EITF observer: A meeting synopsis - November 2011

EITF observer 11/04/2011 by Assurance services

At the November 3, 2011 EITF meeting, the Task Force discussed two Issues, reaching a final consensus on one Issue (10-E) and consensus-for-exposure on one Issue (11-A).

If the final consensus is ratified by the Financial Accounting Standards Board (FASB) at its November 16, 2011 meeting, the related Accounting Standards Update (ASU) will amend the FASB Accounting Standards Codification (ASC) and become final authoritative accounting guidance.

The FASB will also consider the consensus-for-exposure at its meeting on November 16, 2011, and if ratified, a proposed ASU will be issued. All comments on the proposed ASU will be considered by the EITF at a future meeting.

Final consensus

  • Issue 10-E—Derecognition of In-Substance Real Estate

Consensus-for-exposure

  • Issue 11-A—Parent's Accounting for the Cumulative Translation Adjustment (CTA) upon the Sale or Transfer of a Group of Assets within a Consolidated Foreign Entity That Meets the Definition of a Business