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New EITF Issues Added to Agenda

Published on: 17 May 2010

The FASB chairman added the following new EITF Issues to the EITF’s agenda after the May 7, 2010, EITF Agenda Committee meeting (for details on the Issues added, see the May 7, 2010, Agenda Report):

  • Issue 10-C, “Reporting of Participant Loans in Employee Benefit Plan Financial Statements” — This Issue addresses whether participant loans should be measured at fair value or amortized cost. The Task Force plans to discuss this Issue at its June 17, 2010, meeting.
  • Issue 10-D, “Accounting for Certain Fees Associated With Recently Enacted Health Care Legislation” — This Issue addresses the accounting for and presentation of the annual fee imposed on the pharmaceutical manufacturing sector by the Patient Protection and Affordable Care Act (PPACA). The PPACA requires covered entities to pay an annual fee on the basis of their qualifying branded prescription drug sales as a percentage of the industry’s branded prescription drug sales. The Task Force plans to discuss this Issue at its June 17, 2010, meeting.
  • Issue 10-E, “Debtor’s Accounting for Real Estate Subject to a Nonrecourse Mortgage in Default Prior to Forfeiture” — This Issue addresses whether the guidance on sales of real estate in ASC 360-201 applies to all derecognition events involving subsidiaries that are in-substance real estate. The Task Force plans to discuss this Issue at its September 2010 meeting.

Another proposed Issue discussed during the May 2010 Agenda Committee meeting addressed issues related to accounting for intangible assets to be used in research and development that are acquired in a business combination. The FASB chairman deferred an agenda decision on this Issue and directed the FASB staff to perform additional investor outreach and analysis before making a formal decision on the proposed Issue.

The next EITF meeting is scheduled for June 17, 2010. An agenda of the issues to be discussed at the meeting will be posted on the FASB’s Web site.

 


[1] FASB Accounting Standards Codification Subtopic 360-20, Property, Plant, and Equipment — Real Estate Sales.

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