FASB - Emerging Issues Task Force (EITF) reaches final consensuses 

November 18:  The FASB’s Emerging Issues Task Force (EITF) discussed six issues at its November 14, 2013 meeting and reached four final consensuses and one consensus-for-exposure.

Final consensuses were reached on the following issues:

  • Accounting for investments in qualified affordable housing projects (Issue 13-B)
  • Measuring the financial assets and financial liabilities of a consolidated collateralized financing entity (Issue 12-G)
  • Accounting for service concession arrangements (Issue 12-H)
  • Reclassification of residential real estate collateralized consumer mortgage loans upon foreclosure (Issue 13-E)

The final consensuses and consensus-for-exposure must be ratified by the FASB before they are issued or become authoritative. The FASB is scheduled to consider ratification of these consensuses at its December 11 meeting.

Read a November 2013 report [PDF 207 KB] prepared by KPMG LLP: Defining Issues: EITF Reaches Four Final Consensuses

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