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Emerging Issues Task Force - EITF

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Emerging Issues Task Force - EITF
An organization formed in 1984 by the Financial Accounting Standards Board-FASB to provide assistance with timely financial reporting. The EITF holds public meetings in order to identify and resolve accounting issues occurring in the financial world.

Notes:
This group consists mainly of accountants from large public firms, but also includes on its board the chief accountant of the SEC. The main purpose of the task force is to identify emerging issues and resolve them with a uniform set of practices, before widespread divergent methods arise.

See also: Accountant, FASB, GAAP, SEC

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