EITF

FASB Channels EITF Proposals, One to Fix Bank Bailouts

Tammy Whitehouse April 20, 2012

The Financial Accounting Standards Board has proposed three separate updates to accounting standards recommended by its Emerging Issues Task Force, one of which is meant to better explain government intervention to save a failed bank.

EITF to Explore Currency Adjustments in Foreign M&A

Tammy Whitehouse August 16, 2011

Any accounting executives out there have a headache from all this global M&A activity amid volatile currency exchange rates? Well, FASB's Emerging Issues Task Force has decided to take a fresh look at how to handle currency adjustments when companies sell or transfer assets within a foreign subsidiary.

FASB Offers Up Smattering of Narrow Guidance Proposals

Tammy Whitehouse August 26, 2010

Despite some heavy duty accounting changes on its agenda, the Financial Accounting Standards Board is still making room for more narrow or industry-specific issues, with several proposals published in just the last week handed up by the board’s Emerging Issues Task Force.The EITF has been wrestling with how insurance companies...

Study Suggests More Leverage Ahead for Insurance

Tammy Whitehouse January 18, 2010

The Emerging Issues Task Force of the Financial Accounting Standards Board is looking at some accounting changes that will have potentially dramatic consequences for insurance companies’ earnings, credit ratings, and financial leverage.The Georgia Tech Financial Analysis Lab wanted to foretell the possible impact of the EITF’s plan to recommend that...

FASB Publishes Four Proposals for Comment

Tammy Whitehouse December 22, 2009

The Financial Accounting Standards Board is seeking public comment on four unrelated Accounting Standards Updates recommended by its Emerging Issues Task Force.The most significant proposal, says EITF member Jay Hanson, who is national director of accounting for McGladrey & Pullen, seeks to shore up differences in how insurance companies expense...

FASB Finalizes New Revenue Recognition Rules

Tammy Whitehouse October 09, 2009

Public companies now have new revenue recognition rules to follow when booking sales for complex, multiple-element transactions and those involving software.The Financial Accounting Standards Board has published two new Accounting Standards Updates that in some cases will give companies the ability to recognize revenue sooner on certain types of complicated...

FASB Approves New Revenue Recognition Method

Tammy Whitehouse September 24, 2009

Technology companies are rejoicing over a new rule adopted by the Financial Accounting Standards Board yesterday that will accelerate revenue recognition for many of their products.The FASB voted unanimously and without comment to adopt a consensus of its Emerging Issues Task Force to allow companies more flexibility in how they...

EITF Recommends New Revenue Recognition Approach

Tammy Whitehouse September 15, 2009

Companies that have relied on the “residual method” for allocating revenue to multiple-element arrangements probably will need a new game plan—and soon.The Emerging Issues Task Force of the Financial Accounting Standards Board has reached a final consensus in Issue 08-1, which focuses on how to allocate revenue when companies are...

Divided FASB Proceeds on Quick Fix Impairment Guidance

Tammy Whitehouse January 08, 2009

Despite objections by users of financial statements, a split Financial Accounting Standards Board plans to proceed as urged by the Securities and Exchange Commission with a quick fix to the impairment model to help address a standoff in year-end financial reporting.FASB instructed its staff in its regulary weekly meeting to...

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