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. Read More.