Question

Briefly define and describe the EITF

Answer 1

The Emerging Issues Task force(EITF) is an organisation formed in 1984 by the Financial Accounting Standards Board (FASB) to provide it with assistance in improving financial reporting.

The EITF was designed to minimize the need for the FASB to spend time and efforts addressing narrow implementation, application or other issue that can be analyzed within GAAP( Generally Accepted Accounting Principle).

The EITF consists of accountant from private and public sectors as well as chief accountant of the SEC. FASB board members also attend EITF meetings and participate in discussion.