RP-2018-29: New automatic method change to conform with FASB Topic 606

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May 10, 2018

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Issue Number: RP-2018-29

Inside This Issue

Revenue Procedure 2018-29 provides a new automatic method change for taxpayers to use in changing their accounting methods to conform with FASB Topic 606. FASB 606 concerns the recognition of revenue from contracts with customers. Under the new FASB accounting standards, an entity must recognize revenue, for financial statement purposes, for goods and services promised to customers in an amount that reflects what the entity expects to receive in exchange for those goods and services. This revenue procedure modifies Rev. Proc. 2017-30 to provide procedures for obtaining automatic consent of the Commissioner.

It will appear in IRB 2018-21 dated May 21, 2018.

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