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 - 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. .
EITF observer: A meeting synopsis - September 2013
PwC - 09/17/2013
At its September 13 meeting, the EITF reached consensuses-for-exposure on two issues affecting certain stock-based awards with performance targets and certain hybrid financial instruments. Discussions also continued on an issue affecting investments in qualified affordable housing projects. This edition of EITF observer provides a synopsis of the meeting.
Final Minutes of the September 13, 2013, EITF Meeting
The FASB staff has published the final minutes of the September 13 EITF meeting. At the meeting, the EITF reached consensuses-for-exposure on two issues affecting certain stock-based awards with performance targets and certain hybrid financial instruments. Discussions also continued on an issue affecting investments in qualified affordable housing projects.
Final Minutes of the June 11, 2013, EITF Meeting
The FASB staff has published the final minutes of the June 11 EITF meeting. At the meeting, the EITF finalized consensuses on issues affecting interest rate hedges and uncertain tax benefits. It also reached consensuses-for-exposure on issues affecting collateralized financing entities, service concession arrangements, and collateralized mortgage loans. Discussions also began on an issue involving share-based awards with performance targets.
EITF - 10/21/2013
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.
EITF - 3/8/2013
Issue 13-B: Accounting for Investments in Affordable Housing Tax Credits
This Issue addresses how an entity should account for its limited partnership investment in a qualified affordable housing project.
EITF - 1/8/2013
Issue 13-C: Presentation of a Liability for an Unrecognized Tax Benefit When a Net Operating Loss or Tax Credit Carryforward Exists
This Issue addresses how an entity should present a liability for an unrecognized tax benefit in the statement of financial position when non-recognition of the tax benefit would otherwise reduce a deferred tax asset related to an NOL or tax credit carryforward under the provisions of the tax law.
EITF - 1/8/2013
Issue 13-A: Inclusion of the Fed Funds Effective Swap Rate as a Benchmark Interest Rate for Hedge Accounting Purposes
This Issue addresses whether the Fed Funds Effective Swap Rate should be included as a U.S. benchmark interest rate for hedge accounting purposes.