Y2K (Year 2000) Stocks: An Investment Discussion Message Board

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Technology Stocks : Y2K (Year 2000) Stocks: An Investment Discussion

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To: Patrese who wrote (7924)	11/18/1997 10:28:00 PM
From: David Eddy	of 13949

Patrese - he IRS is going to allow companies a choice of either expensing their Y2k costs like they would do with research & development costs, OR they can choose to amortize them over a period of up to 5 years. I'm NOT a tax attorney, however... This is just how the IRS will accept reporting expense/capital numbers to it. What counts is what FASB has said: current period expense. I believe it is FASB ruling that detemine how the numbers are reported to the financial world... IRS is a different set of books... Isn't that why they call it double entry book keeping? <g> - David

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