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FASB ratifies EITF consensuses and tentative conclusions

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Dec 13, 2013

At its meeting on December 11, 2013, the FASB approved several EITF consensuses reached at the November 14, 2013, EITF meeting. The EITF Issues will be released as updates to the FASB Accounting Standards Codification.

The EITF Issues ratified that will be issued as Accounting Standards Updates (ASUs) include:

  • Issue 12-G, “Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity.”
  • Issue 12-H, “Accounting for Service Concession Arrangements.”
  • Issue 13-B, “Accounting for Investments in Qualified Affordable Housing Projects.”
  • Issue 13-E, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.”

In addition, the Board approved the issuance of a proposed ASU for EITF Issue 13-F, “Classification of Certain Government Insured Residential Mortgage Loans upon Foreclosure,” and directed the staff to gather information to be presented at a later meeting on the applicability of EITF Issue 13-B to other types of tax credit investments.

For more information, see Deloitte’s EITF Snapshot and the meeting minutes on the FASB's Web site.

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