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.

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.

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.

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.

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.

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.

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

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

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.

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.

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.

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 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 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 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.

Issue 13-B: Accounting for investments in affordable housing tax credits
This summary addresses the accounting for investments in affordable housing tax credits.

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.

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.

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.

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.

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

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)

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.

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.

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)

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

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

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)

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)

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)

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)

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)

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.

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)

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.

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.

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)

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)

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)

Inclusion of the fed funds effective swap rate (or overnight index swap rate) as a benchmark interest rate for hedge accounting purposes
The amendments in this proposal would permit the fed funds effective swap rate (OIS) to be included as a US benchmark interest rate for hedge accounting purposes under Topic 815, in addition to UST and LIBOR. No additional disclosures would be required. Comments are due 22 April 2013.

Presentation of an unrecognized tax benefit when a net operating loss carryforward or tax credit carryforward exists
The amendments in this proposal are expected to reduce diversity in practice by providing guidance on the presentation of unrecognized tax benefits and better reflect an entity’s ability to settle any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards or tax credit carryforwards exist. Comments are due 22 April 2013.

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 objective of this proposal is to resolve the diversity in practice in the accounting by a reporting entity for the difference between the fair value of the financial assets and the fair value of the financial liabilities of a consolidated collateralized financing entity and to arrive at the amount a reporting entity would ultimately expect to realize.

Parent’s accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity
The objective of the amendments in this proposed Update is to resolve the diversity in practice about whether Subtopic 810-10, Consolidation - overall, or Subtopic 830-30, Foreign Currency Matters - translation of financial statements, applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a consolidated foreign entity.

Obligations resulting from joint and several liability arrangements
The guidance in this proposed Update would require an entity to recognize and measure obligations resulting from joint and several liability arrangements for which the total amount under the arrangement is fixed at the reporting date using the guidance in Subtopic 450-20, Contingencies--Loss Contingencies. The guidance in this proposed Update also would require an entity to disclose the nature and amount of the obligation as well as information about the risks that such obligations pose to an entity’s future cash flows.

Personnel services received from an affiliate for which the affiliate does not seek compensation
The amendments in this proposed Update would require a recipient not-for-profit entity to recognize in its standalone financial statements all personnel services received from an affiliate that directly benefit the recipient not-for-profit entity. Those services would be measured at the cost recognized by the affiliate for the personnel providing those services.

Accounting for fair value information that arises after the measurement date and its inclusion in the impairment analysis of unamortized film costs
The EITF concluded that only information that is known or knowable as of the measurement date should be incorporated into the fair value measurement used for the impairment test for unamortized film costs. The EITF decided to eliminate the rebuttable presumption that post-balance sheet events that would trigger a write-off should be recognized at the balance sheet date. Comments on the proposal are due 16 July 2012.

Not-for-profit entities: Classification of the sale of donated securities in the statement of cash flows
The EITF concluded that a not-for-profit entity’s sale of donated securities that are unrestricted and readily convertible into cash should be presented as operating activities in the statement of cash flows if, upon receipt, the entity determines that the securities will be converted to cash in the near term (i.e., the entity holds the donated securities only for a short period). However, if the donor restricted the contributed securities for certain purposes, the sale of assets would be classified as financing cash flows.

Subsequent accounting for an indemnification asset recognized at the acquisition date as a result of a government-assisted acquisition of a financial institution
The EITF concluded that an adjustment to an indemnification asset should be measured on the same basis as the underlying loans, but decreases in the indemnification asset should not be amortized beyond the term of the Loss Sharing Agreement (LSA). Comments are due 16 July 2012.

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
The EITF tentatively concluded that when a parent sells or transfers a group of assets within a consolidated foreign entity that meets the definition of a business, the parent should recognize a portion of the cumulative translation adjustment (CTA) associated with the foreign entity in earnings.