Emerging Issues Task Force (EITF)

Website: www.fasb.org

The mission of the EITF is to assist the FASB in improving financial reporting through the timely identification, discussion, and resolution of financial accounting issues within the framework of theFASB Accounting Standards CodificationTM.

Recent Developments – Past 90 days

PwC's EITF observer

EITF observer: A meeting synopsis - November 2015
PwC - 11/17/2015
The EITF met on November 12, 2015 to discuss four issues. PwC's EITF observer provides you an insightful summary of decisions reached and the changes affecting GAAP.

EITF observer: A meeting synopsis - September 2015
PwC - 09/21/2015
The EITF met on September 17, 2015 to discuss two issues. PwC's EITF observer provides you an insightful summary of decisions reached and the changes affecting GAAP.

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EITF final meeting minutes

Final Minutes September 17, 2015, EITF Meeting
At its September 2015 meeting, the FASB’s Emerging Issues Task Force (EITF) discussed but did not reach final consensus or consensus-for-exposure on two issues: (1) the recognition of breakage for certain prepaid stored-value cards and (2) the classification of certain cash receipts and cash payments in the statement of cash flows. Further discussion is expected on both issues at the November 12, 2015 EITF meeting. The EITF reached a tentative consensus to expand the scope of the prepaid stored-value cards issue. It will reconsider the updated scope at the November meeting. The EITF also discussed and reached tentative consensuses on four of the nine items being addressed in the cash flow classification issue. Those four items include: (1) the classification of cash flows related to corporate-owned life insurance policies, (2) classification of distributions from equity method investees, (3) classification of beneficial interests in securitization transactions, and (4) the application of the predominance principle.

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