SECTION 3. DEFINITIONS

.01 Change in Method of Accounting Definitions . The definitions in section 3 of Rev. Proc. 2015–13, 2015–5 I.R.B. 419, or any successor, apply for purposes of this revenue procedure.

.02 New Standards . “New standards” refers to the financial accounting standards for recognizing revenue that were issued in FASB Update No. 2014–09, “Revenue from Contracts with Customers (Topic 606),” and IASB International Financial Reporting Standard (IFRS) 15, “Revenue from Contracts with Customers,” as updated and revised hereafter.

.03 Qualifying Same-Year Method Change . A qualifying same-year method change is a change of method of accounting for recognizing income that is made for the same year as the year the taxpayer adopts the new standards and made as a result of, or directly related to, the adoption of those standards.