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The second challenge, assuming the time issue can be overcome, is the lack of resources related to accounting for income taxes.
Life insurers are concerned that fair-value accounting for their liabilities will distort the value of products designed to accumulate value over time--such as annuities.
(2) Concededly, where there are two (or more) permissible methods of accounting for an item, and in connection with an examination the taxpayer discovers that it is employing a suboptimal method, the IRS might properly decline to exercise its authority to initiate a change in method in the tax years under examination.
97-27, the ERS has set forth revised procedures that a taxpayer must employ in order to obtain the consent of the Commissioner to a change in a method of accounting for federal income tax purposes.
During the months expected before any new rule is finalized, the FASB is working on accounting for goodwill and other intangible assets.
In Notice 96-30,(23) the IRS provided automatic consent procedures for all not-for-profit organizations described in section 501(c), which were compelled to adopt Statement of Financial Accounting Standard 116, to change their method of accounting for contributions.
133 permits this special accounting for the change in value of derivatives designated and qualifying as fair value hedges, cash flow hedges or foreign currency hedges (see sidebar "FASB 133 Hedge Definitions").
But any "improvement" in accounting is likely to be a method of accounting for which the company should have obtained the Commissioner's permission before extending the improvement to its tax accounting.
AcSEC issued the ED, Accounting for Investors' Interests in Unconsolidated Real Estate Investments, in November 2000.
Taxpayers that want to change their method of accounting for R&E expenditures related to a particular project or projects may automatically change to or from:
Plus, more than 20 individual domestic standards of accounting for China are currently on exposure and may be enacted in the near future.

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