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 ?

At present there are not many Taekwondo clubs in the area, but hosting the EITF Championships will give the sport so much exposure.

ECHO Arena to host Euros; taekwondo championships come to liverpool in 2017

With regard to reporting loans to participants in defined benefit plans, the EITF clarified a problem in the literature by advising entities to account for them at amortized cost (EITF Update 2010-25).

Current developments in the private sector: focus on transparency and comparability

With respect to multiple deliverable arrangements involving advance payments, any financial accounting changes resulting from the new EITF Issues likely will affect taxpayers that currently recognize deferred revenue under the deferral method prescribed in Rev.

New EITF revenue recognition standards for multiple deliverable arrangements

19, 2008, the FASB issued proposed FASB Staff Position (FSP) EITF 99-20-a, which was intended to make the impairment guidance in EITF Issue 99-20 consistent with that in SFAS No.

Financial instruments and the financial crisis

Exhibit 1 lists in chronological order the major FASB and EITF pronouncements addressing consolidations and SPEs.

The evolving accounting standards for special purpose entities and consolidations. (Commentary)

The EITF as an Institutionally Embedded Garbage Can

Resolving financial reporting problems: an institutional analysis of the process

EITF 00-19 is very complex because it incorporates the guidance of existing pronouncements while being continually subject to revision by new pronouncements and interpretations.

Freestanding warrants and embedded conversion options: complex classification rules draw SEC interest

Contributing to the problem: over 200 pronouncements issued by FASB, AcSEC, AICPA, APB, SEC and EITF.

Making sense of revenue recognition: revenue "mis-recognition," the leading cause of restatement, has been soaring, likely due to the myriad of more than 200 pronouncements by standard-setters. FASB has revenue recognition on its agenda--for 2007

In another action, the FASB last month ratified the tentative conclusions reached by the Emerging Issues Task Force in three EITF draft abstracts.

FASB issues proposal to improve financial reporting on pension plans, three EITF draft abstracts

If the company does not have sufficient available authorized shares, it may trigger accounting under EITF 00-19: Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company's Own Stock.

Lab results: hot issues in biotech & life sciences

The FASB's Emerging Issues Task Force (EITF) reached a consensus that cash consideration received by a reseller from a vendor for cooperative advertising is presumed to be a reduction of the price of the vendor's products or services and, thus, should be classified as a reduction of cost of sales; see EITF Issue No.