- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The Internal Revenue Service is asking for comments on how the new revenue recognition accounting standards will affect tax reporting. Tax rules require companies to secure permission from the IRS if they are making accounting method changes for federal income tax purposes, so the agency is now growing concerned over ...
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It’s the tax department’s turn buzz over how to recognize revenue for tax purposes—and with good reason after getting some puzzling guidance from the IRS.
Just as tax is the last thing to happen in a financial statement close, it seems to be the last thing happening in preparing for the new revenue rules as well.
Among the many issues companies must address as they adopt the new revenue recognition standard, tax consequences are gaining more attention. The IRS is seeking comment on how burdensome tax reporting might become, and the standard’s fundamental shift in recognizing revenue could make the burden quite heavy. “There’s a lot ...
