New edition of EITF Flash posted

21 Mar 2006

The FASB's Emerging Issues Task Force (EITF) met on 16 March 2006. They reached consensuses on a number of issues and discussed other issues without reaching a consensus.

Deloitte & Touche (United States) has prepared an (PDF 81k) summarising the discussions at the meeting. Issues on which consensuses were reached are the following:

Accounting for the 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 sales taxes collected from customers and remitted to governmental authorities should be presented in the income statement (that is, gross vs net presentation)

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New edition of EITF Flash posted

Correction list for hyphenation