USA-Request for comment regarding change of accounting

By | March 29, 2017
(Last Updated On: March 29, 2017)

Notice 2017-17 requests comments on a proposed revenue procedure that, if finalized, will provide procedures on how a taxpayer may request automatic consent to change a method of accounting for recognizing income when the change is made for the same taxable year as the taxpayer adopts the new financial accounting revenue recognition standards.  These standards are contained in FASB Update No 2014-09 and IASB International Financial Reporting Standard (IFRS) 15, and are effective for publicly-traded companies beginning with annual reporting periods beginning after December 15, 2017, and for most other businesses, for annual reporting periods beginning after December 15, 2018.  The rules also allow early adoption of these standards for reporting periods beginning after December 15, 2016.

Notice 2017-17 will be in IRB IRB 2017-15, dated 4/10/2017.

Category: USA

About CA Satbir Singh

Chartered Accountant having 12+ years of Experience in Taxation , Finance and GST related matters and can be reached at Email : Taxheal@gmail.com

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