New edition of EITF Snapshot posted
18 Jun 2006
The FASB's Emerging Issues Task Force (EITF) met on 15 June 2006. They reached consensuses on three issues.
They also reached tentative conclusions on several other issues that will be exposed for public comment. Deloitte & Touche (United States) has prepared an (PDF 161k, previously known as EITF Flash) summarising the discussions at the meeting. Issues on which consensuses were reached are the following:
- Accounting for Conversion of an Instrument that Becomes Convertible upon the Issuer's Exercise of a Call Option
- Accounting for Sabbatical Leave and Other Similar Benefits
- How Taxes Collected from Customers and Remitted to Governmental Authorities Should Be Presented in the Income Statement (that is, Gross versus Net Presentation)