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Minutes of June 2013 EITF meeting issued

  • EITF meeting Image

Jul 17, 2013

The FASB released the final minutes of the June 11, 2013, meeting of its EITF and a list of open issues for future EITF meetings.

The Task Force reached a consensus on the following issues:

  • 13-A, “Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes.”
  • 13-C, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward or Tax Credit Carryforward Exists.”

In addition, the Task Force reached consensuses-for-exposure on the following issues:

  • 12-G, “Measurement of the Financial Liabilities of a Consolidated Collateralized Financing Entity.”
  • 12-H, “Accounting for Service Concession Arrangements.”
  • 13-E, “Reclassification of Collateralized Mortgage Loans Upon a Troubled Debt Restructuring.”

See Deloitte’s EITF Snapshot for a summary of the June meeting. On June 26, 2013, the Board ratified the consensuses and consensuses-for-exposure reached by the Task Force. The next meeting of the EITF is scheduled for September 13, 2013, on Issue 13-A and Issue 13-C in Accounting Standards Update (ASU) No. 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (a consensus of the FASB Emerging Issues Task Force), and ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force), respectively. The Board also ratified the consensuses-for-exposure reached by the Task Force on Issue 12-G, Issue 12-H, and Issue 13-E. The Board approved 60-day exposure periods for each of the proposed ASUs.

Please click for the following documents on the FASB's Web site:

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