EITF Snapshot for March 2010
21 Mar 2010
We have posted the March 2010 edition of EITF Snapshot summarising the 18 March 2010 meeting of FASB's Emerging Issues Task Force.
- Issue 08-9 Milestone Method of Revenue Recognition – Final consensus
- Issue 09-B Consideration of an Insurer's Accounting for Majority Owned Investments When the Ownership Is Through a Separate Account – Final consensus
- Issue 09-F Casino Base Jackpot Liabilities – Final consensus
- Issue 09-G Clarification of the Definition of Deferred Acquisition Costs of Insurance Entities – Partial consensus reached
- Issue 09-H Accounting by Healthcare Organizations (Revenue Recognition; Presentation of Insurance Claims and Related Insurance Recoveries; and Measuring Charity Care for Disclosure) – No consensus reached, discussion will continue at a future meeting (revenue recognition). Consensus-for-exposure (presentation of liabilities related to medical malpractice and other similar claims, and disclosure of charity care).
- Issue 09-I Effect of a Loan Modification When the Loan Is Part of a Pool That Is Accounted for as a Single Asset – Final consensus
- Issue 09-J Impact of Denominating the Exercise Price of a Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Primarily Trades – Final consensus
The EITF has recently made the following changes to the structuring of EITF issues: Codification – With the launch of the FASB Accounting Standards Codification (ASC) on July 1, 2009, all EITF Issues are finalised as ASUs. The numbering system for EITF Issues (that is, before their finalisation as ASUs) has also changed. Rather than being assigned a number that corresponds to the year and that Issue's spot in the progression (for example, Issue 08-1 was the first Issue in 2008), a new Issue will be assigned a number that corresponds to the year in which it was added and a letter for where it falls in the progression. For example, the first EITF Issue added in 2010 will be referred to as Issue 10-A. The numbering used for previous EITF Issues under the old system will not change. Proposed Effective Dates – New exposure drafts issued on the basis of consensuses-for-exposure will no longer include proposed effective dates. Instead, future exposure drafts will ask respondents to comment on the effort involved in implementing the proposed updates, which the Task Force will consider during final deliberations in determining the effective date. Basis for Conclusions – New exposure drafts and final ASUs issued after the March 2010 meeting will include a basis for conclusions and dissenting views, if applicable. |
Past issues can be downloaded here.