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 the FASB Accounting Standards CodificationTM.

Recent Developments – Past 90 days



PwC's EITF observer

EITF observer: A meeting synopsis - June 2015
PwC - 06/22/2015
The EITF met on June 18, 2015 to discuss five issues. PwC's EITF observer provides you an insightful summary of decisions reached and the changes affecting GAAP.

EITF observer: A meeting synopsis - March 2015
PwC - 03/24/2015
The EITF met on March 19, 2015 to discuss five issues. PwC's EITF observer provides you an insightful summary of decisions reached and the changes affecting GAAP.

Back to top


EITF final meeting minutes

Final Minutes June 18, 2015, EITF Meeting
At its June 2015 meeting, the FASB’s Emerging Issues Task Force (EITF) reached final consensuses on two issues addressing (1) application of the normal purchases and normal sales scope exception to derivative accounting for forward contracts to purchase or sell electricity when transmitted through an electricity grid managed by an independent system operator (ISO) and (2) simplification of certain presentation and disclosure requirements for employee benefit plan financial statements. The EITF also discussed and reached consensuses-for-exposure on two other issues. The first addresses the effect of derivative contract novations on existing hedge accounting relationships. The second addresses whether a contingent put or call option embedded in a debt instrument should be considered clearly and closely related to the debt instrument when the contingent event is indexed to an extraneous event or factor that is other than interest rates or credit risk. The EITF also began to discuss the first six of nine issues related to classifying certain cash receipts and payments in the statement of cash flows. Lastly, the SEC observer made an announcement on the presentation and subsequent measurement of costs associated with revolving debt arrangements in light of the new guidance in ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs.

Final Minutes March 19, 2015, EITF Meeting
At its March 2015 meeting, the FASB’s Emerging Issues Task Force (EITF) reached final consensuses on two issues: (1) effects on historical earnings per unit of master limited partnership drop-down transactions and (2) disclosures for investments in certain entities that calculate net asset value per share (or its equivalent). The EITF also discussed and reached consensuses-for-exposure on three other issues: (1) application of the normal purchases and normal sales scope exception to certain electricity contracts within nodal energy markets, (2) recognition of breakage for prepaid stored-value cards, and (3) employee benefit plan simplifications.

Back to top


EITF issue summaries

Issue 15-A: "Application of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts within Nodal Energy Markets"
EITF - 03/10/2015

Issue 15-B: "Recognition of Breakage for Prepaid Stored-Value Cards"
EITF - 03/10/2015

Issue 15-C: "Employee Benefit Plan Simplifications"
EITF - 03/10/2015

Issue 15-D: "Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships"
EITF - 06/11/2015

Issue 15-E: "Contingent Put and Call Options in Debt Instruments"
EITF - 06/11/2015

Issue 15-F: "Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments"
EITF - 06/11/2015

Back to top