SECTION 1. PURPOSE

This revenue procedure modifies Rev. Proc. 2018–29, 2018–22 I.R.B. 634, and Rev. Proc. 2018–31, 2018–22 I.R.B. 637, to allow a taxpayer that early adopted (Early Adopter) a method of recognizing revenues described in the new financial accounting standards issued by the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) (New Standards) to change its method of accounting for the recognition of income for federal income tax purposes to a method of recognizing revenues described in the New Standards under section 16.11 of Rev. Proc. 2018–31. Early adoption of the New Standards was allowed for reporting periods beginning after December 15, 2016.