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Emerging Issues Task Force

   Also found in: Acronyms 0.03 sec.
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.


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In another action, the FASB last month ratified the tentative conclusions reached by the Emerging Issues Task Force in three EITF draft abstracts.
THE EMERGING ISSUES TASK FORCE (EITF) has established a presumption that cooperative advertising allowances are to be deferred in inventory unless it is clear they are payment for services.
Criticized for its decision in 2001, the Emerging Issues Task Force (EITF) of the FASB explained that it was difficult to capture the economic effects of the Sept.
 
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