FASB - Final consensuses on certain adjustments, arrangements 

January 21:   The FASB’s Emerging Issues Task Force (EITF), on January 17, 2013, reached final consensuses and a consensus-for-exposure on certain issues, while discussing others.

The EITF reached final consensuses on cumulative translation adjustment and for joint and several liability arrangements.


The “consensus-for-exposure” concerns:


  • The addition of the federal funds rate as a benchmark interest rate for hedge accounting purposes
  • The effect of net operating losses on the presentation of the tax effects of unrecognized tax benefits

    • Other issued were discussed—including personnel services received by a not-for-profit entity from an affiliate, potential guidance on the scope and application of pushdown accounting, and the accounting for public sector-to-private-entity service concession arrangements.


      The FASB is scheduled to consider the final and proposed consensuses for ratification on January 30, 2013.


      Read a January 2013 report [PDF 104 KB] prepared by KPMG LLP: Defining Issues: EITF Reaches Final Consensuses on Cumulative Translation Adjustments and Joint and Several Liability Arrangements




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