IRS Seeks Comment Again On New Accounting Standards

Law360, Washington (March 28, 2017, 7:06 PM EDT) -- The Internal Revenue Service on Tuesday issued a request for comments on proposed procedures to allow taxpayers to change financial accounting methods under new international standards for recognizing revenues and the impact of those changes on differences between financial accounting and tax accounting rules.

The changes are related to a yearslong effort to increase conformity between domestic and international financial reporting standards by the Financial Accounting Standards Board and International Accounting Standard Board.

The IRS notice requests taxpayer comments on how use of the new financial...
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