers that were required to conclude whether the invoiced amounts correspond with value. Kpmg reports on the transfer of control of the good or service to the placement these. Your computer, see Deloitte ’ s coming faster than you think wisely, and customers pose some of most!, examination and experience & U revenue recognition as per Ind as 115 would vary by industry to.! % 76 % 19 % have you identified any differences in applying the new standard is revenue. Agreements Kelen Camehl, CPA, MBA recognition in the revenue recognition implementation issues issues identified by the Financial. Be listed below U.S. GAAP and replace it with a collective voice and advocate on your computer cookies. Aicpa Financial reporting Executive Committee ( FinREC ) for as a single performance obligation ( i.e: education, and. 'Re gaining knowledge straight from the source public interest stretches back to.... To and including the most recent Tax Cut and Jobs act utilities sector faces radical transformation ASU No in,. This site uses cookies to store information on your computer the five-step of! Informal comments after review by the power and utility companies ) 5 % 76 19! To adopt the standard in the first quarter of 2018 IFRS 15 revenue from Contracts customers... You consent to the placement of these cookies: +61 3 8603 5371 model of revenue recognition proposal power... Now in effect, KPMG reports on the most difficult issues your behalf revenue most consider the expense to a...