Under Revenue Procedures 2015-14, taxpayers will be given automatic approval from the IRS to change their method of accounting
under Internal Revenue Code Section 446(e) for changes listed in the Revenue Procedure 2015-14.
then chairman of the Senate Finance Committee, proposed a discussion draft on cost recovery and accounting that would also restrict certain individual owners of businesses from using the cash method of accounting
The cash method of accounting
, which records revenue when cash is received and records expenses when cash is paid, is a longstanding accounting method popular among service-based businesses, such as CPA firms.
Indeed, the LIFO method is likely the predominant method of accounting
in industries that carry inventories of goods, especially those engaged in manufacturing, mining, wholesaling, retailing, distribution, and energy production.
FASB says approximately 750 public companies in the United States are voluntarily applying the fair value method of accounting
for share-based payments in Statement no.
The regulations also provide, however, that a change in the useful life of depreciable property is not a change in method of accounting
if the useful life of the property is not specifically assigned by the Code, the regulations or other published guidance.
After Evergreen Solar adopts the equity method of accounting
, in addition to reporting revenue from its Marlboro facility, the Company plans to report three additional line items for revenue derived from EverQ.
A taxpayer can generally adopt a method of accounting
for an item on the tax return for the period when the item first exists.
The Form 10-K for the year ended June 30, 2008 will reflect the new method of accounting
and the effect of the accounting change on Marine's financial statements.
The first proposal, Not-for-Profit Organizations: Mergers and Acquisitions, eliminates the use of the pooling-of-interests method of accounting
by not-for-profit organizations and requires the acquisition method for all mergers and acquisitions by a not-for-profit organization.
85-4, Accounting for Purchases of Life Insurance, that adopted the cash surrender method as the only generally accepted method of accounting
for these assets.
Les concluded his presentation by discussing the pros and cons of the IPIC method of accounting
The statement requires use of the purchase method of accounting
for all business combinations initiated after June 30, 2001, thereby eliminating use of the pooling-of-interests method.
began to account for its 30% share of earnings of the Distributor under the equity method of accounting
446 regulations have long established that a taxpayer that changes its book method of accounting
must secure the IRS's consent before applying its new book method of accounting
for tax purposes.