No standard is an island: the new revenue recognition standard promises massive changes in how and when companies account for revenue, something that in turn can impact just what information they report to the IRS. But the IRS is wondering how, specifically, it will change things, and is asking stakeholders to offer input on this matter through the release of a request for comment that recently went out to the public. 

The new revenue recognition standard collapses the numerous industry-specific standards currently used in GAAP into a singular model that relies on the recognition and completion of contract-based performance obligations. The IRS notes that this could have a number of implications as far as tax accounting goes, particularly the timing of income for tax accounting purposes.

Comments are due Sept. 16.