PR 10-1 Your CEO called you into his office to discuss an article he had read over the weekend.

The article stated that the FASB had changed accounting for deferred taxes such that all deferred tax assets and liabilities would be treated as noncurrent items.

The article continued noting that this would save companies money and would be required for years beginning after December 15, 2016. Your CEO doesn’t know much about accounting or deferred taxes, but he does like saving money. He asks if it would be possible to adopt the new rules immediately. Is this permitted?