The EITF met on November 14th, 2013 to discuss six issues. PwC's EITF Observer provides you an insightful summary of decisions reached and the changes affecting GAAP.
At its November 14th, 2013 meeting, the FASB’s Emerging Issues Task Force (EITF) reached final consensuses on four issues affecting consolidated collateralized financing entities, service concession arrangements, low income housing tax credit investments, and collateralized consumer residential mortgage loans. A consensus-for-exposure was reached on an issue pertaining to the classification of certain government guaranteed residential mortgage loans upon foreclosure by a creditor. Discussions also continued on an issue affecting the application of the pushdown basis of accounting. The final consensuses and consensus-for-exposure must first be ratified by the FASB at its December 11, 2013 meeting before becoming final accounting standards updates (ASUs) or being exposed for public comment.
This edition of EITF observer provides a synopsis of the discussions and decisions reached at the November 14 EITF meeting.