What is Eitf?
What is Eitf?
The Emerging Issues Task Force (EITF) is an organization formed by the Financial Accounting Standards Board (FASB) in 1984 to identify, discuss and resolve financial accounting issues with an aim to improve financial reporting.
Do Australian standards expire?
The statement of attainment that you receive from the Australian Institute of Food Safety doesn’t have an expiry date. However, a Food Safety Supervisor certificate issued by the NSW Food Authority does need to be redone every five years.
What superseded FAS 60?
22, Applicability of Indefinite Reversal Criteria to Timing Differences, are replaced by a reference to FASB Statement No. 60, Accounting and Reporting by Insurance Enterprises.
What happens when a standard is withdrawn?
What happens when a standard is withdrawn? The withdrawn status does not impact the document’s availability, or public’s ability to use the document. Withdrawn standards can still be purchased from our distributors. The withdrawn status indicates that the standard is no longer relevant.
Why did the EITF address FASB’s concerns?
FASB addressed these issues because many companies are valued, at least in part, by their revenue. The EITF’s concern grew from the recent practice by some companies of attempting to raise their market capitalization by artificially inflating gross revenue.
What is the impact of the EITF on financial statements?
The consensus reached by the EITF has caused some companies to make significant downward revisions to previously reported revenues, with corresponding reductions in costs and expenses.
When did the EITF start issuing implicit variable interest statements?
Issued since the EITF’s inception in 1984—Full Text FSP FIN 46 (R)-5—Implicit Variable Interests under FASB Interpretation No. 46 (revised December 2003) (This FSP is applicable to both nonpublic and public reporting enterprises.
Can I link to the pronouncements and/or EITF abstracts?
If you provide a link to the Pronouncements and/or EITF Abstracts, you may not link to the individual Pronouncements or EITF Abstracts—you must link to this page, so that visitors may understand the requirements and conditions for use of the Pronouncements and EITF Abstracts as posted at this website.
