EITF Consensuses and Consensuses-for-Exposure Ratified
At its meeting yesterday, the Financial Accounting Standards Board (“FASB”) ratified two Emerging Issues Task Force (“EITF”) consensuses that were previously reached at the September 18th meeting. The consensuses ratified were Issue No. 12-F, “Pushdown Accounting”, and Issue No. 13-G, “Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity.” The FASB plans to release Accounting Standards Updates (ASU) for both Issue 12-F and Issue 13-G at a later date.
Additionally, the FASB ratified Issue No. 14-A, “Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions” and Issue No. 14-B, “Fair Value Hierarchy Levels for Certain Investments Measured at Net Asset Value”. Both issues are EITF consensuses-for-exposure that were reached at the aforementioned September 18th meeting.