AccountingLink

EITF

Summary
The mission of the Emerging Issues Task Force (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 Accounting Standards Codification.

EITF Update
EITF final meeting minutes
EITF issue summaries and agenda reports

EITF Update

19 September 2014

EITF Update - September 2014
The EITF reached final consensuses on pushdown accounting and determining whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity. The EITF also reached consensuses-for-exposure on effects on historical earnings per unit of master limited partnership dropdown transactions and fair value hierarchy levels for certain investments measured at net asset value.

13 June 2014

EITF Update - June 2014
The EITF reached final consensuses on measuring the financial assets and financial liabilities of a consolidated financing entity and reclassification of certain government insured residential mortgage loans upon foreclosure by a creditor. The EITF also discussed but didn’t reach a final conclusion on how to determine whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity.

14 March 2014

EITF Update - March 2014
The EITF reached a final consensus on accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The EITF reached a consensus-for-exposure on the recognition of new accounting basis (pushdown) in certain circumstances. In addition, the EITF discussed measuring the financial assets and the financial liabilities of a consolidated financing entity and determining whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity, but didn’t reach final conclusion.

15 November 2013

EITF Update - November 2013
The EITF reached final consensuses on measuring the financial assets and financial liabilities of a consolidated financing entity, accounting for service concession arrangements, accounting for investments in affordable housing projects and reclassification of residential real estate collateralized consumer mortgage loans upon foreclosure. The EITF reached a consensus-for-exposure on the classification of certain government insured residential mortgage loans upon foreclosure by a creditor. The EITF also discussed but didn’t reach a final conclusion about whether, when and how public and nonpublic companies should establish a new accounting basis in an acquired entity’s standalone financial statements.

16 September 2013

EITF Update - September 2013
The EITF reached consensuses-for-exposure on 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 and determining whether the host contract in a hybrid financial instrument is more akin to debt or equity. In addition, the EITF discussed the accounting for investments in affordable-housing projects but didn’t reach a final conclusion.

12 June 2013

EITF Update - June 2013
The EITF reached final consensuses on the inclusion of the federal funds effective swap rate as a benchmark interest rate for hedge accounting purposes and the presentation of an unrecognized tax benefit when a net operating loss carryforward or tax credit carryforward exists. The EITF also reached consensuses-for-exposure on accounting for the difference between the fair value of the assets and the fair value of the liabilities of a consolidated collateralized financing entity, accounting for service concession arrangements and reclassification of collateralized mortgage loans upon a troubled debt restructuring. In addition, the EITF discussed whether a performance target that can be met after the requisite service has been provided by the employee is a vesting condition or a condition that affects the grant-date fair value of a share-based payment.

15 March 2013

EITF Update - March 2013
The EITF reached two final consensuses on recognition and measurement of services received by a not-for-profit entity from personnel of an affiliated entity for which the affiliate does not charge the recipient not for profit and accounting for the difference between the fair value of the assets and the fair value of the liabilities of a consolidated collateralized financing entity. The EITF also reached a consensus-for-exposure on the accounting for investments in qualified affordable housing projects and discussed pushdown accounting but did not reach any conclusions.

18 January 2013

EITF Update - January 2013
The EITF reached final consensuses on the following issues: (a) the accounting for a cumulative translation adjustment in sales within a foreign entity and sales of an investment in a foreign entity and (b) the recognition and measurement of obligations subject to joint and several liability for which the total amount of the obligation is fixed at the reporting date. The EITF also reached consensuses-for-exposure on two issues.

12 September 2012

EITF Update - September 2012
The EITF reached three final consensuses on presentation by a not-for-profit of proceeds from the sale of donated securities or other financial assets, accounting for an adjustment to an indemnification asset recognized as a result of a government-assisted acquisition of a financial institution and consideration of information after the balance sheet date in the impairment test of unamortized film costs. The EITF also reached consensuses-for-exposure on two other issues. Our EITF Update explains what you need to know about these issues.

22 June 2012

EITF Update - June 2012
The EITF reached two consensuses-for-exposure on services received by a not-for-profit entity from employees of an affiliated entity and the accounting for obligations with joint and several liability. The EITF also discussed one other issue, but didn’t reach a final consensus. The attached EITF Update explains what you need to know about these issues.

16 March 2012

EITF Update - March 2012
The EITF reached three consensuses-for-exposure on not-for-profit entities’ sales of donated securities that are unrestricted and readily convertible into cash, measuring indemnification assets and fair value measurements used for the impairment test for unamortized film costs. The EITF also discussed three other issues, but didn’t reach conclusions.

4 November 2011

EITF Update - November 2011
The EITF reached a final consensus on a derecognition issue involving "in-substance" real estate and a consensus-for-exposure on a cumulative translation adjustment issue.

24 June 2011

EITF Update - June 2011
This EITF Update summarizes the consensuses and tentative conclusions reached at the June 2011 EITF meeting.

23 November 2010

EITF Update - November 2010
This EITF Update summarizes the consensuses and tentative conclusions reached at the November 2010 EITF meeting.

EITF final meeting minutes

18 November 2014

September 2014 EITF meeting minutes
At this meeting, the EITF reached final consensuses on: pushdown accounting and determining whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity. The EITF also reached consensuses-for-exposure on: effects on historical earnings per unit of master limited partnership dropdown transactions and fair value hierarchy levels for certain investments measured at net asset value.

14 April 2014

March 2014 EITF meeting minutes
The EITF reached a final consensus on accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The EITF reached a consensus-for-exposure on the recognition of new accounting basis (pushdown) in certain circumstances.

8 January 2014

November 2013 EITF meeting minutes
The EITF reached final consensuses on measuring the financial assets and financial liabilities of a consolidated financing entity, accounting for service concession arrangements, accounting for investments in affordable housing projects and reclassification of residential real estate collateralized consumer mortgage loans upon foreclosure. The EITF reached a consensus-for-exposure on the classification of certain government insured residential mortgage loans upon foreclosure by a creditor. The EITF also discussed but didn’t reach a final conclusion about whether, when and how public and nonpublic companies should establish a new accounting basis in an acquired entity’s standalone financial statements.

22 October 2013

September 2013 EITF meeting minutes
The EITF reached consensuses-for- exposure on two issues: (1) 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 and (2) determining whether the host contract in a hybrid financial instrument is more akin to debt or equity. The Task Force discussed the accounting for investments in affordable-housing projects but didn’t reach a final conclusion.

17 July 2013

June 2013 EITF meeting minutes
At this meeting, the The EITF reached final consensuses on the following issues: (1) Inclusion of the federal funds effective swap rate (or overnight index swap rate) as a benchmark interest rate for hedge accounting purposes and (2) Presentation of an unrecognized tax benefit when a net operating loss carryforward or tax credit carryforward exists.

2 May 2013

March 2013 EITF meeting minutes
The EITF reached final consensuses on the following issues: (1) Recognition and measurement of services received by a not-for-profit entity from personnel of an affiliated entity for which the affiliate does not charge the recipient not-for-profit and (2) Accounting for the difference between the fair value of the assets and the fair value of the liabilities of a consolidated collateralized financing entity.

12 February 2013

January 2013 EITF meeting minutes
The EITF reached final consensuses on the following issues: (a) the accounting for a cumulative translation adjustment in sales within a foreign entity and sales of an investment in a foreign entity and (b) the recognition and measurement of obligations subject to joint and several liability for which the total amount of the obligation is fixed at the reporting date. The EITF also reached consensuses-for-exposure on two issues.

11 October 2012

September 2012 EITF meeting minutes
The EITF reached three final consensuses on (a) Not-for-Profit entities: Classification of the sale proceeds of donated financial assets in the statement of cash flows, (b) Subsequent accounting for an indemnification asset recognized at the acquisition date as a result of a government-assisted acquisition of a financial institution and (c) Accounting for fair value information that arises after the measurement date and its inclusion in the impairment analysis of unamortized film costs. The EITF also reached two consensuses-for-exposure that have been issued as Proposed ASUs.

16 July 2012

June 2012 EITF meeting minutes
The Emerging Issues Task Force (EITF) reached two consensuses-for-exposure on services received by a not-for-profit entity from employees of an affiliated entity and the accounting for obligations with joint and several liability. The EITF also discussed one other issue, but didn’t reach a final consensus.

12 April 2012

March 2012 EITF meeting minutes
At this meeting, the EITF reached three consensuses-for-exposure on not-for-profit entities’ sales of donated securities that are unrestricted and readily convertible into cash, measuring indemnification assets and fair value measurements used for the impairment test for unamortized film costs. The EITF also discussed three other issues, but didn’t reach conclusions.

3 November 2011

3 November 2011 EITF meeting minutes
At this meeting, the EITF reached a final consensus on Issue 10-E - "Derecognition of in Substance Real Estate" and a consensus-for-exposure on Issue 11-A - "Parent's Accounting for the Cumulative Translation Adjustment Upon the Sale or Transfer of a Group of Assets that is a Nonprofit Activity or a Business within a Consolidated Foreign Entity."

23 June 2011

23 June 2011 EITF meeting minutes
The EITF reached final consensuses on a revenue recognition issue involving health care organizations and the accounting for fees health insurers will have to pay the federal government.

19 November 2010

19 November 2010 EITF meeting minutes
The EITF reached a final consensus about presentation and disclosures related to revenue and bad debt expense for health care entities, Step 1 of the goodwill impairment test, accounting for certain fees charged to pharmaceutical entities associated with recently enacted health care legislation, and disclosing pro forma information for business combinations.

EITF issue summaries and agenda reports

4 September 2014

Issue 14-A: Effects on historical earnings per unit of master limited partnership dropdown transactions
This issue discusses how the historical earnings per unit (EPU) of a Master Limited Partnership (MLP) should be presented when a dropdown transaction occurs subsequent to formation of the MLP.

4 September 2014

Issue 14-B: Fair value hierarchy levels for certain investments measured at net asset value
This issue discusses how certain investments whose fair values are measured at net asset value (NAV) should be categorized within the fair value hierarchy.

31 October 2013

Summary of issues for the 14 November 2013 EITF meeting
The EITF issued a summary of the issues on the proposed agenda for the 14 November 2013 EITF meeting.

21 October 2013

Issue 13-F: Classification of certain government insured residential mortgage loans upon foreclosure by a creditor
This summary provides classification of certain government insured residential mortgage loans upon foreclosure by a creditor. Supplement 1 (pdf, 185.4kb) (29 May 2014)

30 August 2013

Issue 13-G: Determining whether the host contract in a hybrid financial instrument is more akin to debt or to equity
The issue addresses diversity in practice with respect to the methods used in evaluating the nature of the host contract as the use of different methods can result in different accounting outcomes for economically similar instruments. The FASB staff understands that there are two methodologies that exist in practice (the whole-instrument approach and the chameleon approach). In addition, a third approach (the pure-host approach) has been advocated by some who believe that it is the approach that is the most consistent with the principles of Topic 815. Supplement 1 (pdf, 85.7kb) (27 February 2014), Supplement 2 (pdf, 285.9kb) (29 May 2014), Supplement 3 (pdf, 487.3kb) (4 September 2014)

17 July 2013

EITF Agenda Report - 17 July 2013
The EITF made decisions relating to proposed issues on the agenda for the September 2013 EITF meeting.

31 May 2013

Issue 13-E: Reclassification of collateralized mortgage loans upon a troubled debt restructuring
This summary 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. Supplement 1 (pdf, 109.2kb) (31 October 2013)

30 May 2013

Issue 13-D: Determination of whether a performance target that is allowed to be met after the requisite service has been provided by the employee is a vesting condition or a condition that affects the grant-date fair value of the awards
This summary 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. Supplement 1 (pdf, 477.6kb) (30 August 2013), Supplement 2 (pdf, 104.9kb)  (27 February 2014)

28 May 2013

Summary of issues for the 11 June 2013 EITF meeting
This summary addresses the presentation of a liability for an unrecognized tax benefit when a net operating loss or tax credit carryforward exists.

26 February 2013

Issue 13-B: Accounting for investments in affordable housing tax credits
This summary addresses the accounting for investments in affordable housing tax credits. Supplement 1, (pdf, 98.7kb) (30 August 2013),Supplement 2 (pdf, 79.9kb) (31 October 2013)

26 February 2013

Summary of issues for the 14 March 2013 EITF meeting
The EITF issued a summary of the issues on the proposed agenda for the 14 March 2013 EITF meeting.

9 January 2013

Summary of issues for the 17 January 2013 EITF meeting
The EITF issued a summary of the issues on the proposed agenda for the 17 January 2013 EITF meeting.

3 January 2013

Issue 13-A: Inclusion of the fed funds effective swap rate as a benchmark interest rate for hedge accounting purposes
This summary addresses the risk of changes in a hedged item's fair value or a hedged transaction's cash flows attributable to changes in the designated benchmark interest rate. Supplement 1 (pdf, 154.4kb) (28 May 2013)

3 January 2013

Issue 13-C: Presentation of a liability for an unrecognized tax benefit when a net operating loss or tax credit carryforward exists
This summary addresses the presentation of a liability for an unrecognized tax benefit when a net operating loss or tax credit carryforward exists. Supplement 1 (pdf, 155.7kb) (28 May 2013), Supplement 2 (pdf, 125.3kb)  (7 June 2013)

27 November 2012

EITF Agenda Report - 27 November 2012
The EITF made decisions relating to proposed issues on the agenda for the November 2012 EITF meeting.

17 October 2012

Issue 12-F: Recognition of new accounting basis (pushdown) in certain circumstances
This summary presents three alternative views about whether and, if so, when pushdown accounting should be required in the separate financial statements of a reporting entity. Supplement 1 (pdf, 128.9kb)  (26 February 2013), Supplement 2 (pdf, 112.4kb) (Revised 31 October 2013), Supplement 3 (pdf, 261.1kb)  (27 February 2014), Supplement 4 (pdf, 390.3kb) (11 September 2014)

17 October 2012

Issue 12-H: Accounting for service concession arrangements
This summary discusses the accounting for an operating entity that enters into a service concession arrangement with a grantor to operate and/or maintain the grantor's infrastructure assets. Supplement 1 (pdf, 175.1kb) (27 May 2013), Supplement 2 (pdf, 220kb) (7 June 2013), Supplement 3 (pdf, 78.9kb) (31 October 2013)

10 September 2012

Summary of issues for the 11 September 11 EITF meeting
The EITF issued a summary of the issues on the proposed agenda for the 11 September 2012 EITF meeting.

28 August 2012

Issue 12-G: Accounting for the difference between the fair value of the assets and liabilities of a consolidated collateralized financing entity
This summary discusses how a reporting entity should initially and subsequently account for the difference between the fair value of the assets and liabilities of a consolidated CFE. Supplement 1 (pdf, 114.6kb) (26 February 2013), Supplement Appendix 12-GA (pdf, 142.5kb) (26 February 2013), Supplement 2 (pdf, 92.5kb) (29 May 2013), Supplement 3 (pdf, 128.4kb) (1 November 2013), Supplement 4 (pdf, 117.2kb)  (27 February 2014), Supplement 5 (pdf, 244.9kb) (23 May 2014)

30 July 2012

EITF Agenda Report - 30 July 2012
The EITF made decisions relating to proposed issues and the proposed agenda for the September 2012 EITF meeting.

21 June 2012

EITF Agenda Report - 14 May 2012
The Agenda made decisions relating to proposed issues and the proposed agenda for the June 2012 EITF meeting.

2 March 2012

Issue 12-B: Not-for-profit entities: Services received from employees of an affiliated entity
This summary discusses whether recipient NFPs should apply the contributed services guidance in paragraph 958-605-25-17 for recognizing personnel costs incurred on its behalf by an affiliate. If not, what recognition and measurement guidance the recipient NFP should apply. Supplement 1 (11 June 2012), Supplement 2 (17 October 2012), Supplement 3 (6 March 2013)

2 March 2012

Issue 12-C: Subsequent accounting for an indemnification asset recognized at the acquisition date as a result of a government-assisted acquisition of a lending institution
This summary addresses the interpretations of "on the same basis" and "contractual limitations," as outlined in paragraph 805-20-35-4, that should be applied to the subsequent measurement of an indemnification asset recognized at the acquisition date as a result of a government-assisted acquisition of a lending institution. Supplement 1 (28 August 2012)

1 March 2012

Issue 12-A: Not-for-profit entities: Classification of gifts of securities in the statement of cash flows
This summary discusses how NFPs should classify the sale of donated securities that are directed upon receipt for sale and conversion into cash in the near term (thus the donated securities are held for only a short period of time) in the statement of cash flows. Supplement 1 (28 August 2012)

1 March 2012

Issue 12-D: Accounting for joint and several liability for which the total amount of the obligation at the reporting date is fixed
Currently there is diversity in practice in how entities recognize and measure obligations with joint and several liability. Some entities are recording the entire amount of the obligation and some entities are recording less than the total amount of the obligation, such as an amount allocated or corresponding to proceeds received. This summary discusses the alternatives. Supplement 1 (11 June 2012), Supplement 2  (17 October 2012)

1 March 2012

Issue 12-E: Accounting for fair value information that arises subsequent to the measurement date and its inclusion in the impairment analysis of unamortized film costs
This summary addresses whether an entity should consider information subsequent to the balance sheet date in measuring fair value at the balance sheet date when performing an impairment test of unamortized film costs. Supplement 1 (27 August 2012)

17 February 2012

Agenda Committee Report - March 2012 Meeting
The Agenda committee met on 3 and 10 February 2012 and made decisions relating to proposed issues and the proposed agenda for the March 2012 EITF meeting.

21 October 2011

Issue 11-A: Parent's accounting for the cumulative translation adjustment (CTA) upon the sale or transfer of a group of assets within a consolidated foreign entity that meets the definition of a business
This summary discusses a parent's accounting for the cumulative translation adjustment (CTA) upon the sale or transfer of a group of assets within a consolidated foreign entity that meets the definition of a business. Supplement 1 (2 March 2012); Supplement 2 (11 June 2012) Supplement 3 (27 August 2012) Supplement 4 (9 January 2013)

28 September 2011

EITF Agenda Report - 28 September 2011
The Agenda committee met on 28 September 2011 and made decisions relating to proposed issues and the proposed agenda for the 3 November 2011 EITF meeting.

27 July 2011

EITF Agenda Report - 27 July 2011
The EITF added one issue to the agenda, “Parent's Accounting for the Cumulative Translation Adjustment (CTA) upon the Sale or Transfer of a Group of Assets within a Foreign Subsidiary That Meets the Definition of a Business.” This issue addresses the situation when a foreign subsidiary disposes of a group of assets that meets the definition of a business.

27 August 2010

Issue 10-E: Deconsolidation of a subsidiary that is in-substance real estate
This summary further supplements the EITF's initial discussion related to the deconsolidation of a subsidiary that is in-substance real estate-Issue 10-E. Supplement 1 (29 October 2010); Supplement 2 (9 June 2011); Supplement 3 (20 October 2011)

14 June 2010

Issue 10-H: Fees paid to the federal government by health insurers
This summary discusses accounting issues related to fees paid to the federal government by health insurers as mandated by the Patient Protection and Affordable Care Act.  Supplement 1 (27 October 2010)

22 February 2010

Issue 9-H: Health care entities: Revenue recognition
This summary discusses revenue recognition issues for health care entities.  Supplement 1 (18 March 2010); Supplement 2 (27 August 2010); Supplement 3 (8 November 2010); Supplement 4 (9 June 2011)