02/09/2023
As per PWC:
"If the method does not affect the timing for including items of income or claiming deductions, then it is not an accounting method and generally IRS approval is not needed to change it.
In order to affect timing, the accounting method must determine the year in which an income or expense item is to be reported.
In general, to establish an accounting method, the method must be consistently applied. Once an accounting method has been adopted for federal tax purposes, any change must be requested by the taxpayer and approved by the IRS."
