FASB task force reaches three final consensuses 

September 13:  The FASB’s Emerging Issues Task Force discussed five issues at its September 11, 2012 meeting and reached final consensuses on three issues:
  • Classification of sales of donated securities in the statement of cash flows by not-for-profit entities
  • Subsequent accounting for an indemnification asset recognized in a government-assisted acquisition of a financial institution
  • Consideration of information that arises after the balance sheet date in the impairment analysis of unamortized film costs

The task force reached a consensus-for-exposure on a parent company’s accounting for the cumulative translation adjustment upon a sale within a foreign entity or a sale of an investment in a foreign entity.


A consensus-for-exposure also was reached on accounting for the difference between the fair value of the assets and the liabilities of a consolidated collateralized financing entity.


The final consensuses and the consensuses-for-exposure must be ratified by the FASB before they become authoritative or issued for exposure. The FASB is scheduled to consider the final and proposed consensuses for ratification at the September 27, 2012 FASB meeting.


Read a September 2012 report [PDF 104 KB] prepared by KPMG LLP: Defining Issues: EITF Reaches Three Final Consensuses




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