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.
EITF observer: A meeting synopsis - June 2014
PwC - 06/16/2014
The EITF met on June 12, 2014 to discuss two issues. PwC's EITF observer provides you an insightful summary of decisions reached and the changes affecting GAAP.
EITF observer: A meeting synopsis - March 2014
PwC - 03/17/2014
The EITF met on March 13, 2014 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 - November 2013
PwC - 11/19/2013
The EITF met on November 14, 2013 to discuss six issues. PwC's EITF Observer provides you an insightful summary of decisions reached and the changes affecting GAAP.
Final Minutes March 13, 2014, EITF Meeting
At the March 13 EITF meeting, the EITF reached final consensus on one issue affecting share-based payments when the terms of an award include a performance target that could be achieved after the requisite service period. A consensus-for-exposure was reached on an issue pertaining to the recognition of new accounting basis (pushdown) in certain circumstances. Discussions also continued on two other issues. One issue relates to determining whether a host contract in a hybrid instrument issued in the form of a share is more akin to debt or equity, and the other issue relates to the measurement of financial assets and financial liabilities of a consolidated collateralized financing entity (CFE).
EITF - 01/22/2014
Issue 13-F: "Classification of Certain Government Insured Residential Mortgage Loans upon Foreclosure by a Creditor"
Currently, there is diversity in practice related to creditors' classification and disclosure of foreclosed government insured residential mortgage loans. This Issue is intended to reduce that diversity by addressing the classification of government guaranteed loans directly held by the creditor.
EITF - 8/30/2013
Issue 13-G: "Determining Whether the Host Contract in a Hybrid Financial Instrument Is More Akin to Debt or to Equity"
This Issue addresses: (1) whether to (a) consider all of an instrument's terms and embedded derivative features (that is, use a whole-instrument approach), (b) exclude the embedded derivative feature being evaluated (that is, use a chameleon approach), or (c) exclude all embedded derivative features (that is, use a pure-host approach) when determining the nature of the host contract. (2) How an entity should determine the nature of the host contract when an investor in a convertible preferred equity instrument holds a non-contingent, fixed-price redemption option.
EITF - 5/31/2013
Issue 13-E: "Reclassification of Collateralized Mortgage Loans upon a Troubled Debt Restructuring"
This Issue addresses when a creditor should be considered to have taken physical possession of a real estate property collateralizing a loan, such that the loan should be reclassified (for example, to OREO).
EITF - 5/30/2013
Issue 13-D: "Determining Whether a Performance Target That Can Be Achieved after the Requisite Service Period Is a Performance Condition or a Condition That Affects the Grant-Date Fair Value of the Awards"
This Issue addresses how an entity should account for the terms of share-based payments that include a performance target and allow the employee to earn the awards when the performance target is met after the requisite service has been provided by the employee.