EITF observer: A meeting synopsis - January 2013

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EITF observer 01/21/2013 by Assurance services
EITF observer: A meeting synopsis - January 2013

At a glance

At the EITF's January 17 meeting, the Task Force discussed seven Issues, reaching a final consensus on two issues (11-A and 12-D) and consensus-for-exposure on two Issues (13-A and 13-C). Further discussion is expected on three issues (12-B, 12-F and 12-H). This edition of EITF observer provides a synopsis of the meeting.

At the EITF's January 17 meeting, the Task Force discussed the seven Issues listed below. This edition of EITF observer provides a synopsis of the meeting.

Final consensuses

  • Issue 11-A—Parent's Accounting for the Cumulative Translation Adjustment (CTA) upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity
  • Issue 12-D—Accounting for Obligations Resulting from Joint and Several Liability Arrangements for which the Total Amount of the Obligation is Fixed at the Reporting Date

Consensuses-for-exposure

  • Issue 13-A—Inclusion of the Fed Funds Effective Swap Rate as a Benchmark Interest Rate for Hedge Accounting Purposes
  • Issue 13-C—Presentation of a Liability for an Unrecognized Tax Benefit When a Net Operating Loss (NOL) Carryforward or Tax Credit Carryforward Exists

Further discussion expected

  • Issue 12-B—Not-for-Profit Entities: Services Received from Personnel of an Affiliate for which the Affiliate Does Not Seek Compensation
  • Issue 12-F—Recognition of New Accounting Basis (Pushdown) in Certain Circumstances
  • Issue 12-H—Accounting for Service Concession Arrangements