The IRS is requesting comments on a proposed revenue procedure,
which, if finalized, would provide automatic consent to certain tax
accounting method changes for revenue made as a result of, or
directly related to, the adoption of the new financial accounting
method standard ASU Topic 606, “Revenue from Contracts with
Customers.”
Under the proposed procedures outlined in Notice
2017-17, taxpayers would request method changes in the same
year they adopt the new financial accounting standards using the
automatic method change procedures (a qualifying same-year method
change).
The proposed procedures provide two alternatives: (1) If the
method change is already in the list of automatic changes in Rev.
Proc. 2016-29 (or its successor) and the taxpayer otherwise meets
certain eligibility requirements in Rev. Proc. 2015-13, the
taxpayer would use the existing procedures in the list of automatic
changes; or (2) if the method change does not meet (1), but does
satisfy
