Emerging Issues Task Force

(redirected from EITF)
Also found in: Acronyms.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
On December 17, 2010, the FASB took the uncommon step of issuing for comment a revised ED, Presentation and Disclosure of Net Revenue, Provision for Bad Debts, and the Allowance for Doubtful Accounts, which reflects the EITF's final consensus.
This fact was seemingly acknowledged by the EITF in Issue No.
The latter condition often presents the more troublesome accounting problem and is the focus of the two measurement issues addressed in the EITF consensus: the effects of potential recoveries and the applicability of discounting.
The EITF also concluded that, in order to satisfy the first or second criterion, the condition of the property after the costs are incurred must be improved as compared with the condition of the property when originally constructed or, if later, acquired.(17)
EITF also addressed the treatment of reporting units with a zero or negative carrying amount in Step 1.
Many of the FASB's Accounting Standards Updates (ASUs) are the result of recommendations made by the EITF. In this month's column, I'll summarize the three most recent ASUs, each of which is an example of the FASB implementing an EITF recommendation for changing the wording of GAAP in order to reduce diversity in practice.
Finally, the researcher narrowed the applicable sources to Lighthouse's revenue recognition issue to the following: SAB 101, EITF 00-21, ARB 43 and APB Opinion 10.
Some guidance a CPA might want to review in this instance includes SAB 101 (Delivery & Performance: Question 5); SAB 104 (Inconsequential or Perfunctory Performance Obligations: Question 1); and EITF 00-21 Revenue Arrangements with Multiple Deliverables.
03-10, or EITF 03-10, which affects the way the company accounts for vendor coupon and rebate programs.
The Financial Accounting Standards Board's (FASB's) Emerging Issues Task Force (EITF) recently released Issue No.
Finally, Spivey detailed the work of FASB's Emerging Issues Task Force (EITF) on updating disclosures for employee benefit plans.