Emerging Issues Task Force (EITF)

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 Codification.

Website: www.fasb.org

EITF final meeting minutes

Final Minutes March 16, 2017 EITF Meeting

At its March 16, 2017 meeting, the Task Force reached a consensus that an entity that has not adopted Topic 606 before the issuance of the amendments in the Update resulting from this Issue generally should adopt the amendments in the Update resulting from this Issue at the same time that it adopts Topic 606.

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EITF issues summaries

Issue 18-A, "Recognition under Topic 805 for an Assumed Liability in a Revenue Contract"

The purpose of this memo is to assist the Task Force in addressing an accounting issue related to the application of the recognition guidance in Topic 805, Business Combinations, to a revenue contract acquired in a business combination after the acquirer has adopted Topic 606, Revenue from Contracts with Customers. This memo will also provide the Task Force with additional topics for discussion related to measuring an assumed liability in a revenue contract in a business combination.

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Issue 17-A: "Customer’s Accounting for Implementation, Setup, and Other Upfront Costs (Implementation Costs) Incurred in a Cloud Computing Arrangement That Is Considered a Service Contract"

The purpose of this memo is to assist the Task Force in addressing several accounting issues related to a customer’s accounting for implementation costs incurred in a cloud computing arrangement (CCA) that is accounted for as a service contract under the amendments in Accounting Standards Update No. 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement (Update 2015-05).

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