Guidance Requested By IRS on Dealing with FASB's Pending Changes to Revenue Recognition
CPAs on the “auditing and accounting” side of the profession have been studying FASB Accounting Standards Update 2014-09, “Revenue from Contracts with Customers (Topic 606)” since it’s issuance last year. It turns out, though, that not only CPAs dealing with A&A issues have concerns—the IRS now has issued a notice asking for guidance of the impact of ASU 2014-09 on accounting methods for tax purposes in Notice 2015-40.
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