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This is the case whether you want to change your overall accounting method or just the accounting treatment of any particular item. Changes in accounting method that require approval from the IRS include switching from a cash basis method to an accrual basis method or vice versa â switching from an accrual basis method to a cash basis method. You must also request an official OK from the IRS to make a change in the method or basis used to value your inventory.
A change in accounting principles, accounting estimates, or the reporting entity. A change in an accounting principle is a change in a method used, such as using a different depreciation method or switching from LIFO to FIFO. An example of an accounting estimate change could be the recalculation of machine's estimated life due to wear and tear.