Emerging Issues Task Force

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Emerging Issues Task Force

A standing committee formed by the Financial Accounting Standards Board with a directive to investigate and make recommendations on issues in accounting as they arise. It seeks to establish uniform practices on new issues before divergent practices become widely accepted for different regions and/or firms. To this end, the EITF holds public meetings from time to time to discuss new issues and to receive input on the recommendations it ought to make. It consists of accountants from the larger accounting firms and the chief accountant at the SEC.
References in periodicals archive ?
Due to the mechanics of EITF 00-19, Notify has recorded non cash losses of $457,919 identified as Loss on the Valuation of Warrants in fiscal 2006 as the value of our common stock increased," said Paul DePond, President of Notify Technology.
Complete and up-to-date EITF guidance can be found on the ASB's Web site at www.
93-9 in EITF Abstracts illustrates these consensuses' application.
The EITF also reached a consensus that the reported tax effect of items not included in income from continuing operations that arose during the current fiscal year and prior to the enactment date should be measured based on the enacted rate at the time the transaction was recognized for financial reporting purposes.
The cumulative effect of a change in accounting principle associated with adopting EITF 00-21 increased by US$23.
The EITF reached a consensus that to qualify for reinsurance contract accounting, a contract that reinsures risks arising from short-duration insurance contracts must meet three conditions that relate to qualification as a short-duration contract, risk-transfer issues and the nature of the ultimate premium expected to be paid or received under the contract.
The EITF reached a consensus that an environmental liability should be evaluated independently of any potential claim for recovery (a two-event approach) and that the reported loss should be reduced only when a recovery claim is probable of realization.
The Company and its Audit Committee were recently advised that the Company's historical classification of certain freight costs related to granite block sales to customers appeared to be inconsistent with EITF 00-10: "Accounting for Shipping and Handling Fees and Costs" that was issued by the Emerging Issues Task Force of the Financial Accounting Standards Board.
ONEOK will be required by this rule to calculate earnings only for the first month of 2003 under EITF D-95.
This month's column lists 1992 and 1993 EITF consensuses adopted from January 21 through May 20, 1993 (see the sidebar on page 95).
and Subsidiary Companies, Summary Consolidated Statement of Income, Excluding EITF No.