Transcription of Administrative, Procedural, and Miscellaneous - …
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Administrative, Procedural, and Miscellaneous - …
Administrative, Procedural, and Miscellaneous 26 CFR : Changes in accounting periods and method of accounting. (Also: Part I, Sections 446, 451; ) Rev. Proc. 2018-29 SECTION 1. PURPOSE This revenue procedure provides new procedures for taxpayers changing their method of accounting for the recognition of income for federal income tax purposes to a method for recognizing revenues described in the new financial accounting standards issued by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) (New Standards). In particular, this revenue procedure modifies Rev. Proc. 2017-30, 2017-18 1131, to provide procedures under 446 of the Internal revenue Code (Code) and (e) of the Income Tax Regulations to obtain automatic consent of the Commissioner of Internal revenue (Commissioner) to change to an otherwise permissible method of accounting that uses the New Standards to identify performance obligations, allocate transaction price to performance obligations, and/or consider performance obligations satisfied, if such 2 method change is made for the taxable year in which the taxpayer adopts the New Standards.
.01 On May 28, 2014, FASB and IASB jointly announced new financial accounting standards for revenue recognition, titled “Revenue from Contracts with Customers
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