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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.

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Task Force Reaches Final Consensuses and Consensuses-for-Exposure

At the Emerging Issues Task Force’s (“Task Force”) meeting last week, the group announced final consensuses were reached on 12-F, “Pushdown Accounting”, and 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.” During its final meeting of the year, the Task Force also reached consensuses-for-exposure on 14-A, “Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions”, and 14-B, “Fair Value Hierarchy Levels for Certain Investments Measured at Net Asset Value.” The Financial Accounting Standards Board’s (“FASB”) plans to discuss the. Read More.

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